Vehicle manufacturers Fiat Group and Mazda Motor Corporation have announced the signing of a memorandum of understanding for the development of a new roadster model for the Alfa Romeo brand.

"By partnering with Mazda, we will be co-operating with the recognised leader in compact rear-drive vehicle architectures in order to deliver an exciting and stylish roadster," said Fiat chief executive officer Sergio Marchionne.

His comments were echoed by Mazda's representative director, chairman of the board, president and chief executive officer Takashi Yamanouchi, who noted the project will be an important first step in the company's plans to improve collaboration within the automotive industry between iconic marques.

Last month, Fiat reported an annual increase in its sales figures for the first three months of 2012, highlighting the ongoing and increasing popularity of the company's vehicles.

The group revealed data highlighting profits of €866 million (£706.3 million) – up by €101 million from Q4 last year.

Find out more about the Total fuel card and start saving now.

Posted by Brendan Saunders