Italian car giant Fiat said today it had boosted its stake in Chrysler by 5% to 58.5%, after the US firm received approval for a fuel-efficient car to be made in the US.
"The acquisition of a further 5% of Chrysler is a fundamental step in completion of the integration between our two groups," Fiat and Chrysler Group head Sergio Marchionne said.
The 5% boost in Fiat's stake was forecast in the agreement signed in 2009 between the Italian company and Chrysler which allowed Fiat to take over operational command of the ailing US car maker.
It depended on Chrysler's receiving regulatory approval to produce the Dodge Dart in the US - a car based on Fiat technology with "a fuel efficiency rating of at least 40 combined miles per gallon."
"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," Marchionne said.
"The commitment to ecological and sustainable mobility, which has made Fiat the most eco-performing automaker in Europe, is integral to our business strategy," he added.
