FIAT is an acronym for Fabbrica Italiana Automobili Torino (or Italian Automobile Factory of Turin). It was founded in 1899, and is today Italy's largest carmaker. In 2009, the US government loaned $6.6 billion to Chrysler, a multinational automaker headquartered in Michigan. When Chrysler emerged from bankruptcy, it announced a plan for partnership with FIAT. FIAT now owns 25% of Chrysler, with an option to own up to 51% after Chrysler pays back in full its US government loan. Chrysler was first organized in 1925. It is the smallest of the "Big Three" US automakers (Chrysler Group LLC, Ford Motor Company, and General Motors).
