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Fiat increases Chrysler ownership to 30 percent

by Bill Cawthon on

After days of speculation, the other shoe has dropped: in a short statement issued this morning in Turin, Fiat S.p.A. said: “Fiat advises that the second performance event contemplated by the Chrysler Group Operating Agreement, as amended, has been achieved, leading to a 5% increase of its interest in Chrysler Group LLC. The increase is effective as of today. Fiat’s interest in Chrysler is 30%.”

A statement issued by Chrysler Group LLC says: “Chrysler Group LLC today announced that Fiat’s ownership interest in the Company has increased from 25 percent to 30 percent, effective today. The increase is the result of the Company’s achievement of the second of three performance-related milestones outlined in a recent amendment to its June 10, 2009, Operating Agreement, which broadens the Chrysler Group-Fiat partnership and enhances Chrysler Group’s international market position.”

“The second milestone required Chrysler Group to achieve cumulative revenues of more than $1.5 billion attributable to Company sales made outside of Canada, Mexico and the United States (the “NAFTA Countries”) after June 10, 2009, and to enter into the following with Fiat or its affiliates:
1. an agreement covering at least 90 percent of Fiat dealers in Brazil for the distribution of one or more Company products (including Chrysler Group products rebadged and sold under the brand names of Fiat Group Automobiles);
2. an agreement covering at least 90 percent of Fiat dealers in the European Union (EU) for the distribution of one or more Company products (including Chrysler Group products rebadged and sold under the brand names of Fiat Group Automobiles), and providing for the pooling of Chrysler Group and Fiat vehicle fleets in the EU for CO2 emissions ratings; and,
3. an agreement providing for compensation to the Company for the use of its technology by Fiat or its affiliates outside of the NAFTA countries.

“The ownership interests of Chrysler Group’s members are now: UAW VEBA 59.2 percent; Fiat 30.0 percent; U.S. Treasury 8.6 percent; Canadian Governments 2.2 percent.

“Chrysler Group reached the first performance event in January 2011 with the United States production of the fuel efficient Fully Integrated Robotized Engine (FIRE) in Dundee, Mich., thereby increasing Fiat’s ownership from 20 to 25 percent. Fiat has the opportunity to further increase its ownership in Chrysler Group to 35 percent through an additional performance-related milestone relating to commercial production in the United States of a 40-mile-per-gallon vehicle based on Fiat platform technology.”

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.

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