Nevertheless, while Fiat is only getting out with 20% of Chrysler, the majority of Chrysler's stake will be in the UAW, at 63%. The 12% rest, is shared to the American and Canadian governments.
So the new company is formed with the worker union, Fiat, and the governments, will be called Chrysler Group LLC. So yes, it's still the same name, but the Obama administration has promised $6 billion to the new Chrysler Group LLC that will make Chrysler, Dodge, Jeep and Fiat vehicles.
It's also reported that with the new alliance, Fiat will finally ship their Fiat 500 minicar overseas to the states market. Fiat has confirmed that it sell its 500 minicar at Chrysler dealerships by early 2011. The Fiat 500 will be the only Fiat-derived vehicle that will be sold at Chrysler dealerships badges as a Fiat. Nonetheless, the new Chrysler announced it is planning six small and mid-sized sedans based on Fiat platforms. While those models will be based on Fiat platforms, they will be designed and engineered by Chrysler.
Finally, Bob Nardelli has stepped down as company CEO and will hand over his responsibilities to C. Robert Kidder who will be Chairman of Chrysler Group LLC.