(MILAN) — Fiat Chrysler Automobiles said Wednesday it will spin off sports car maker Ferrari into a separate company. The company said in a statement that spinning off Ferrari was part of a plan to raise capital to support the new merged carmakers’ future growth. Fiat Chrysler CEO Sergio Marchionne said in a statement that it was “proper that we pursue separate paths for FCA and Ferrari” following the completion of the merger of Chrysler and Fiat with a listing on the New York Stock Exchange earlier this month. A Ferrari spinoff has long been speculated as a way to unlock value in Ferrari.