Fiat

Italian vehicle manufacturer founded in 1899, now one of Europe's largest companies. It remains in the control of the founding Agnelli family. Fiat's core automotive operations are focused in three main business areas: motor cars; agricultural and construction equipment; and trucks and commercial vehicles. It manufactures automobiles under the Fiat, Lancia, and Alfa Romeo brands, while its Ferrari division is responsible for luxury sports cars and Formula One racing cars. Having been in the financial doldrums for several years, the company introduced an industrial turnaround plan in 2004, and by 2007 registered a trading profit of €3.2 billion as revenues reached €58.5 billion and net industrial debt was extinguished. Also that year the group received several international plaudits: the Fiat 500, launched in July, was voted Car of the Year 2008 in November; the Linea model won the Autobest award; and the Punto was named Car of the Year in Brazil. Ferrari meanwhile won the 2007 Formula One Drivers' and Constructors' Championships.

In March 2000 Fiat, then the world's seventh-largest car manufacturer, formed a cross-shareholding alliance with General Motors, the world's largest car manufacturer. This arrangement was terminated, however, in 2005. Under the industrial turnaround plan, certain businesses were sold (including the insurance and aviation sectors, which were no longer considered strategic) and cost-cutting measures were implemented. During 2007 Fiat formed industrial alliances, focusing in particular on high-growth markets, including Russia, India, and China. The Agnelli family is still the controlling shareholder of the group.