(FORTUNE Magazine) – The global automotive chess game continues: First, GM takes a 20% stake in Fiat (which in return gets 5.1% of GM stock)--an alliance worth about $2.4 billion. Days later, Ford scoops up prestigious Land Rover from BMW for $2.8 billion (two cash payments in five years).

Both moves are strategic coups, but for very different reasons. GM is clearly going for quantity: Fiat has lagged in recent years, but its small-car presence in Europe and South America offers huge potential savings, from shared platforms and powertrains, to GM's European arm. As for Fiat, it can return to the U.S. using GM distribution, and it has the option of selling its remaining 80% to GM as early as 2004.

Meanwhile, Ford, betting on quality, has gobbled up yet another luxury brand--without swallowing the whole ailing Rover Group. That headache goes to venture capital group Alchemy Partners. (For more on Ford, see "Idealist On Board.") BMW is the only loser in this imbroglio. After six years and as many billions, it's no closer to what it still lacks: an entry-level car range.

The really important news: Fiat's crown jewel, Ferrari, will remain in Italian control. So no worries--at least for now--about finding a Chevy V-8 under the hood of a shiny 360 Modena.

--Sue Zesiger