The Italian automaker has taken over a significant portion of the company’s assets.
Wired PR News – Fiat has now taken over the majority of Chrysler’s assets as part of a major deal. As reported by the Associated Press (AP), the Italy based company closed the deal with Chrysler Wednesday, which facilitated the creation of Chrysler Group LLC, a new debt free company.
The new company will reportedly turn their main focus on the creation of smaller automobiles. Chrysler Group LLC is quoted by the AP as releasing the statement, “Work is already under way on developing new environmentally friendly, fuel-efficient, high-quality vehicles that we intend to become Chrysler’s hallmark going forward.”
The Treasury Department is further quoted in the report as stating of the deal, “This morning’s closing represents a proud moment in Chrysler’s storied history… The Chrysler-Fiat Alliance has now exited the bankruptcy process and is poised to emerge as a competitive, viable automaker.”
Photo Credit: Rudolf Stricker