According to the latest reports, it appears that Fiat managed to raise its stake in Chrysler Group to 25 percent after American manufacturer met the first of three performance-related targets.
For those who are new to this, we will remind them that the other targets for Chrysler is the production of a 40-mile-per-gallon vehicle based on Fiat platform technology, as well as meeting sales targets outside North America.
Fiat received the first additional 5 percent after Chrysler received the approval for an engine based on the Fiat FIRE family, which will be built in the United States.
For those who don’t know, Fiat received its 20 percent stake in Chrysler back in 2009, as part of the American manufacturer’s 2009 bankruptcy reorganization.
Chrysler also expects to get an additional 15 percent this year, when Chrysler will meet its other goals.
What is more interesting, is that Fiat aims to increase its stake in Chrysler to an impressive 51 percent, after the American manufacturer will repay U.S. and Canadian government loans.
According to Sergio Marchionne, CEO of both carmakers, Chrysler would like to pay back the U.S. and Canadian government loans this year. [via autonews - sub. required]