We hear that Fiat is to spend over $250 million on a plant for diesel engines in Chonqing in China. Let us not forget that Iveco has a deal with SAIC based around Chonqing, and that Fiat's performance so far in China has been not very good. One might go so far as to say risible. Good thing then, that 70 per cent of the output form the same plant is due to exported.

We won't say risible. But we will watch with interest; this is the second big China auto deal to happen in and around the Olympics. We think that the place will tank soon afterwards, but, oh well.