Asked in 2007 whether Fiat would resume car sales in the US after a quarter century hiatus, chief executive Sergio Marchionne replied ”sooner or later it is a possibility”. Hardly a definitive statement and, as 2009 dawns, it is hardly a promising time to enter the world’s largest car market. Sales are expected to be their lowest since the last time it was possible to buy a Fiat in America. But Monday’s news of a possible joint venture with ailing Chrysler should not be all that surprising.

Indeed, Mr Marchionne predicted last month that the global car market would shrink to just a handful of mass-market producers and he is now acting to make Fiat one of the survivors. As for Chrysler, it is hard to find many people outside Congress who would wager on it having an independent future. It does, however, provide a convenient base for Fiat’s re-entry. General Motors only recently ended a costly divorce with Fiat while neither GM nor Ford are in bad enough shape (yet) to be dismembered by a European saviour.