Fiat Chrysler Automobiles (NYSE: FCAU) is one of the most beloved stocks of Greenhaven Road Capital. The hedge fund recently released its Q3 investor letter (you can download a copy here) in which it discussed its investment thesis on Fiat Chrysler Automobiles as well as four other companies. We have already covered the fund’s thesis on Etsy Inc. and TripAdvisor. In this article, we’re going to take a look at why Greenhaven is bullish on Fiat Chrysler Automobiles, which is the seventh-largest automaker in the world.

Photo Credit: Fiat Chrysler Automobiles

Scott Miller, who manages Greenhaven Road, said in the letter to investors:

Despite share price gains for FCAU of over 80% this year, I believe the company remains substantially undervalued.

He added: