Fiat Chrysler Automobiles (FCA) made its Wall Street Debut today. The Italian company is working to shift its focus from Europe to the United States.
This financial move allows the firm to tap into the world’s largest equity market. Greater access to more affordable and reliable capital means it will be able to fund projects going forward and hopefully grow.
Half of FCA’s car volume comes from the United States and appropriately company CEO Sergio Marchionne wants their headquarters on this side of the Atlantic. Auspiciously he chose today, Columbus Day (and Thanksgiving in Canada) to celebrate their arrival. Currently FCA is the world’s seventh-largest automaker.
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Marchionne has aggressive goals and needs money to make them a reality. He wants to boost sales 60 percent to 7 million units and grow net profit to about $7 billion by 2018.
FCA chairman John Elkann and Marchionne will ring the closing bell at the New York Stock Exchange later today, but this is hardly the end, it’s the beginning of a new era.
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[Source: Automotive News]
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