On 11 July 1899, Giovanni Agnelli was part of the group of founding members of FIAT, "Fabbrica Italiana di Automobili Torino". The first Fiat plant opened in 1900 with 35 staff making 24 cars. Known from the beginning for the talent and creativity of its engineering staff, by 1903 Fiat made a small profit and produced 135 cars; this grew to 1,149 cars by 1906. The company then went public selling shares via the Milan stock exchange. 