BEIJING (Reuters) - Fiat Chrysler Automobiles (FCA) is targeting "significant double-digit growth" for jeep sales in China this year, said Mike Manley, Chief Operating Officer for the Asia-Pacific region, speaking at the Beijing auto show.
Buoyed by plans to spin off Ferrari, Sergio Marchionne of Fiat Chrysler Automobiles NV has supplanted Tesla Motors Inc.’s Elon Musk as the chief executive officer with the car industry’s best-performing stock. Analyst skepticism is as high as the share price.
The much-anticipated initial public offering (IPO) of the newly merged carmaker Fiat Chrysler Automobiles NV is set to debut on the New York Stock Exchange (NYSE) today. The stock will trade under the symbol “FCAU.” Fiat S.p.A. (ADR) (FIATY) is said to be offering around 88.5 million shares worth $830 million.
TORONTO – More than five years after Chrysler and Fiat first hooked up, the alliance has proved to be an essential one for both automakers. Under the leadership of Italian-Canadian CEO Sergio Marchionne, Fiat rescued Chrysler by taking a 35% stake in the Detroit automaker when it was at death’s door during the financial crisis. Since then, Chrysler has been able to repay the favour, helping keep Fiat afloat as the European auto industry collapsed during the recession and debt crisis that followed.
Fiat S.p.A (FIATY) CEO Sergio Marchionne, who spearheaded Fiat’s alliance with Chrysler LLC, has disclosed that he will step down in 2018, at the end of the five-year plan for the recently formed Fiat Chrysler Automobiles NV (FCA).
In a meeting today in Italy, the Agnelli family, the controlling shareholders of Fiat S.p.A. (FIATY), approved alongside other shareholders the full merger of Fiat and US auto giant Chrysler Group LLC. The combined entity will be called Fiat Chrysler Automobiles. Chrysler currently operates as a wholly-owned subsidiary of Fiat.