The former state-owned Zastava Automobiles company was sold to Fiat in 2008, with Fiat pledging to invest 700 million euros into the company now renamed as "Fiat Automobiles Serbia".
The former state-owned Zastava Automobiles company was founded in 1953 and produced the well known, Yugo subcompact brand of vehicles. Zastava was sold to Fiat in 2008, with Fiat pledging to invest 700 million euros into the company now renamed as "Fiat Automobiles Serbia".