Fiat is considering selling part of its sports car unit Ferrari to raise cash to increase its ownership percent of Chrysler, according to Reuters and the New York Times, both citing a report in the Italian newspaper, Il Corriere della Sera.
Fiat, based in Italy, reportedly is seeking liquidity to allow it to finance the acquisition of 51 percent of Chrysler. Selling Ferrari could be the solution, according to the daily newspaper’s sources in Fiat’s headquarters in Turin.
FOR MORE FERRARI INFORMATION, VISIT: Ferrari
According to the report, Fiat, which owns 85 percent of Ferrari, would keep a majority 51 percent stake in the sports car unit which, it said, is worth $3.1 billion.
Ferrari this week is debuting its limited edition convertible sports car at the Paris Motor Show.
A Fiat spokesman denied the report, commenting to Reuters: “There are no plans for any Ferrari listing.”
Fiat, which owns 20 percent of Chrysler, is expected to increase its holding to 35 percent once it meets revamping goals. It has an option to grow to 51 percent.
Article Last Updated: September 28, 2010.
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A sports, travel and business journalist for more than 45 years, James has written the new car review column The Weekly Driver since 2004.
In addition to founding this site in 2004, James writes a Sunday automotive column for The San Jose Mercury and East Bay Times in Walnut Creek, Calif., and monthly auto review and wellness columns for Gulfshore Business, a magazine in Southwest Florida.
An author and contributor to many newspapers, magazines and online publications, co-hosted The Weekly Driver Podcast from 2017 to 2024.