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US icon Chrysler under control of Italy's Fiat


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Iconic American carmaker Chrysler has officially come under the Italian flag with Fiat announcing it had obtained a majority share after buying out the US government's stake.

The takeover comes two years after Fiat took a 20 percent stake in exchange for sharing its technology and providing trusted leadership as Chrysler emerged from a government-backed bankruptcy.

President Barack Obama celebrated the news with a visit to a Chrysler plant in Toledo, Ohio, where he told workers that the government's unpopular decision to bailout Chrysler, General Motors and their suppliers had paid off.

Just two years ago, Toledo and other cities across the country came perilously close to learning what life would be like if Chrysler's plants shut down.

The deepest recession in decades had already cost the US auto industry 400,000 jobs and millions more jobs could have been lost if Chrysler and GM had failed.

"Today, all three American automakers are turning a profit. That hasn't happened since 2004," Obama said.

"Today, all three American automakers are gaining market share. That hasn't happened since 1995."

The Detroit Three are also expanding production, which has helped the auto industry recover 113,000 jobs in the past two years, according to the president.

"And today, I'm proud to announce the government has been completely repaid for the investments we made under my watch by Chrysler because of the outstanding work that you guys did," he told the plant workers.

So, does this mean that those Chrysler commercials will now come with an Italian accent?
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America's least respected auto maker is now owned by Europe's least respected auto maker. How apropos.

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