MAY 14, 2002
Fiat announces Ferrari float
FIAT has announced that it is going to sell shares in the Ferrari company and is hoping to raise $900m from the sale. The company however announced that its other car-making subsidiary Fiat Auto made a first quarter loss this year of $390m, which was a lot worse than had been expected. The company said the losses were due to a variety of reasons including the slow sales of the new Fiat Stilo model.
Commenting on the announcement, Ferrari President Luca di Montezemolo said that the float is "very important" as it offers Ferrari "new resources for development projects for Ferrari and Maserati, which will contribute still further to the growth and success of the Ferrari and Maserati Group."