Fiat Chrysler CEO Sergio Marchionne has told investors that he expects Fiat will reach zero debt by the end of this month.
The 65-year-old Italian-Canadian manager announced the approach of the zero-debt milestone today in Italy.
Marchionne said debt is "a legacy that has dogged both Fiat and Chrysler for decades," and that erasing it "is a fundamental change in how this company is perceived. It is a significant milestone in the process of healing of a structural weakness."
FCA President and CEO Sergio Marchionne (AM800 file photo)
The CEO said that the day-long presentation of a new business plan would focus on Jeep SUV's, Ram trucks and premium brands Maserati and Alfo Romeo. He said: "these brands comprise the most significant part of our revenues."
The future of the Windsor-built Chrysler Pacifica is also expected to be detailed during the day long event.
More to come