FIAT, an acronym for Fabbrica Italiana Automobili Torino (English: Italian Automobile Factory of Turin), is an Italian automobile manufacturer, engine manufacturer, financial, and industrial group based in Turin in the Italian Piedmont region. Fiat was founded in 1899 by a group of investors including Giovanni Agnelli. During its history, more than a century long, Fiat has also manufactured railway engines and carriages, military vehicles, and aircraft. As of 2009, Fiat (not including Chrysler[clarification needed]) was the world's ninth largest carmaker and the largest in Italy.
Fiat-based cars are built in several factories located around the world. Outside Italy, the largest country of production is Brazil, where the Fiat brand is market leader. The group also has factories in Argentina and Poland, and a long history of licensing its products for production in other countries. Joint venture operations are found in China, France, India, Pakistan, Russia, Serbia, and Turkey, as well as in Italy.
Agnelli's grandson Gianni Agnelli was Fiat's chairman from 1966 until 1996; he then served as honorary chairman from 1996 until his death on 24 January 2003, during which time Cesare Romiti served as chairman. After their[clarification needed] 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, with Agnelli heir John Elkann becoming vice chairman (at the age of 28), and other family members also serving on the board. At this point, CEO Giuseppe Morchio resigned, and Sergio Marchionne was named to replace him on 1 June 2004.
In September 2010, shareholders approved a plan to split Fiat's capital goods businesses from the group. Agricultural and construction equipment manufacturer CNH Global NV, truck maker Iveco, and the industrial and marine division of Fiat Powertrain Technologies were spun off into a new group on 1 January 2011. The parent company, Fiat Industrial S.p.A., was listed on the Milan stock exchange on 3 January 2011.
Giovanni Agnelli founded Fiat in 1899 with several investors and led the company until his death in 1945, while Vittorio Valletta administered the firm's daily activities. 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. Owning a Fiat at that time was a sign of distinction. The cost of a Fiat in the US was between $3,600 and $8,600, compared to US$825 the Model T in 1908.[citation needed]
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