Deep in debt Fiat is sell up to 35% of shares of its luxury sports car unit Ferrari to generate cash quickly.
Chairman and Chief Executive Paolo Fresco, briefing the Italian parliament today, also urged the government to approve financial incentives to buy non-polluting cars - a move that would help loss-making Fiat Auto, the group’s flagship car unit.
The sale of Ferrari shares is part of a wider plan to slash Fiat’s £3.86 billion debt.
Fresco said Ferrari, which is 90% owned by Fiat, would be initially listed on the Milan stock exchange, with a New York listing possibly following.