DETROIT (Bloomberg) -- Fiat Chrysler laid out plans for 55 billion euros ($76.6 billion) in investments to transform Alfa Romeo, Maserati and Jeep into global brands and more than double profit in the next five years.
CEO Sergio Marchionne's goals also include boosting yearly deliveries for the group 61 percent to 7 million vehicles in 2018. The company forecast 2018 earnings before interest and taxes of 8.7 billion euros to 9.8 billion euros, up from 3.5 billion euros last year.
Marchionne unveiled the goals on Tuesday during an investor presentation at Chrysler's U.S. headquarters in Auburn Hills, Michigan.
Fiat shares fell 12 percent, the most in more than 2 1/2 years, in Wednesday trading, as analysts expressed skepticism. The shares dropped 99 cents to 7.48 euros in Milan trading, shedding 1.24 billion euros in market value in the biggest decline since Aug. 18, 2011. That pared the stock's gain this year to 26 percent, valuing the company at 9.36 billion euros.