Fiat Increasing Stake In Chrysler To 30 Percent
Fiat is set to increase ownership in Chrysler, from 25 to 30 percent, within the next few weeks, assuming regulatory bodies are satisfied with Fiat’s ability to meet specific demands for Chrysler.
Fiat has already been able to generate $1.5 billion in revenue for Chrysler outside of North America, but still needs to build a Fiat-based car in North America capable of getting 40 mpg. Fiat is aiming to own a 51 percent stake in Chrysler by the end of 2011.
CEO Sergio Marchionne is hoping that Chrysler will increase global sales by 32 percent and post a net profit for the first time this year. Fiat will also begin exporting Chrysler vehicles to Brazil and sell them as Fiats, where the brand is the current market leader. Among the products that will be offered are the Dodge Journey crossover, sold as the Fiat Freemont.
[Source: Automotive News]
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