AUBURN HILLS, Mich. - Chrysler Group LLC says Fiat has increased its ownership stake in the company after hitting its first performance-related milestone.
Fiat now owns 25 per cent of Chrysler — up from 20 per cent — making it the company's second-largest owner. UAW VEBA has a 63.5 per cent stake in Chrysler.
Fiat's ownership interest increased automatically under terms of a deal tied to commercial production of the fully integrated robotized engine. The engine will be in the new Fiat 500.
Chrysler said Monday that Fiat can boost its stake to 35 per cent, in five per cent increments, if it meets two other milestones.
Last week Fiat CEO Sergio Marchionne said it's possible Fiat will increase its stake in Chrysler to more than 50 per cent this year.