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About Fiat

FIAT – an Italian industrial group based in Turin, producing mainly cars under the Fiat brand, founded on July 11, 1899 by Giovanni Agnelli. The name came from the abbreviation: Fabbrica Italiana Automobili Torino ( Polish – Italian Car Factory in Turin ). In 2014, following the merger with the American corporation Chrysler, they joined the holding company Fiat Chrysler Automobiles (FCA).

History

The car manufacturing company was founded in Turin on July 11, 1899 by a group of originators, including Count Roberto Biscaretti di Ruffia and cavalry lieutenant Giovanni Agnelli. On the same day, the founding act of Società Anonima Fabbrica Italiana di Automobili in Turin was signed at Palazzo Bricherasia. The first thirty shareholders contributed 800,000 lire capital. After taking over the existing car workshop of the Ceirano brothers at Corso Dante in November of the same year, the production of vehicles under their own brand began a year later. The first vehicle was the 3½ HP model consisting of a carriage with a folding canvas booth above the rear seat, powered by a two – cylinder gasoline engine , liquid-cooled, with a capacity of 657 cm³ and 3.5 HP. Four years later, the company’s shares went public , and the company launched its branch, including in New York.

Early Days

Before the outbreak of World War I, the group’s authorities decided to build two new factories. The first factory in Lingotto was put into operation in 1922, and the second Mirafiori factory was put into operation only in 1939. In 1924, the company launched the production of licensed passenger cars and trucks at the Moscow factory. At the beginning of the 1950s, the brand’s new specialty was the production of jet fighter aircraft for NATO air forces.

In May 1966, a license agreement was signed for the production of the Fiat 124 model and the construction of the Russian WAZ plant in Togliatti. A year later, the concern takes over Autobianchi , OM , CMSA and a majority stake in Magneti Marelli and Weber, and in 1969 becomes the owner of the Ferrari and Lancia brands. As a result of cooperation with the French PSA concern , the Sevel Sud company is established in 1978, which in 1981 launches a commercial vehicle factory in Val di Sangroin Italy. In 1979 a holding was created under the name Fiat SpA , which included the following brands: Fiat, Lancia, Autobianchi, Abarth and Ferrari. A year later, the concern acquires a brand specializing in the construction of commercial vehicles – Iveco , and four years later also the companies Alfa Romeo and Maserati.

On April 17, 2007, Fiat Professional was established to manufacture vans. In the same year, in the Turkish Bursa, the production of small vans was launched at the Tofaş factory together with the French PSA group. In May 2008, Fiat buys a 70% stake in Zastava from the Serbian government.

On January 29, 2014, Fiat completed the five-year acquisition of the American automotive group Chrysler , resulting in the creation of the company Fiat Chrysler Automobiles (FCA), whose formal headquarters were located in the Netherlands , and practical – for tax reasons – in the United Kingdom . The shares of the new company are listed on the New York and Milan stock exchanges, and the shares of existing shareholders of Fiat are exchanged in a 1: 1 ratio for FCA shares. The new company has become the seventh largest car manufacturer in the world.

On October 31, 2019, FCA entered into an alliance with the PSA Groupe . Thus, a great automotive giant worth up to $ 50 billion will be created. The merger is expected to bring about $ 4 billion in savings annually, with FCA president John Elkann leading the way, while Carlos Tavares, president of the PSA Group, will become CEO. On a global scale, the alliance will probably be the fourth largest automotive force, with sales of approximately 4.16 million cars a year.