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Posts Tagged ‘FCA’s Sergio Marchionne’

Fiat Chrysler Eyes Alliance with Hyundai

Marchionne says no merger in the works.

by on Dec.04, 2017

FCA CEO Sergio Marchionne said an alliance or a partnership with Hyundai would make sense for FCA.

After seemingly laying off talking about potential deal, Fiat Chrysler Automobiles CEO Sergio Marchionne is at it again, talking up the possibility of a partnership with Hyundai on technical projects.

Marchionne, during an appearance in Milan over the weekend, was careful to rule out any kind of merger with Hyundai after a flurry of reports this summer that FCA as eager to find merger partners for its automotive business.

Global Auto News!

“We already buy components from (Hyundai) … let’s see if we can agree on other points, especially for the development of transmissions and hydrogen,” Marchionne told journalists, adding there was “nothing to announce for the moment.”  (more…)

FCA’s Marchionne Prefers Magneti Marelli Spin Off

Officials have bene mulling possibilities and prefer spin off.

by on Oct.02, 2017

FCA CEO Sergio Marchionne is looking for ways to bring the company to profitability.

The multitude of possibilities lower debt and improve the company’s financial standing that Fiat Chrysler officials, led by CEO Sergio Marchionne, are considering appears to be have been whittled down to just one.

One preference anyway: a spinoff of Magneti Marelli, the company’s unit that produces lighting and electronics as well as suspension and exhaust components.

Industry News!

Marchionne told reporters over the weekend that a spinoff of Magneti Marelli would likely follow the pattern set by Ferrari. FCA initially listed a small stake in the sports car company on the market then later spun it off, with the remaining shares distributed to FCA’s existing shareholders. (more…)

Fiat Chrysler Moves Excite Speculation

Automaker attracting interest from Chinese companies.

by on Aug.18, 2017

Sergio Marchionne's continuing search for a partner for Fiat Chrysler has attracted interest from potential buyers and investors.

(CORRECTION: This story has been updated to reflect an error regarding the financial status of Chinese automaker Great Wall Motors. The country’s largest producer of SUVs and light trucks has not undergone a reorganization or a Chapter 11-style filing, as we originally reported. We apologize for that error.)

Even when he fails to consummate a transaction, as he did two years ago, Fiat Chrysler chief Sergio Marchionne still enjoys a reputation as an astute deal maker.

So it’s not exactly a surprise that shares of Fiat Chrysler Automobiles N.V. climbed to a record high following reports that FCA was dickering with Chinese companies about a possible deal. Fiat Chrysler’s U.S.-listed shares surged 8.5% to $12.60, the highest close since trading began in October 2014. The stock has risen 38% this year.

Global News!

In an e-mail, FCA declined to comment on the rampant speculation of a potential alliance or sale of the company. (more…)

Marchionne Predicts SEC Will Clear FCA of Wrongdoing

CEO declined to comment on progress of Magneti Marelli sale.

by on Aug.26, 2016

FCA CEO Sergio Marchionne predicted today that the SEC's investigation into FCA will find no wrongdoing.

The Securities and Exchange Commission investigation of Fiat Chrysler Automobiles N.V. will ultimately show that FCA has done nothing wrong, FCA chief executive officer Sergio Marchionne said today.

The SEC is investigating whether FCA deliberately misstated its sales results during the past five years. Dealers have sued FCA over the sales reporting practices, including a Chicago area dealer claiming it amounted to fraud.

The Last Word!

FCA restated its sales totals for the five years and conceded its long string of monthly sales increases actually ended in 2013. (more…)

FCA Open to More Autonomous Partners; Marchionne Talks Product Location

FCA CEO says 200 will live on despite poor sales.

by on May.06, 2016

FCA chief Sergio Marchionne said that he would not limit the company's autonomous vehicle partners to just Google at this point.

Fiat Chrysler Automobiles could use the re-tooled assembly plant in Windsor, Ontario, to build another vehicle now under development, FCA chief executive Sergio Marchionne told reporters after the official launch of the company’s latest version of the minivan, the 2017 Pacifica.

Marchionne said the new vehicle would require additional investment in Windsor, but said the platform underneath the new Pacifica was versatile enough to support other vehicles.

News Now!

“It was designed that way,” said Marchionne, who declined to add further details, but noted. “Just to clarify, this plant and this architecture is capable of making the successor front wheel drive – all-wheel drive replacement for the Chrysler 300.” (more…)

FCA Likely Not Done Pursuing Mergers

Elkann believes consolidation is inevitable.

by on Apr.15, 2016

Sergio Marchionne, Fiat Chrysler chairman, and Exor Chairman John Elkan agree that mergers in the auto industry are inevitable.

