"This is a very significant day...for the global automotive industry as a whole," said Sergio Marchionne, Fiat's chief executive who was named the CEO of Chrysler on Wednesday. "From the very beginning, we have been adamant that this alliance must be a constructive and important step towards solving the problems impacting our industry."
From CNNMoney.com: Chrysler and Fiat make it official
Chrysler and Italian automaker Fiat on Wednesday officially signed a strategic alliance brokered by the U.S. government, one day after the Supreme Court cleared the path for the deal.
Fiat will initially take 20% stake in the company; its share can go up to 35% if it reaches certain fuel efficiency goals.
The new company will be called Chrysler Group, LLC, after former Chrysler LLC sold nearly all of its assets to the new firm.
I have been a fan of Chrysler since my parents gave me their Chrysler Cordoba as my first car when I was sixteen. I still currently drive two Chrysler products. They have always been great cars to me.
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