Detroit Bureau on Twitter

Posts Tagged ‘Marchionne news’

Marchionne: Opel Deal Could Accelerate Industry Push for Consolidation

“A step in the right direction,” FCA CEO still looking for his own alliance.

by on Mar.07, 2017

FCA CEO Sergio Marchionne believes the GM/PSA deal for Opel portends a deal for Fiat Chrysler in the future.

The sale of Opel to French automaker PSA reverberated through the PALExpo convention center on the opening day of the Geneva Motor Show, a number of industry leaders saying they expect GM’s move to dump its long-troubled European brand will lead to a wave of new mergers and acquisitions.

That includes Sergio Marchionne, CEO of Fiat Chrysler Automobiles, who has spent a number of years trying to line up a deal for his own company. General Motors’ decision to dump Opel, Marchionne said during a Geneva media roundtable, could improve the odds of FCA now finding a partner.

Financial News!

“What we witnessed is a step in the right direction,” Marchionne told a crowd of reporters. Responding to a question about the impact the Opel sale will have on the industry, the FCA chief offered a question of his own. “Will it lead to other deals? The answer is yes, especially if (the takeover) is successful.” (more…)

Marchionne Pushing for FCA Manufacturing Revival

CEO plowing hundreds of millions of dollars into North American plants.

by on Aug.29, 2016

FCA put another $166 million into the Sterling Heights (Michigan) stamping plant to ensure the company can make more parts for the new Jeep Wrangler.

Since taking over as head of the Chrysler Group seven years ago, Sergio Marchionne has changed course any number of times during his time at the helm of the old Chrysler Group.

He has junked plans for an IPO of Chrysler stock; moved to halt production of passenger cars and delayed the roll out of Alfa Romeo’s ambitious product plan.

The Journal of Record!

But one project to which he has remained actively engaged during at the helm of Chrysler and Fiat Chrysler Automobiles N.V. has been rebuilding the old Chrysler Group’s industrial plants. The company’s assembly plants in Sterling Heights, Michigan, and Windsor, Ontario, have been completely retooled. (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’s Marchionne Takes Huge Pay Cut in ’15

CEO holds bigger stake in his company than rival leaders.

by on Mar.01, 2016

FCA's Sergio Marchionne took a 68% pay cut in 2015, but still holds a larger stake in his company than rival leaders do in their companies.

Fiat Chrysler Chief Executive Sergio Marchionne’s compensation in 2015 dropped by 68% from the previous year when he was rewarded for completing the merger and integration of Italian carmaker Fiat SpA and U.S.-based Chrysler Group.

Not including stock awards, Marchionne earned 10.03 million euros, or $10.9 million, down from 31.3 million euros in 2014, according to the company’s annual report made public on Monday.

Subscribe Now!

Marchionne, 63, received a salary of 3.6 million euros and was awarded 6.3 million in incentive compensation, as well as a travel allowance of 126,620 euros. His 2014 compensation included a one-time bonus of 24.7 million euros for finishing the Fiat-Chrysler merger. (more…)

Ferrari Plans to Build More Cars by 2019

Filing reveals move to increase production numbers.

by on Oct.15, 2015

It's going to be a little easier to get a new Ferrari, as production numbers are going to rise 30%.

Luca di Montezemolo departed as the head of Ferrari partly because of his desire to keep a lid on production numbers and keep an air of exclusivity about the brand, and Sergio Marchionne disagreed. Montezemolo is gone and so is the production cap.

According to SEC filings for the Ferrari spin off, the company plans to raise production from 7,000 units annually to 9,000 by 2019: a 30% increase. Additionally, the Italian sports car maker plans to introduce a spate of new products during that time as well.

The Leader in Global Automotive News!

Ferrari said in the filing the move to increase capacity is to “growing demand in emerging markets and from demographic changes as the size and spending capacity of our target client grows.” (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…)

Jeep Will Keep Wrangler Production in Toledo, Add New Wrangler-Based Picked

But maker will relocate production of popular Cherokee model.

by on Sep.02, 2015

The question has been answered: Jeep is re-entering the truck market with the Wrangler-based truck.

After a long debate that put thousands of jobs at risk, Fiat Chrysler Automobiles has decided to retain production of the next-generation Jeep Wrangler in Toledo, Ohio. And CEO Sergio Marchionne confirmed that the maker will add a long-rumored, Wrangler-based pickup to the Jeep line-up.

But Toledo did get one setback in its bid to maintain its long-standing role as Jeep’s ancestral home. FCA will now move production of the Cherokee model to another, as yet-unspecified plant. The compromise follows an intense round of negotiations by Toledo and Ohio officials who struggled to help the automaker reduce costs and update the Toledo plant to handle what will be a radically redesigned version of the ever-popular Wrangler.

Your Reliable Source!

“We found a solution that accommodates a variety of other interests to us because of the way in which we can move some product around,” Marchionne told trade publication Automotive News. “It doesn’t take a rocket scientist (to know) that the only way I can move around the Wrangler is to move it into the other Toledo plant.” (more…)

Fiat Chrysler May Sell Magneti Marelli Parts Unit

Deal could raise some much-needed cash.

by on Jul.20, 2015

Fiat Chrysler CEO Sergio Marchionne is reportedly considering a sale of FCA's Magneti Marelli supplier unit as the company looks for more cash.

Even as it prepares an IPO of its vaunted Ferrari brand, Fiat Chrysler Automobiles is exploring the idea of selling off its Magneti Marelli parts division.

The move could generate as much as 3 billion Euros, or about $3.3 billion, in much-needed cash for the trans-Atlantic automakers, according to a report on the Reuters news service.

The Leader in Global Automotive News!

FCA is facing a flood of bills that will all come due in the near future, industry analysts have warned, something that could cause it serious problems. That’s one reason, apparently, that CEO Sergio Marchionne has openly expressed his desire to find a new partner for FCA. (more…)

FCA’s Marchionne Still Undecided about Wrangler Plant

CEO says next-gen ute will use aluminum extensively.

by on Jul.15, 2015

FCA Chief Sergio Marchionne is still undecided about keeping Jeep Wrangler production in Toledo.

The final decision on whether to revamp the Toledo factory that now builds the Jeep Wrangler or find another location still isn’t final yet, according to the FCA US’ top executive.

Sergio Marchionne, while turning aside questions about whether the decision of whether to keep the Wrangler production in Toledo is tied to the negotiations with the United Auto Workers, said he still has not ready to make a final decision on the next generation Wrangler. The replacement for the current generation Jeep Wrangler is due before the end of the decade, according to the Fiat Chrysler Automobiles five-year plant unveiled in 2014.

News You Can Trust!

Marchionne did confirm during a question-and-answer session that followed the formal opening of contract negotiations with the UAW that the next generation Wrangler – now due out in 2018 – would have significant amount of aluminum. (more…)

Ferrari Spin-Off Delayed Again

Second delay raises new questions.

by on Jun.08, 2015

Ferrari's 458 Speciale A made its debut at the Paris Motor Show. However, the long-awaited debut of Ferrari stock is on hold again.

Fiat Chrysler Automobiles is again delaying the much-anticipated spin-off of its high-profile Ferrari subsidiary.

Originally announced last October, following the official merger of Italy’s Fiat and U.S. maker Chrysler, the move was meant to unlock the value in the luxury brand and help separate it from FCA’s more mainstream brands.

Power and Performance News!

The public offering of 10% of Ferrari’s stock originally was supposed to take place during the first half of this year, but was then pushed to the third quarter. It is now expected to occur during the fourth quarter, FCA CEO Sergio Marchionne announced during a news conference in Venice. (more…)