Fiat Chrysler Automobiles NV has made its solo debut on the Italian stock market, opening a third lower this morning without its luxury Ferrari counterpart.

Fiat founders the Agnelli family have the largest stake in Ferrari, at 24 percent, with Piero Ferrari retaining the 10 percent stake he held before the spin-off. Fiat Chrysler distributed its 80% stake in Ferrari to shareholders on Sunday, ending 30 years of exclusive control over the iconic brand.

Fiat’s chairman John Elkann, head of the Agnelli family, said: “Fiat Chrysler has now a very clear scope of activities. It has now a very ambitious plan ahead.”

Ferrari, which trades on the New York Stock Exchange under the ticker RACE, is down 1.63 percent at 47.62 pence per share.

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