The American arm of Fiat Chrysler Automobiles [NYSE:FCAU], the Chrysler Group, which represents brands such as Chrysler, Dodge, Jeep and Ram, has been renamed FCA US. The change doesn’t have any major effects, with the company’s headquarters in Auburn Hills, Michigan as well as the existing management team all set to remain.
FCA US employs more than 77,000 people worldwide, with most of them—96 percent—located in North America. FCA US is also responsible for 36 manufacturing facilities, including 23 in the U.S., seven in Mexico and six in Canada.
The Italian arm of Fiat Chrysler Automobiles, the Fiat Group, has also had its name changed. It will now be known as FCA Italy and will continue to be run from its existing headquarters in Turin.
As for the parent company Fiat Chrysler Automobiles, it continues to be headquartered in the city of London, but registered in the Netherlands for taxation reasons.
In related news, Fiat Chrysler Automobiles started meeting with investors last week to help raise around $2.5 billion via a convertible bond issue and share sale, with the new funds to be used for the development of future models. To help spur the sale of the bonds, Fiat Chrysler Automobiles is expected to offer more shares in Ferrari to those existing shareholders of Fiat Chrysler Automobiles that buy the bonds.
As announced in October, Fiat Chrysler Automobiles is spinning off Ferrari, with most of the new shares in the Italian sports car brand to be divided up among Fiat Chrysler Automobiles’ existing shareholders. A small portion of shares in Ferrari will also be sold to the public via a public offering on an American exchange sometime next year.