Key Stats
Founded: July 11, 1899
Headquarters: Turin, Italy
Founder: Giovanni Agnelli (principal founder)
Major Shareholder: Exor S.p.A. (Agnelli family)
Final Revenue (FCA 2020): €87 billion
Status: Merged into Fiat Chrysler Automobiles (FCA) in October 2014; FCA merged with PSA Group to form Stellantis in January 2021
Fiat S.p.A., originally named Fabbrica Italiana Automobili Torino (Italian Automobile Factory of Turin), was an Italian industrial holding company that became one of the world’s largest automobile manufacturers. Founded in Turin on July 11, 1899, by Giovanni Agnelli and a group of investors, Fiat dominated the Italian automotive market for over a century and at various points ranked as the largest automaker in Europe and third-largest in the world behind General Motors and Ford.
Beyond automobiles, the Fiat Group grew into an industrial conglomerate with interests in trucks, tractors, agricultural equipment, aircraft, railways, military vehicles, steel, publishing, and insurance. The company built the legendary Lingotto factory in Turin, which opened in 1923 as Europe’s largest automobile manufacturing plant, featuring a test track on the roof. Over the decades, Fiat acquired most of Italy’s other automakers—Lancia in 1969, a stake in Ferrari in 1969, Alfa Romeo from the government in 1986, and Maserati in 1993—consolidating the Italian automotive industry under its control.
The Agnelli family maintained control of Fiat for more than a century through a complex holding structure, with the family’s investment vehicle Exor S.p.A. serving as the principal shareholder. In 2009, Fiat acquired a stake in the bankrupt American automaker Chrysler, eventually gaining full ownership in 2014. On October 12, 2014, Fiat S.p.A. merged with Chrysler Group LLC to form Fiat Chrysler Automobiles (FCA). In January 2021, FCA completed a merger with France’s PSA Group (Peugeot-Citroën) to create Stellantis, the world’s fourth-largest automaker, ending the Fiat brand’s existence as an independent corporate entity.
Fiat S.p.A. History
July 11, 1899
Fiat Founded in Turin
Giovanni Agnelli and a group of investors, including Count Emanuele Cacherano di Bricherasio, establish Fabbrica Italiana Automobili Torino (FIAT). Agnelli invests $400 for his founding share. The first factory opens in 1900 with 35 workers producing 24 cars.
1906-1920
Early Growth & Expansion
Fiat goes public on the Milan stock exchange in 1906. A U.S. factory opens in Poughkeepsie, NY (1910). During World War I, Fiat becomes a major military supplier producing trucks, aircraft, and armaments, employing over 30,000 workers. Agnelli becomes chairman in 1920.
1923-1927
Lingotto & IFI Formation
The Lingotto factory opens in 1923 as Europe’s largest automotive plant, featuring a rooftop test track. By 1925, Fiat controls 87% of the Italian car market. In 1927, Agnelli forms IFI (Istituto Finanziario Industriale), the family holding company that would control Fiat for decades.
1945-1966
Postwar Rebuilding
Giovanni Agnelli dies in 1945. The National Liberation Committee removes the family from leadership due to Fascist ties. Vittorio Valletta manages the company. Control returns to the Agnelli family in 1963 when grandson Gianni Agnelli becomes general manager, then chairman in 1966.
1967-1971
Italian Brand Acquisitions
Fiat acquires Autobianchi (1967), purchases controlling interest in Lancia (1969), buys 50% of Ferrari (1969), and acquires Abarth (1971). Fiat becomes Italy’s dominant automaker and one of Europe’s largest, reaching 1.75 million vehicles produced in 1968.
1979-1993
Holding Company Restructure & More Acquisitions
Fiat restructures as a holding company in 1979, spinning off business units. The company acquires Alfa Romeo from the Italian government (1986) and Maserati (1993). Fiat and Lancia withdraw from the U.S. market in 1984 amid Japanese competition and poor reliability reputation.
2004-2014
Marchionne Era & Chrysler Alliance
Sergio Marchionne becomes CEO in 2004 amid financial crisis. GM pays $2B to exit a 20% stake (2005). In June 2009, Fiat acquires 20% of bankrupt Chrysler, eventually reaching 100% ownership in January 2014. On October 12, 2014, Fiat S.p.A. and Chrysler merge into Fiat Chrysler Automobiles (FCA).
2016-2021
Ferrari Spin-Off & Stellantis Formation
Ferrari is spun off as an independent company (2016). Sergio Marchionne dies in 2018. FCA agrees to merge with PSA Group (Peugeot-Citroën) in late 2019. On January 16, 2021, the merger completes, creating Stellantis—the world’s fourth-largest automaker—with the Agnelli family’s Exor holding 14.4%.
The Agnelli Family
The Agnelli family controlled Fiat for more than a century, making it Italy’s wealthiest and most influential industrial dynasty. Their ownership was maintained through layered holding structures, most recently through Exor N.V.
Giovanni Agnelli (1866-1945)
The founder of Fiat was born in Villar Perosa, Piedmont, and trained as a cavalry officer before leaving the military in 1892. In 1898, he met Count Emanuele Cacherano di Bricherasio, who was seeking investors for an automobile venture. Agnelli invested $400 for his founding share in 1899 and became managing director within a year, then chairman in 1920. Under his leadership, Fiat grew from 24 cars in its first year to Europe’s largest automaker. He established IFI as the family holding company in 1927. Agnelli was named to the Italian Senate by Mussolini in 1923, though his relationship with the Fascist regime was complex. He was removed from Fiat leadership by the National Liberation Committee in 1945 and died shortly after at age 79.
