Fiat Chrysler's Stock Speeds Ahead Before a Major Presentation Friday
The outgoing CEO of Fiat Chrysler is expected to go through the company's five-year financial plan on Friday, June 1.

Fiat Chrysler (FCAU) is planning ahead.

On Friday, June 1, Sergio Marchionne, the outgoing CEO, is expected to discuss Fiat Chrysler Automobile N.V.'s long-term financial targets in the company's strategy meeting.

Marchionne, who is expected to retire in 2019, may also reveal his successor.

The meeting is expected to go through the next five years and map out the financial targets of the company. 

Fiat Chrysler has been one of the few automotive giants to pretty much ignore the rise of the electric car, so a successor to Marchionne may focus the company on electric or hybrid car models.

Santander Consumer USA Holdings Inc. (SC) shares plummeted after the news that Fiat Chrysler may announce that it's forming a finance unit in the U.S. at the Friday meeting according to a report from Bloomberg. 

Santander and Fiat Chrysler entered a financial agreement in 2013. As of December, Santander hadfinanced 28% of Fiat Chrysler's leases and loans. The agreement is supposed to last for 10 years.

Santander was down nearly 7% when the market closed on Wednesday.

The car maker's shares jumped 6% as anticipation on upbeat guidance took hold. 

More from Markets

Dow Surges as Strong Earnings Push the Blue-Chip Index Higher

Dow Surges as Strong Earnings Push the Blue-Chip Index Higher

Johnson & Johnson Bumps Full-Year Earnings Guidance Higher After Solid Q3

Johnson & Johnson Bumps Full-Year Earnings Guidance Higher After Solid Q3

Walmart Trims 2019 Earnings Guidance After $16 Billion Flipkart Deal

Walmart Trims 2019 Earnings Guidance After $16 Billion Flipkart Deal

How to Be a Tactical Investor in the Current Market

How to Be a Tactical Investor in the Current Market

Morgan Stanley Profit Surges 19% on Tax Cuts, Trading Fee Increase

Morgan Stanley Profit Surges 19% on Tax Cuts, Trading Fee Increase