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Fiat and Chrysler have confirmed they will be working together in a global alliance that sees Fiat take a 35% stake in the troubled American carmaker.
No money has changed hands in the deal, with Fiat instead being allowed access to Chrysler's distribution and dealer network. In turn, Chrysler will be able to make use of Fiat's vehicle platforms, technology and dealers.
It is expected Chrysler will use Fiat's fuel saving technology and platforms to expand their product range to develop smaller, more efficient cars.
Fiat has not invested any cash into Chrysler, nor is it committed to do so in the future.
"The agreement will offer both companies opportunities to gain access to most relevant automotive markets with innovative and environmentally friendly product offering," said Sergio Marchionne, CEO of Fiat Group.
Bob Nardelli, Chrysler's CEO said the deal offered the company "A number of strategic benefits, including access to products that compliment our current portfolio; a distribution network outside North America; and cost savings in design, engineering, manufacturing, purchasing and sales and marketing."
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