Fiat S.p.A. expects to raise its stake in Chrysler Group to 58.5 percent by the end of this year after it achieves a preset performance target, the company said. Fiat currently owns 53.5 percent of the U.S. carmaker. Hit the jump to read the rest of the story.
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The final test is the development of a Fiat-based car that can get 40 miles per U.S. gallon, equivalent to 48 miles per UK gallon or 5.88 liters per 100 kilometers.
The group, which reiterated its critical mass target of around 6 million vehicles by 2014, confirmed its 2011 group guidance which includes revenues in excess of 58 billion euros and liquidity of around 18 billion euros.
On Monday, Sergio Marchionne, who is CEO of both Fiat and Chrysler, said the group had enough liquidity to help it weather the financial crisis.
Like other industrial heavyweights, Fiat has been hit by worries that a global economic slowdown would hurt its revenues.
