FILE - In this Sept. 10, 2014 file photo, Fiat Chrysler CEO Sergio Marchionne attends a news conference at the headquarters of sports car maker Ferrari in Maranello, Italy. Fiat Chrysler Automobiles on Wednesday, Oct. 29, 2014 said it will spin off Ferrari into a separate company. (AP Photo/Antonio Calanni, File)
Fiat Chrysler Automobiles said Wednesday it will spin off sports car maker Ferrari into a separate company.
The company said in a statement that spinning off Ferrari was part of a plan to raise capital to support the new merged carmakers' future growth.
Fiat Chrysler CEO Sergio Marchionne said in a statement that it was "proper that we pursue separate paths for FCA and Ferrari" following the completion of the merger of Chrysler and Fiat with a listing on the New York Stock Exchange earlier this month.
A Ferrari spinoff has long been speculated as a way to unlock value in Ferrari. The move comes about two months after an awkward management transition at Ferrari that saw the longtime chairman Luca di Montezemolo resign after a public spat with Marchionne.