Fiat lifts Chrysler stake as U.S. OKs eco car
Chrysler received approval to manufacture an fuel-efficient Dodge Dart based on Fiat's engine technology.
Thu, Jan 05, 2012 at 04:43 AM
MILAN — Italian auto giant Fiat said Thursday it has boosted its stake in Chrysler by five percent to 58.5 percent, after the U.S. carmaker received approval for a fuel-efficient car to be made in the United States.
"The acquisition of a further five percent of Chrysler is a fundamental step in completion of the integration between our two groups," Fiat and Chrysler Group head Sergio Marchionne said in a press release.
The 5.0 percent boost in Fiat's stake was forecast in the agreement signed in 2009 between the Italian company and Chrysler which allowed Fiat to take over operational command of the ailing U.S. automaker.
It depended on Chrysler receiving regulatory approval to produce the Dodge Dart in the U.S. — a car based on Fiat technology with "a fuel efficiency rating of at least 40 combined miles per gallon."
"We are particularly proud of this accomplishment because it represents repayment of the trust placed in Fiat to introduce its fuel-efficient cars and engines to the US market," Marchionne said.
"The commitment to ecological and sustainable mobility, which has made Fiat the most eco-performing automaker in Europe, is integral to our business strategy," he added.
Copyright 2012 AFP Global Edition