Gianni Agnelli (1921-2003)
Giovanni Agnelli’s grandson became Italy’s most famous industrialist and one of the world’s most glamorous businessmen. After the family was barred from Fiat leadership following World War II, Gianni became general manager in 1963 and chairman from 1966 to 1996 (honorary chairman until his death in 2003). He modernized Fiat’s management, acquired Ferrari, Lancia, Alfa Romeo, and Maserati, and grew the company into a diversified conglomerate. Known as “L’Avvocato” (The Lawyer), he became a symbol of Italian style and economic power. His brother Umberto briefly served as chairman (2003-2004) before his death. The family legacy passed to Gianni’s grandson John Elkann, who became vice chairman of FCA at age 28 and later chairman of both FCA and Stellantis.
Key Acquisitions
Fiat systematically consolidated the Italian automotive industry over several decades, acquiring most of its domestic competitors.
- Autobianchi (1967) – Fiat’s first acquisition was this small-car manufacturer, which became a testing ground for new technologies later applied to Fiat models.
- Lancia (1969) – The financially struggling luxury and rally-racing brand was acquired and continued producing cars under its own name.
- Ferrari (1969, 50%) – Fiat purchased half of Enzo Ferrari’s company; the stake increased to 90% in 1988 after Enzo Ferrari’s death. Ferrari was spun off as an independent company in 2016.
- Abarth (1971) – The performance-tuning specialist founded by Carlo Abarth became Fiat’s in-house performance division.
- Alfa Romeo (1986) – Fiat acquired the ailing state-owned sports car maker from the Italian government, beating Ford in a bidding process influenced by Italian politics.
- Innocenti (1990) – The Italian manufacturer (known for producing Minis under license) was absorbed into Fiat.
- Maserati (1993) – Fiat purchased the luxury sports car maker to compete in the high-end segment.
- Chrysler Group (2009-2014) – Fiat acquired a 20% stake in the bankrupt American automaker in June 2009, increasing ownership to 58.5% by 2012 and 100% by January 2014.
Fiat Group / FCA Revenue
Fiat’s revenue fluctuated with global automotive cycles, the 2008 financial crisis, and the gradual integration with Chrysler.
Note: 2012+ figures include Chrysler consolidation. 2020 decline reflects COVID-19 impact and Magneti Marelli sale.
Fiat S.p.A. Competitors
Fiat competed with major European and global automakers across various market segments.
| Company | Headquarters | Notes |
|---|---|---|
| Volkswagen Group | Wolfsburg, Germany | Europe’s largest automaker |
| PSA Group (Peugeot-Citroën) | Paris, France | Merged with FCA to form Stellantis (2021) |
| Renault | Boulogne-Billancourt, France | Renault-Nissan-Mitsubishi Alliance |
| General Motors | Detroit, Michigan | Held 20% of Fiat 2000-2005 |
| Ford Motor Company | Dearborn, Michigan | Lost Alfa Romeo bid to Fiat (1986) |
| Toyota | Toyota City, Japan | World’s largest automaker |
| BMW Group | Munich, Germany | Premium segment competitor |
| Mercedes-Benz Group | Stuttgart, Germany | Premium and commercial vehicles |
| Hyundai Motor Group | Seoul, South Korea | Hyundai and Kia brands |
| Honda Motor Company | Tokyo, Japan | Global mass-market competitor |
FAQs
What does FIAT stand for?
FIAT is an acronym for Fabbrica Italiana Automobili Torino, which translates to “Italian Automobile Factory of Turin” in English. The company was founded in Turin, Italy, on July 11, 1899. The name was originally written in all capital letters (FIAT) but changed to mixed case (Fiat) in 1906.
Does Fiat still exist as a company?
Fiat no longer exists as an independent corporate entity. Fiat S.p.A. merged with Chrysler Group LLC to form Fiat Chrysler Automobiles (FCA) in October 2014. FCA then merged with PSA Group (Peugeot-Citroën) in January 2021 to form Stellantis. However, the Fiat brand continues as a vehicle nameplate within Stellantis, and cars are still sold under the Fiat name in Europe, Latin America, and other markets.
Who owns Fiat now?
The Fiat brand is now owned by Stellantis N.V., a multinational automotive corporation formed from the 2021 merger of Fiat Chrysler Automobiles and PSA Group. The largest shareholder of Stellantis is Exor N.V., the investment holding company controlled by the Agnelli family, which holds approximately 14.4% of shares. Other major shareholders include the Peugeot family (7.2%) and the French government (6.2%).
What brands did Fiat own?
At its peak as Fiat Chrysler Automobiles, the group controlled numerous automotive brands: Fiat, Abarth, Alfa Romeo, Lancia, Maserati (Italian brands); and Chrysler, Dodge, Jeep, Ram Trucks, and SRT (American brands). Ferrari was part of Fiat from 1969 until its 2016 spin-off. The group also owned component companies Magneti Marelli (sold 2019), Comau, Teksid, and Mopar. All these brands (except Ferrari and Magneti Marelli) are now part of Stellantis.
Why did Fiat leave the U.S. market?
Fiat and Lancia withdrew from the United States in 1984 due to a combination of factors: rising Japanese competition (which was capturing market share with fuel-efficient, reliable vehicles), poor reliability reputation of Italian cars in the American market, changing U.S. consumer preferences toward larger vehicles (SUVs, minivans, and trucks), and falling fuel prices that reduced interest in Fiat’s small cars. Fiat returned to the U.S. market in 2011 with the Fiat 500, following its alliance with Chrysler, but sales have remained limited.
