Fiat, Mazda to Co-Develop Sports Car Platform

Fiat SpA and Mazda Motor Corp. have agreed to collaborate on a common rear-drive platform to carry Mazda's next-generation MX-5 Miata sports car and a small two-seater to be sold under Fiat's Alfa Romeo brand.

The companies expect to finalize the non-equity deal later this year. The Japanese company has been seeking partners since Ford Motor Co. reduced its stake in Mazda to 3.5% in late 2010 from a controlling 34.4% stake in 2008.

Under the agreement, both sports cars will be built at Mazda's assembly plant in Hiroshima, Japan. The companies didn't say when the Mazda model will go into production, but they say output of the Alfa version would begin in 2015.

The co-developed Alfa will be a successor to the iconic Duetto Spider made famous in "The Graduate" movie in 1967, according to Bloomberg News. Unidentified sources tell the news service the car will be aimed mainly at the North American market, where Alfa hopes to match the MX-5's sales volume of 10,000-15,000 units per year. Alfa abandoned the U.S. market 18 years ago.

Fiat and Mazda say they also will discuss further cooperation in Europe, which could help Mazda boost its sales there and give Fiat additional models to build at its underutilized Italian factories.