Fiat said on Jan. 5 it has boosted its stake in Chrysler by five percent to 58.5%, after the carmaker received approval for a fuel-efficient car to be made in the United States.
"The acquisition of a further five percent of Chrysler is a fundamental step in completion of the integration between our two groups," Fiat and Chrysler Group head Sergio Marchionne said.
The boost in Fiat's stake was forecast in the agreement signed in 2009 between the Italian company and Chrysler which allowed Fiat to take over operational command of the ailing automaker.
It depended on Chrysler receiving regulatory approval to produce the Dodge Dart in the U.S. -- a car based on Fiat technology with "a fuel efficiency rating of at least 40 combined miles per gallon."
"We are particularly proud of this accomplishment because it represents repayment of the trust placed in Fiat to introduce its fuel-efficient cars and engines to the U.S. market," Marchionne said.
"The commitment to ecological and sustainable mobility, which has made Fiat the most eco-performing automaker in Europe, is integral to our business strategy," he added.
Copyright Agence France-Presse, 2011