Following fears in Italy that the merger of Fiat and Chrysler will result in a big shift in focus towards the US, the firm has revealed that its new headquarters will be in London.
Fiat's home town is Turin, while Chrysler's base is Michigan, USA. Setting up their main office in London is seen as a way to placate political concerns that Italy will lose one of its biggest corporations. Just two hours from London by air, the move will ensure the firm is still seen as European, analysts say.
It is the first time that a truly international automobile brand has ever been headquartered in the British capital.
Experts say London is likely to have been chosen for its geographical location, its financial services and good transport connections. There are also thought to be tax advantages to moving to the city.
But as Fiat-Chrysler look to sell 7 million vehicles a year by 2018, it is thought there will be no ostentatious new corporate building. All funds are purported to be earmarked for product development.
With so much at stake and the opportunities of economic recovery being seen across the Western world, Fiat-Chrysler are keen to ensure their big plans do not break down – so yet another tower going up in London is unlikely.
Sales of both the Italian and the American brands combined amounted to 4.4 million units last year.
The merger of Fiat and Chrysler resulted in the creation of a new firm in January of this year, the end result in a process that began in 2009.
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