General Motors Corp. announced today
it has reached a joint-venture agreement with Penske Corporation to purchase
50-percent equity of VM Motori S.p.A., the designer and manufacturer of diesel
engines based in Cento, Italy. This investment builds on GM’s existing
relationship with VM Motori, GM’s expertise in GM Powertrain Europe,
headquartered in Turin, Italy, and its strong relationship with Isuzu.
“Diesel engines have a very
important role in GM’s global advanced propulsion strategy,” said Tom Stephens,
group vice president, GM Global Powertrain and Quality. “We are leveraging
expertise and resources within our company and through technology partners to
ensure we develop the world’s best powertrains.”
GM announced at the Geneva Motor
Show that it will joint develop a new 2.9L V6 turbo diesel engine with VM Motori
that is scheduled to launch in the Cadillac CTS in Europe in 2009. GM Powertrain
Europe will focus on the development of the first industry application of a
clean combustion process called closed-loop combustion control, electronic
engine control and exhaust-gas aftertreatment, as well as calibration and
integration into GM vehicles. VM Motori plans to build the new unit at its plant
in Cento, Italy, and is responsible for the mechanical aspects of the engine’s
design, development and testing.
Penske Corporation, based in
Bloomfield, Mich., is a transportation services company that encompasses retail
automotive sales and services, truck leasing, supply chain logistics management,
transportation components manufacturing, and high-performance racing.
VM Motori was founded in 1947 in
Cento (Italy) and specialized in the design and development of diesel engines
for agricultural, industrial and marine applications. From the end of the ‘70s,
thanks to the adoption of particularly innovative technical solutions, VM
entered the automotive diesel market rapidly becoming a leading company in the
sector. In 2007, VM will manufacture some 96,000 engines, 80% of which are for
export to automotive customers, giving a sales turnover of 400 million euros.
The Company pays particular attention to Research and Development of the most
advanced technical solutions investing 7% of its turnover.
GM announced at the Geneva Motor Show that it will
joint develop a new 2.9L V6 turbo diesel engine with
VM Motori that is scheduled to launch in the
Cadillac CTS in Europe in 2009.
new Jeep Wrangler, equipped with a powerful 177 CV
turbo diesel produced by VM Motori at its plant in
Cento, recently passed a very tough and selective
challenge with flying colours. The 2.8-litre engine
can be combined with a 6-speed automatic or a
5-speed manual transmission.
“VM looks with keen interest at the new company structure," says Vilmo Ferioli,
Vice President and CEO, "This joint-venture builds on the important experience
that Penske brought to VM in 1995. The entry as a shareholder in our Company
structure of an entity such as GM, the global automotive manufacturer leader,
with its dimensions and worldwide market presence, will give VM ready access to
new methodologies thus further improving technology innovation, product quality
and investments. Most of all, this will ensure the Company future growth. The VM
and GM relationship," says Mr. Ferioli, "started 10 years ago, with the supply
agreement of engines for the Opel Frontera. The collaboration grew with time and
a strong partnership was created, including a technology transfer agreement with
GM Daewoo, and ultimately had led to the joint development of the new 2.9L V-6
engine with GM.
GM currently offers 17 diesel engine variants in 45 vehicle lines around the
world. GM sells more than 1 million diesel engines annually, with products that
offer a range of choices form the 1.3L four-cylinder diesel engine sold in the
Opel Agila and Corsa, up to the 6.6L V-8 Duramax diesel sold in full-size vans,
heavy duty pick-ups and medium duty tracks in the
General Motors, the world’s largest
automaker, has been the annual global industry sales leader for 76 years.
Founded in 1908, GM employs about 280,000 people around the world. With global
headquarters in Detroit, GM manufactures its cars and trucks in 33 countries. In
2006, nearly 9.1 million GM cars and trucks were sold globally under the
following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER,
Opel, Pontiac, Saab, Saturn and Vauxhall. GM’s OnStar subsidiary is the industry
leader in vehicle safety, security and information services.