FIAT Group HQ

FIAT Group, or Fiat S.p.A. is a European automobile manufacturer, financial and industrial group based in Turin, Northern Italy; founded in 1899 by a group of investors including Giovanni Agnelli. The company name is an acronym for Fabbrica Italiana Automobili Torino (Italian Car Factory of Turin).

Angelli's grandson Gianni Agnelli was Fiat chairman from 1966 until his death on January 24, 2003. However, from 1996, he only served as an "honorary" chairman, while the chairman was Romiti. After their removal, Paolo Fresco served as chairman and Paolo Cantarella as CEO. Umberto Agnelli then took over as chairman from 2002 to 2004. After Umberto Agnelli's death on May 28, 2004, Luca Cordero di Montezemolo was named chairman, but Agnelli heir John Elkann became vice chairman at age 28 and other family members are on the board. At this point, CEO Giuseppe Morchio immediately offered his resignation. Sergio Marchionne was named to replace him on June 1, 2004.

Fiat is the largest automobile manufacturer in Italy, with a range of cars including the Pandam Punto, Stilo, Seicento, Idea, Croma, Ulysse and Doblò. Car companies are run by Fiat Auto and Ferrari. Today Fiat Auto runs well known firms like Lancia, Alfa Romeo, Fiat, and Maserati. Ferrari is owned by the Fiat Group, but is run autonomously. Light automobile sales accounted for 46.8% of total revenues during fiscal 2004 (3.2% of which is from Ferrari).