After partnering up with newly bankrupt Chrysler LLC, Italian automaker Fiat SpA is now interested in acquiring the Opel unit of General Motors Corporation (NYSE: GM). In fact, according to German Economics Minister Karl-Theodor zu Guttenberg, Fiat is seeking to integrate its recent and future auto acquisitions into a new global car alliance.

After meeting with Fiat CEO Sergio Marchionne, zu Guttenberg told reporters that the Italian firm would need estimated bridge financing of 5 billion to 7 billion euros to facilitate its planned partnership with GM Europe. The Opel unit, combined with Fiat's own operations and its stake in Chrysler LLC, would form the new alliance.

General Motors Corp.'s (NYSE:GM) GM Europe is going to make money this year [subscription required, alternate]. It is even going to make more money next year, the company said, as sales in Russia are likely to rise. The company's earnings for the first three quarters of 2006 are $196 million.

The company said that lower costs and higher revenue yield for each car will improve results in 2007.

What is missing from this picture? GM North America, which has gotten into the bad habit of losing money, of course. Why is that? After all, Europe has as many competing car companies as North America, perhaps even more with all of the Japanese cars sold there. Odd.

GM Europe lost money the first three quarters of last year, but has turned that red ink black. Yet GM does not talk about the lessons it has learned in Europe as a template for North America.

Someone please connect the dots. Before it gets too late.

Douglas McIntyre is a partner at 24/7 Wall St.