Fiat, an acronym for Fabbrica Italiana Automobili Torino, is an Italian automaker and a major player in the European marketplace. Founded in 1899, Fiat is now the world's sixth largest automaker and the largest based in Italy. The company is currently led by Sergio Marchionne and its portfolio includes the Ferrari, Maserati, Alfa Romeo, Lancia and Fiat brands. The company began selling vehicles in the United States in 1908, but pulled out of the U.S. market in 1983. In January of 2009, Fiat acquired a 20-percent stake in Chrysler and will once again sell its products in the States, starting with the 500 subcompact.
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