Fiat S.p.A. an acronym for Fabbrica Italiana Automobili Torino Italian Automobile Factory of Turin is an Italian automobile manufacturer, engine manufacturer, financial and industrial group based in Turin in the Piedmont region. Founded in 1899 by a group of investors including Giovanni Agnelli. Fiat has also manufactured tanks and aircraft.
Fiat based cars are constructed all around the world—the largest concern outside Italy is in Brazil best seller. It also has factories in Argentina and Poland. Fiat has a long history of licensing its products to other countries regardless of local political or cultural persuasion. Joint venture operations are found in France, Turkey, Egypt with the state owned Nasr car company, South Africa, India, and China.
Agnelli's grandson Gianni Agnelli was Fiat chairman from 1966 until his death on 24 January 2003. However, from 1996, he only served as an "honorary" chairman, while the chairman was Cesare Romiti. After their removal, Paolo Fresco served as chairman and Paolo Cantarella as CEO. Umberto Agnelli then took over as chairman from 2002 to 2004. After Umberto Agnelli's death on 28 May 2004, Luca Cordero di Montezemolo was named chairman, but Agnelli heir John Elkann became vice chairman at age 28 and other family members are on the board. At this point, CEO Giuseppe Morchio immediately offered his resignation. Sergio Marchionne was named to replace him on 1 June 2004.
Giovanni Agnelli founded Fiat in 1899 with several investors and led the company until his death in 1945, while Vittorio Valletta administered the day-to-day activities of the company. Its first car the 3 ½ CV of which only eight copies were built, all bodied by Alessio of Turin strongly resembled contemporary Benz, and had a 697 cc 42.5 cu in boxer twin engine.In 1903, Fiat produced its first truck. In 1908, the first Fiat was exported to the US. That same year, the first Fiat aircraft engine was produced. Also around the same time, Fiat taxis became somewhat popular in Europe. By 1910, Fiat was the largest automotive company in Italy a position it has retained since. That same year, a plant licensed to produce Fiats in Poughkeepsie, NY, made its first car. This was before the introduction of Ford's assembly line in 1913. Owning a Fiat at that time was a sign of distinction. A Fiat sold in the U.S. cost between $3,600 and $8,600, compared to US$825 the Model T in 1908
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