2:04 am, January 11, 2012
FIAT has increased its interest in the Chrysler Group by a further five per cent bringing Fiat’s total interest to 58.5 per cent.
To achieve this Chrysler was required to receive regulatory approval for a car based on a Fiat platform or vehicle technology having a fuel efficiency rating of at least 40 combined MPG, and to irrevocably commit to begin assembly in commercial quantities in the US.
In late December Chrysler achieved the Fuel Economy Test for an unadjusted combined rating of 40 miles per gallon with a pre-production version of the Dodge Dart, based upon Fiat architecture technology.
Last week Chrysler issued an irrevocable commitment to the U. Department of the Treasury to begin assembly of such vehicle in a production facility located in the United States.
‘The acquisition of a further five per cent of Chrysler is a fundamental step in completion of the integration between our two groups, ‘ Fiat S.p.A. and Chrysler Group CEO, Sergio Marchionne, said.
‘We have worked hard on achievement of the Ecological Event over the past two and a half years and 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.
‘The commitment to ecological and sustainable mobility, which has made Fiat the most eco-performing automaker in Europe, is integral to our business strategy. Together with the know-how developed by Chrysler, we have formed a strong, competitive auto group with a technological capability among the most innovative in the world,’ added Marchionne.
