On this day, the Italian automobile manufacturer FIAT – Fabbrica Italiana di Automobili Torino – was founded by a small group of Italian businessmen led by Giovanni Agnelli. The first Fiat plant opened in 1900 with 35 staff making 24 cars. Known from the beginning for the talent and creativity of its engineering staff, by 1903 Fiat made a small profit and produced 135 cars, a number which had grown to 1,149 cars by 1906. The company then went public, selling shares via the Milan stock exchange. By 1910, Fiat was the largest automotive company in Italy and by the early 1920s, it had a market share in Italy of 80%. It produced not only cars, but also trucks, taxis, aircraft engines, and all kinds of military machinery and vehicles during both the first and second world wars.
