Fiat Chrysler Automobiles Makes Wall Street Debut
Fiat Chrysler Automobiles (FCA) made its Wall Street Debut today. The Italian company is working to shift its focus from Europe to the United States.
This financial move allows the firm to tap into the world’s largest equity market. Greater access to more affordable and reliable capital means it will be able to fund projects going forward and hopefully grow.
Half of FCA’s car volume comes from the United States and appropriately company CEO Sergio Marchionne wants their headquarters on this side of the Atlantic. Auspiciously he chose today, Columbus Day (and Thanksgiving in Canada) to celebrate their arrival. Currently FCA is the world’s seventh-largest automaker.
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Marchionne has aggressive goals and needs money to make them a reality. He wants to boost sales 60 percent to 7 million units and grow net profit to about $7 billion by 2018.
FCA chairman John Elkann and Marchionne will ring the closing bell at the New York Stock Exchange later today, but this is hardly the end, it’s the beginning of a new era.
GALLERY: 2015 Chrysler 200S
[Source: Automotive News]
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Born and raised in metro Detroit, Craig was steeped in mechanics from childhood. He feels as much at home with a wrench or welding gun in his hand as he does behind the wheel or in front of a camera. Putting his Bachelor's Degree in Journalism to good use, he's always pumping out videos, reviews, and features for AutoGuide.com. When the workday is over, he can be found out driving his fully restored 1936 Ford V8 sedan. Craig has covered the automotive industry full time for more than 10 years and is a member of the Automotive Press Association (APA) and Midwest Automotive Media Association (MAMA).
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