BRIEFS

US government ends Chrysler investment

WASHINGTON (AP):The United States (US) government no longer owns a piece of Chrysler.

Italian automaker Fiat SpA paid US$560 million for the government's remaining 98,000 shares of Chrysler Group LLC, the US Treasury Department said last Thursday. Fiat has run the company since it emerged from bankruptcy protection in 2009.

US taxpayers gave US$12.5 billion to Chrysler and its finan-cing arm after the recession hampered auto sales and brought Chrysler and General Motors Co to the brink of collapse. The funds came from the government's US$700 billion bank-bailout fund.

Under a bankruptcy deal, Fiat received a 20 per cent stake in Chrysler for taking over management of the Detroit carmaker. The Italian automaker has gradually raised its stake in Chrysler, and Thursday's purchase of the last US shares, along with a small stake held by Canada, means Fiat owns 53.5 per cent.

Now that Fiat has majority control of the company, CEO Sergio Marchionne, who runs both carmakers, plans to consolidate management of the companies.

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Toyota unveils new technology

SUSONO, Japan (AP): Toyota is developing a safety technology that takes control of the steering so the vehicle can veer away when it isn't able to stop before impact.

Toyota Motor Corp showed some of its up and coming safety innovations in a demonstration to reporters Thursday at its facility in this town, west of Tokyo, near Mount Fuji.

All the world's automakers are working on special safety technology in an effort to woo customers, as competition intensifies among manufacturers already neck-and-neck in delivering the regular features for their products.