This story has been updated to include comments from Ford Motor Co.

Fiat Chrysler Automobiles’ dream of initiating a sweeping merger with one of its global rivals isn’t dead.

John Elkann, chairman of Exor, the Agnelli-family investment company that controls FCA, laid out the reasons why mergers were the key to future of the auto industry.

Merger News!

Sergio Marchionne, FCA’s chief executive officer, actually proposed a merger with General Motors last year and laid out the case for consolidation in a presentation dubbed “Confession of Capital Junkie.” GM and its CEO Mary Barra rejected Marchionne’s overture for a friendly merger. (more…)

Fiat Chrysler Using Jeep to Blaze New Trail to Profitability

Plans call for expansion of Jeep, Ram brands.

by on Jan.27, 2016

FCA chief Sergio Marchionne laid out the maker's plans for the next several years for analysts.

With low oil prices and the slowdown of the Chinese economy, Fiat Chrysler Automobiles plans to put greater emphasis on Jeep, stretch out its ambitious plans for Alfa Romeo and build more trucks from its existing plants without disrupting production of its best-selling models.

Sergio Marchionne, FCA’s chief executive officer, acknowledging that the North American markets is critical to the company, said the company will continue move away from building passenger cars, such as the Dodge Dart and Chrysler 200, as it finds a way to build a new generation of sport-utility vehicles and pickup trucks with new powertrains demanded by regulators around the world.

Global News!

“We have decided, from the manufacturing standpoint, to de-focus on passenger car market,” he said during a conference call with Wall Street analysts on Wednesday. “There are two cars in particular, the Dodge Dart and Chrysler 200, which will run their course.” (more…)

Marchionne Promises More Money in Employee Letter

FCA Chief lays out plans for reorg of plants.

by on Sep.18, 2015

FCA Chief Sergio Marchionne sent a letter to the company's UAW employees telling them the new deal puts more money in their pockets.

In a letter to the employees of FCA U.S. Chief Executive Sergio Marchionne said the new tentative labor agreement with the United Auto Workers puts the company on a more cooperative and ultimately competitive footing.

“I believe this agreement, which still requires UAW member ratification, is a transformational deal because it guarantees that our workers will share equitably in the success we are able to generate working together while ensuring that our company will be able to remain competitive,” Marchionne said in his letter.

Union News!

“This new contract represents a major step forward in enabling greater and more direct involvement of our workers in the achievement of the strategic objectives of FCA and recognizes the central role that you all play in building our common future. Without you and your commitment, our plan is simply unachievable,” he added. (more…)

Friendly FCA-UAW Handshake Masks Tough Task Ahead

Marchionne, Williams stake out negotiating positions.

by on Jul.14, 2015

FCA Chief Executive Sergio Marchionne and UAW President Dennis Williams share an impromptu hug to kick off contract talks between the two parties.

A potentially contentious round of contract negotiations between the FCA U.S. and the United Auto Workers opened with a friendly ceremonial handshake and a hug between FCA Chief Executive Sergio Marchionne and UAW President Dennis Williams. The pair then launched into a rundown of the key issues facing bargainers.

Williams said that the UAW would not back away from its goal of closing the gap between first- and second-tier workers of which Chrysler has more than any other automaker. “Base wages have stagnated,” Williams said, adding new employees hired in at entry rate feel like second-class citizens. Profit sharing has helped, he said.

Union News!

UAW Vice President Norwood Jewell said while the stakes are high with this round of talks, FCA U.S. has come a long way since the recession. (more…)

GM Hires Bankers to Fortify “No Merger” Message

Marchionne keeps pressure on by stoking stockholders.

by on Jun.19, 2015

GM CEO Mary Barra has repeatedly said a merger with FCA doesn't make sense; however, GM's hired bankers to help reinforce the point.

Facing continuing pressure from Fiat Chrysler Automobiles Chief Executive Sergio Marchionne, General Motors hired investment bankers to help build its case that a merger of the two carmakers could not work.

GM is being advised by Goldman Sachs, while FCA is working with UBS on the matter, according to Reuters.

The Last Word!

Mary Barra, GM’s CEO, bluntly told reporters and shareholders at the GM annual meeting earlier this month that the automaker’s board rebuffed a merger after a careful review of the proposal. (more…)