Fiat Chrysler Near Zero Debt, CEO Says

Fiat Chrysler CEO Sergio Marchionne has told investors that he expects Fiat will reach zero debt by the end of this month.

The 65-year-old Italian-Canadian manager announced the approach of the zero-debt milestone today in Italy.

Marchionne said debt is "a legacy that has dogged both Fiat and Chrysler for decades," and that erasing it "is a fundamental change in how this company is perceived. It is a significant milestone in the process of healing of a structural weakness."

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FCA President and CEO Sergio Marchionne (AM800 file photo)

The CEO said that the day-long presentation of a new business plan would focus on Jeep SUV's, Ram trucks and premium brands Maserati and Alfo Romeo. He said: "these brands comprise the most significant part of our revenues."

The future of the Windsor-built Chrysler Pacifica is also expected to be detailed during the day long event.

More to come