Chrysler's new Dodge Dart gives Fiat another 5 percent in Chrysler
Fiat's ownership stake in Chrysler goes up 5 percent now that the company is building a car that gets 40 mpg in the U.S.
The added stake was part of the agreement with the U.S. government when it bailed out the auto company in the 2009 bankruptcy restructuring.
The Associated Press has more:
The U.S. government...gave Fiat a 20 percent stake in Chrysler in July of 2009 in exchange for Fiat's management expertise and use of its technology. Fiat gradually raised its ownership by meeting performance goals and buying the government's stake in Chrysler. Chrysler said early Thursday that a pre-production version of the new Dodge Dart compact got 40 mpg in testing by the Environmental Protection Agency in late December. Full testing for the mileage sticker that will go on the Dart's window has not been finished. The window sticker testing is done under different standards and could be lower than 40 mpg.
The AP reports that the added 5 percent comes from a UAW trust fund that pays for retiree health care. After giving up the five percent, that fund still owns 41.5 percent of Chrysler.
Automobile Magazine has more on the Dart, which will be built Belvidere, Illinois:
Engine choices will comprise two “Tigershark” inline-fours displacing 2.0 and 2.4 liters, as well as a turbocharged 1.4-liter MultiAir inline-four. Chrysler has also said there will be a choice of three transmissions for the compact Dart sedan. The Dart is based on a lengthened and widened version of the platform that underpins Europe’s Alfa Romeo Giulietta hatchback.
The Dart will be revealed at the North American International Auto Show starting next week. We'll have more then.