Fiat Chrysler Headquarters Will Be Located in London
Now that Fiat and Chrysler Group are married, they have decided to set up house in London, according to a new report. The city represents a neutral ground between Chrysler's operations in Michigan and Fiat's capital in Turin, Italy. The newly-merged couple also stands to benefit tax-wise, as U.K.'s corporate tax rate is on the decline. However, the move to London is more than just a postal address. Fiat Chrysler CEO said that his office and the board of directors will operate directly out of the city. Manufacturing will stay put. The company is planning to keep, and even expand, its vehicle production in Italy. Marchionne has injected $76 billion in these plants as part of an effort to more than double profit and increase annual deliveries by 61 percent within the next five years. To appease the U.S., Fiat Chrysler will have its main stock listing in New York rather than Milan or elsewhere. Just this week, the new company laid out its long-term plan for introducing a slew of new products to North America. Among these changes, Jeep will receive a number of new SUVs through 2018, Chrysler will debut a new compact 100 sedan, and Dodge will swallow up the SRT line. Source: Bloomberg
GM announces yet another recall.