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Fiat-Chrysler motors into New York market
NEWLY formed carmaker Fiat-Chrysler made its New York stock debut yesterday, a major milestone in chief executive’s Sergio Marchionne long-running overhaul of the group.
Shares ended lower at $8.92 having listed at $9, with Marchionne ringing the closing bell after trading in New York. Italian car maker Fiat bought US automotive icon Chrysler out of bankruptcy in 2009, forming Fiat Chrysler Automotive (FCA), which is domiciled in Britain.
The listing on the New York Stock Exchange comes after Marchionne decided to switch the group’s main listing from Milan to the US. It still has a secondary listing in Milan.
Marchionne has also laid ambitious proposals to turn FCA into a car making giant, setting out a five-year plan earlier this year.