Fiat Increases Stake In Chrysler
Fiat SpA is raising its ownership of Chrysler Group LLC from 58.5% to 61.8%, as the Auburn Hills, Mich., automaker steams toward $3 billion in operating profits this year. "Chrysler sold 1.23 million cars in the first half, which is over half of our target," Fiat-Chrysler CEO Sergio Marchionne told reporters in Milan, according to Reuters. "The objective of $3 billion is close at hand. We could overshoot it." Marchionne said Chrysler, whose 2012 sales are up more than 30% compared to the first half of 2011, may need to expand production. But he declined to say where that might happen.