Fiat Chrysler debuts on Wall Street

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Fiat Chrysler debuts on Wall Street

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It was debut day for Fiat Chrysler Automobiles on the New York Stock Exchange.

The move is aimed at shifting the car maker’s centre of gravity away from Italy. It caps a decade of deal making and restructuring by Chief Executive Sergio Marchionne.

Shares gained nearly eight percent on the first day for the company which will trade as FCA.

Only a limited number of shares went on sale on Monday. It’s believed FCA is likely to sell about another 85 million it now holds later in the year after a road show for investors led by Marchionne.

Fiat Chrysler is aiming to grow sales 60 percent to more than seven million cars and trucks by 2018 and a five fold increase in net profit to as much as 5.5 million euros. It is gearing up for the launch of dozens of new models.

Last year the combined companies sold 4.4 million compared with rival Ford’s 6.3 million.

The launch comes on the back of a tough week for the sector with General Motors and Ford’s shares hitting 52 week lows.