Fiat Chrysler Automobiles (FCA) finally made its debut on Wall Street, but investors were still a bit cautious of the merger between Fiat and Chrysler. On the start of trading at the New York Stock Exchange, FCA chief executive Sergio Marchionne remarked that they are taking Chrysler back to the United States stock market"One of the Detroit Three is coming home," he said.
Investors, however, don’t share his optimism with analysts indicating reservations about the FCA’s prospects. FCA’s shares opened on the trading floor at $9.00 in New York, going up to $9.55 before closing the day at $8.92. Only around 5.8 million shares were traded on FCA’s NYSE debut.
The company still keeps a secondary listing in Milan. Marchionne was given the privilege to ring the closing bell at the NYSE on Monday to mark FCA’s first day of trading in the US.
He was after all credited with reviving both Fiat and Chrysler, working hard for years to pursue a merger that now has resulted to the creation of carmaker large enough to challenge Toyota, General Motors and Volkswagen.
FCA, now the seventh-largest carmaker in the world, was looking forward to its US listing as it seeks to generate enough equity and gain access to large amount of money needed to truly transform FCA into real global players. Marchionne remarked that said FCA might raise debt funding to help finance its $60-billion five-year investment plan.