Italy’s Fiat has been cleared to up its stake in Chrysler after achieving the third goal set out to it by the United States government. The last milestone was to produce a vehicle that achieved a combined fuel economy rating of 40mpg, which will be accomplished with Dodge’s upcoming Dart compact.
With its third hurdle now out of the way, Fiat will increase its ownership stake in Chrysler to 58.5 percent, up from 53.5 percent. The remaining 41.5 percent of Chrysler is under the control of the United Auto Worker’s retiree trust fund.
“The acquisition of a further 5 percent of Chrysler is a fundamental step in completion of the integration between our two groups,” said Fiat-Chrysler CEO Sergio Marchionne in a statement released Thursday in Turin, Italy.
Marchionne added: “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 U.S. Market.â€
Fiat initially took a 20 percent stake in Chrysler after the Michigan automaker’s 2009 bankruptcy. Fiat has steadily increased its ownership in the subsequent years, leading to todays 58.5 percent stake.
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1.’Fiat meets last…’ view
