Fiat Chrysler said on Wednesday that it would spin off Ferrari and list a 10 percent stake on the market as it looks to raise funding for its $61 billion growth plan.

The seventh-largest automaker in the world said its board had mandated its management to complete the spin-off in 2015.

The remaining 90 percent will be distributed among FCA shareholders, including the Agnelli family, which founded Fiat, according to Reuters.

"As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari," FCA Chief Executive Sergio Marchionne said in a statement, according to Reuters.

Plans for a listing come six weeks after Luca Cordero di Montezemolo stepped down following 23 years as chairman. Montezemolo had opposed a Ferrari IPO and was adamant at capping Ferrari's yearly production at 7,000 vehicles, while Marchionne wants the figure to rise to 10,000.

"Today I am leaving serene and proud. There is no doubt that a new phase begins for both Ferrari and the whole group," Montezemolo said during a joint news conference with Marchionne at Ferrari's headquarters in Maranello.

The group expects the shares to be listed in the U.S. and possibly a European exchange. The automaker moved its own primary listing to NY on Oct. 13.

FCA's Milan-listed shares, which dropped after the company reported third-quarter results and higher-than-expected debt, rose 5 percent before trading was suspended over "excessive volatility."

"The separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow (Fiat Chrysler) shareholders to continue to benefit from the substantial value inherent in this business" said John Elkann, chairman of Fiat Chrysler.

Fiat Chrysler made the Ferrari announcement as it reported third quarter earnings.

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