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Fiat is an Italian automobile manufacturer, engine manufacturer, financial and industrial group based in Turin, Northern Italy. Founded in 1899 by a group of investors including Giovanni Agnelli, the company name FIAT is an acronym for Fabbrica Italiana Automobili Torino (Italian Automobile Factory of Turin), and it also means Giovanni Agnelli founded Fiat in 1899 with several investors and led the company until his death in 1945, while Vittorio Valletta administered the day-to-day activities of the company.