Fiat-Chrysler CEO Sergio Marchionne has revealed that the brand is to move its worldwide headquarters to London, as it prepares for a make-or-break deluge of new designs between now as well as 2018.
In great news for the UK economy, Fiat-Chrysler’s recently merged board will set up shop in London as a ‘neutral ground’ between Chrysler’s house market of the us as well as Fiat’s Turin base. Chrysler is currently based in Auburn Hills, Michigan USA.
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The move away from north america is set to rage us taxpayers, after $7.6 billion (£4.5 billion) of government aid was utilized to bail out beleaguered Chrysler in the wake of the worldwide economic accident in 2009.
Meanwhile, Italy stands to lose out financially, because of its comparatively high business tax rates. London is an appealing base to Fiat-Chrysler not just since of its central positioning between the brand’s two biggest markets, however since London is a family member tax haven for big corporations.
In 2015, the UK’s business tax rate is set to decrease from 21% to 20%, which might make a extremely healthy difference to Fiat-Chrysler’s balance sheet. Italy charges businesses a 31.4% business tax rate, predictably putting off the money-conscious Fiat-Chrysler outfit, which aims to double revenues with an ambitious ‘five-year plan’ revealed last week.
Fiat-Chrysler is appealing a radical rethink of its design ranges, in an effort to rescue its fortunes as well as pump up output by 61% by 2018. The $67 billion (£39.6 billion) masterplan includes shifting the Fiat variety into two Panda as well as 500-themed lines, kickstarting Alfa Romeo’s revival with a rear-drive platform to fight BMW, plus vital new big-selling SUVs from Jeep as well as Maserati.