Ferrari to spin-off from Fiat

Fiat Chrysler has announced plans to spin-off sports car maker Ferrari into a separate company.

The company said in a statement that spinning off Ferrari was part of a plan to raise capital to support the future growth of newly merged Fiat Chrysler Automobiles.

Fiat Chrysler chief executive Sergio Marchionne said in a statement that it was “proper that we pursue separate paths for FCA and Ferrari” after the completion of the merger of Chrysler and Fiat with a listing on the New York Stock Exchange earlier this month.