There have been many who were hoping Fiat Chrysler Automobiles would call Detroit home for it's new world headquarters. However C.E.O. Sergio Marchionne has confirmed London is the location chosen. Officials cite the U.K.'s lower corporate tax rate as a key factor. Fiat became  the majority shareholder in Chrysler in July, 2011.

While Fiat's home base has always been in Italy--dating back to the company's founding in 1899--officials say all factories that are now open will stay open.

In addition Alfa Romeo and Maserati car production will not only continue in Italy but will be increased as well.

Fiat Alfa Romeo - Photo by Getty Images