Fiat SpA said that it expects to increase its stake in Chrysler to 58.5 percent by the end of 2011 as it achieves a preset performance target.Fiat currently owns 53.5 percent of the Chrysler Group LLC. The final test will be the production of a Fiat-based compact car that can achieve 40 mpg.
Fiat and Chrysler CEO Sergio Marchionne reiterated his taget of selling 6 million vehicles by 2014.
Marchionne said that the group had enough liquidity to help it weather the financial crisis.
– By: Omar Rana
Source: Automotive news