Milan, Italy - Having just completed the purchase of Chrysler, Fiat is changing its corporate name to “Fiat Chrysler Automobiles”.
Fiat chairman John Elkann said the name change heralded “a new chapter”.
“A journey that started over a decade ago, as Fiat sought to ensure its place in an increasingly complex marketplace, has brought together two organisations each with a great history in the automotive industry and different but complementary geographic strengths,” he said.
“FCA allows us to face the future with a renewed sense of purpose and vigor,” he added.
The group statement said: “In order to establish a true peer to the major global automotive groups, in both scale and capital market appeal, the Board has decided to establish Fiat Chrysler Automobiles NV, organized in the Netherlands, as the parent company of the Group.”
“Today is one of the most important days in my career at Fiat and Chrysler,” Fiat CEO Sergio Marchionne said.
“We have worked tenaciously and single-mindedly to transform differences into strengths and break down barriers of nationalistic or cultural resistance,” he said.
The FCA will “continue with the same mission, including manufacturing plants in Italy and elsewhere around the globe, with no impact on headcount,” said the group, calming concerns that the carmaker would abandon Italy.
Fiat completed the purchase of Chrysler this month in a $4.35-billion (R49 billion) transaction after a five-year merger, to create the world's seventh biggest car company.