Italian automaker Fiat will increase its ownership stake in U.S. manufacturer Chrysler to 30%. The expected move is happening on schedule, with Fiat expected to eventually take a larger share in Detroit. The story inside.
Fiat and Chrysler Chief Executive Sergio Marchionne has confirmed that the Italian automaker will increase its ownership stake in Chrysler LLC by five percent to 30 percent. Speaking to reporters at a Jeep vehicle showcase in Italy, Marchionne said, "it's a matter of days" before terms are finalized.
Following Chrysler's 2009 exit from bankruptcy, Fiat took control over Detroit's third largest automotive manufacturer by picking up a 20 percent share in the firm. Once Fiat met introduced a fuel efficient four-banger to the American brand's line, Marchionne was able to authorize the Italian group's acquisition of an additional five percent, announced at the beginning of 2011.
At the Jeep event in Italy, Marchionne also confirmed his desire to raise Fiat's holdings of Chrysler to 35 percent before the end of the year. His goal for 2011 is for Chrysler LLC sales to increase to two million deliveries, up from 1.6 million in 2010, and a boost in American market share by 0.6 percent to ten percent.