Fiat Chrysler to spin off luxury brand Ferrari

Oct 30, 2014 1220

Fiat Chrysler Automobiles announced Wednesday it will spin off sports car maker Ferrari into a separate company, a move to unlock the luxury brand's value and distinguish it from its mass-market parent.

The spinoff aims to raise money to support the newly merged carmaker's plans to invest 48 billion euros ($61 billion) over five years to compete with global giants Toyota and Volkswagen. Shares in Fiat Chrysler soared on the news.

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Source: https://autos.yahoo.com

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