Fiat says they have raised their stake in Chrysler from twenty percent to twenty-five percent. The announcement came Monday at the North American International Auto Show in Detroit.
Fiat CEO Sergio Marchionne says they continue to gain financial ground towards their IPO later this year.
“That’s a benchmark issue, it’s one of the earned out hurdles we had. We got three of those at five percent apiece, and hopefully we” get the other two at five percent apiece this year, so we’ll get up to thirty-five,” Marchionne said.
Marchionne also wants to repay the $7.5 billion U.S. and Canadian government bailout before year’s end.
The auto show will be open to the public Jan. 15-23.