The primary purpose of Fiat Chrysler’s investor conference on June 1 was to roll out the auto maker’s latest five-year plan. First, however, Chief Executive Sergio Marchionne took the dais. He had some incredible news to share.
The big reveal was this: At long last, the company’s ledgers contained slightly more cash than debt. Audience members were given small, candy-filled tins that said: “Net Cash: How Sweet It Is.”
On...