LONDON – Dreaming of owning a Ferrari? Now might be your chance.
Fiat Chrysler Automobiles said on Wednesday that it planned to spin off Ferrari, the Italian luxury sports car maker, listing its shares in New York and possibly in Europe.
The move comes just over a month after Ferrari’s longtime chairman, Luca Cordero di Montezemolo, said he was stepping down after 23 years at the helm of the car company.
Fiat Chrysler plans to list about 10 percent of Ferrari’s outstanding shares through a public offering and distribute the rest to Fiat Chrysler’s shareholders. The transaction is expected to be completed by some time next year.
“The separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow F.C.A. shareholders to continue to benefit from the substantial value inherent in this business,” said John Elkann, the chairman of Fiat Chrysler Automobiles.
Fiat took full control of Chrysler this year, and its shareholders recently approved the merger of the two automakers, creating Fiat Chrysler Automobiles, the world’s seventh-largest automaker. Fiat had been Chrysler’s parent since shortly after Chrysler’s bankruptcy and government bailout in 2009.
The company’s shares, which recently were listed in New York, rose 13 percent, to $11.03, in trading in New York on Wednesday.
On Wednesday, Fiat Chrysler said that its third-quarter revenue rose 14 percent, to 23.6 billion euros, or about $30 billion. The company’s net profit declined slightly, to €188 million.
The Ferrari spinoff is subject to regulatory approval and final approval of the transaction’s structure by the Fiat Chrysler board.
“This transaction represents F.C.A.’s best course of action to support the long term success of the group while at the same time substantially strengthening F.C.A.’s capital base,” said Sergio Marchionne, the chief executive of Fiat Chrysler.
Mr. Marchionne recently became Ferrari’s chairman.
Ferrari has been part of Fiat since 1969, when it first acquired a 50 percent stake in Ferrari.
But Fiat’s mass-market focus, particularly after it took a controlling stake in Chrysler five years ago, made Ferrari a bit of an odd fit.
Ferrari is one of two luxury brands owned by Fiat, the other being Maserati. Both brands are managed separately from Fiat’s mass-market auto and truck lines.
Fiat Chrysler sold more than four million automobiles and trucks under a dozen brands in 150 countries. Its mass-market brands include Alfa Romeo, Chrysler, Dodge, Fiat and Jeep.
Founded by Enzo Ferrari in 1947, Ferrari makes luxury sports cars that cost from $250,000 to more than $1 million. The automaker caps its annual production at about 6,500 vehicles.
Part of Ferrari’s mystique comes from its exclusivity and its success on the racetrack.
Its sports cars have been driven by actors, athletes, musicians and the very rich.
A 1967 Ferrari 275 GTB/4 owned by the actor Steve McQueen sold for $9.3 million at auction this year, about three times the price a similar model normally goes for.
Its automobiles have also carved out a mythic place in pop culture, taking center stage in the American television shows “Miami Vice” and “Magnum P.I.,” and in movies including “Ferris Bueller’s Day Off” and “Bad Boys II.”
But the vaunted racing name – the most successful teams in Formula One history – has had one of its worst seasons in recent memory this year.
Ferrari’s top driver, Fernando Alonso, is in sixth place in the Formula One standings, 150 points behind the leader this season, Lewis Hamilton, who drives for Mercedes and has won nine of this year’s races.
Mercedes has dominated Formula One this year, with its drivers taking 13 of 16 races.
The Ferrari team is set to compete on Sunday in the United States Grand Prix in Austin, Tex.