Fiat will increase stake in Chrysler to 58.5% by end of this year

September 20, 2011May 21, 2012 Omar Rana Sergio Marchionne

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

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