By AP
MILAN –
Fiat CEO Sergio Marchionne, who also runs Chrysler LCC, has confirmed that Fiat expects to raise its stake in Chrysler to 35% by the end of 2011.
Fiat plans to raise its 20 percent share to 25 percent with the introduction of the iconic Fiat 500 city car to be launched in the U.S. in January. Marchionne said that 5 percent increase should take effect in the fourth quarter of this year, or first quarter of next.
The second 5% increment will be for the introduction of a car that gets 40 miles per gallon, sometime by the end of 2011, the CEO said.
The third 5% increase is for the international distribution of Chrysler products, which Marchionne said was related to sales in Latin America.