Sergio Marchionne, CEO of Chrysler Group LLC and Fiat SpA, says he will give up one of those jobs within 24 months.

Speaking at the Peterson Institute economic think tank in Washington, D.C., Marchionne said he took charge at Chrysler when it emerged from bankruptcy because he is the “only one” who can guarantee the rapid transfer of technology between the two companies. He says the companies will find a “more permanent solution” by bringing in a new CEO in either in Italy or the U.S.

Marchionne confirms news reports last month that the four-cylinder engine for the Fiat 500 minicar due in the U.S. by late 2010 or early 2011 will come from Chrysler’s engine plant in Dundee, Mich. The car will be built at Chrysler’s Toluca, Mexico, assembly plant. Marchionne also says Fiat will finalize plans next year to reintroduce the Alfa Romeo brand to the U.S., which has been delayed.

The CEO also reiterates that piecemeal aid to automakers from European governments has kept companies from eliminating some of the industry’s 30% overcapacity in the region. He notes that no auto plant in Germany has closed since World War II.

As expected, the U.S. Environmental Protection Agency has declared that greenhouse gases pose a danger to public health under the Clean Air Act, thus clearing the way for new emissions regulations.

The EPA finding is a crucial step in completing new emissions standards for autos due by March 30, 2010. The rules, which would begin to phase in for the 2012 model year, would require new vehicles to average 35.5 mpg by 2016. Yesterday’s ruling also would allow the agency to limit CO2 emissions from power plants and factories. The White House has warned that the EPA will impose regulations unless Congress passes its own emissions legislation.

The U.S. Supreme Court ruled in April 2007 that the EPA must regulate greenhouse gases as pollutants or explain a decision not to do so.

The EPA finding, which comes as world leaders are convening a global climate change summit in Copenhagen, is seen as a signal from the Obama administration that it is committed to reducing greenhouse gases. Critics charge that the cost of regulations could strangle economic growth.

General Motors Co. says it will spend $336 million to upgrade its Hamtramck assembly plant in Detroit to begin producing the Chevrolet Volt plug-in compact sedan late next year.

GM says retooling the plant will bring its total manufacturing investment in the Volt project to $700 million, including new capacity to assemble battery packs and operations to produce engines, stampings and camshafts. The company says it is reusing some equipment from its other plants.

GM will close the factory next week until late January to modify its single line to add the Volt. The plant now makes Buick Lucerne and Cadillac DTS large sedans.

Pilot production of the Volt will start in March, but the company has not given a firm date for the launch of regular production. GM plans to build about 8,000 Volts for the 2011 model year and eventually expand to as many as 60,000 units per year.

Konsortium Jakob AB, a group of Swedish investors, is ready to submit a cash bid of undisclosed size for Ford Motor Co.’s Volvo Cars unit, Reuters reports.

The news service quotes the consortium’s CEO Peder Fast, who says the group will move forward with a bid if Ford indicates it is willing to consider it. He confirms earlier news reports that the consortium previously expressed interest to Volvo’s parent.

News accounts in October also said the group is led by Magnus Sundemo, head of Volvo’s engineers union, and was struggling to arrange financing.

Ford chose Zhejiang Geely Holding Group Co. in October as preferred bidder. The Chinese company is reportedly offering $1.8 billion for Volvo. The Crown consortium, a group of mainly U.S. investors, made a revised bid last week that reportedly exceeds Geely’s by as much as $750 million. Ford has not said whether it is willing to re-open the bidding to consider new offers.

Automakers sold 1 million passenger cars in China last month, up 104% from November 2008, says the state-run Xinhua news service, which cites the China Assn. of Automobile Manufacturers.

Demand for buses and commercial trucks totaled 350,000 units, the trade group says.

Government tax rebates and other incentives helped boost vehicle sales by 9% in the first 11 months of 2009 to more than 12 million vehicles. CAAM predicts full-year volume will top a record 13 million units. The surge in demand has made China the world’s largest vehicle market this year, surpassing the U.S. for the first time.

Volkswagen AG bought a 49.9% stake in sports car maker Porsche AG yesterday for €3.9 billion ($5.8 billion), as planned. Porsche will become VW’s 10th brand.

The two companies agreed on the sale in August, ending Porsche Automobil Holding SE’s attempt to take over the much larger VW. The boards of the companies approved final contracts last month, and VW shareholders authorized the issuance of new preferred stock last week to help pay for the purchase.

VW plans to complete the acquisition by 2011. The company says the combination will contribute €700 million ($1 billion) per year to its operating profit in the long run.

The National Highway Traffic Safety Administration has opened an investigation into 26 consumer complaints that Toyota Motor Co.’s Corolla and Matrix compact vehicles from the 2006 model year are prone to random stalling.

Toyota’s quality image is already suffering from its plans to recall 4.3 million vehicles next month to fix accelerator pedals that can jam in the full open position. But consumer advocates contend that problem goes beyond sticky pedals to include an unspecified glitch in the electronic throttle control. Consumer Reports says Toyota accounted for four in 10 reports filed with NHTSA last year about vehicles that drivers said were difficult or impossible to stop.