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Posts Tagged ‘Sergio Marchionne’

Dodge Killing Off Viper Again

Slow sales led to repeated production cuts.

by on Jun.22, 2016

The Dodge Viper will end its run this year.

For the second time since 2010, Fiat Chrysler is killing off the Dodge Viper sports car.

Reintroduced in 2012 to much fanfare, the Viper received strong reviews, but relatively few buyers ponied up the initial MSRP of $97,395. Dodge later cut the price but sluggish sales forced it to repeatedly put production on hold.

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“The Dodge Viper has had a great run and, 25 years after it was first introduced, it leaves the super car world reaching for the records it continues to set,” Tim Kuniskis, the head of the Dodge brand, said in a statement.

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FCA Set to Wind Down Passenger Car Production

Trucks Moving in at two current sedan plants.

by on May.09, 2016

The Jeep Crew Chief concept reveals some "hints" of a production Jeep pickup to come.

With pickups, utility vehicles and vans now capturing about 60% of the U.S. market, automakers are struggling to shift production to match consumer demand, in some cases dropping once-popular passenger car models and refitting plants to produce light truck lines.

Nowhere is that shift becoming more apparent than at Fiat Chrysler Automobiles. At least two of the maker’s sedans will soon head off to the junkyard, making room for expanded production of updated and possibly all-new pickups and SUVs.

Stay on Top!

At least two plants will be impacted by the shift at the trans-Atlantic automaker, including one in Belvidere, Illinois and another in the Detroit suburb of Sterling Heights where 3,000 workers have been on temporary layoff due to slow sales of the Chrysler 200 since early this year. Nearly half will be put on indefinite layoff in July, likely for as much as two years.

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Marchionne Adds Ferrari CEO to His Resume

26-year veteran Amedeo Felisa retires.

by on May.02, 2016

Sergio Marchionne (l); Amedeo Felisa (cl), and FCA Chairman John Elkann (r) mark Ferrari's IPO.

As if he doesn’t have enough to keep himself busy, Sergio Marchionne is adding another title to his CV. With the unexpected retirement of Amedeo Felisa, Marchionne will now become chief executive officer at Ferrari.

The Canadian-raised executive also serves as chairman of the sports car company – as well as CEP of Fiat Chrysler Automobiles NV, which spun Ferrari off this past year. Marchionne also runs the North American region for FCA and serves as chairman of CNH Industrial, the heavy duty unit that was created by the merger of Fiat Industry and Case New Holland.

Step on the Gas!

The latest role comes just after Ferrari posted its best earnings ever. But the supercar maker is also has to deal with a variety of challenges, from its aggressive growth target to its ongoing struggles on the Formula One circuit it long dominated.

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Fiat-Chrysler Reportedly Talking Autonomous Car Deal with Google

But prior rumors of Google-Ford deal failed to materialize.

by on Apr.29, 2016

Google is already testing its bubble-shaped prototype in California, Texas and Nevada.

Two partners in search of mates? Both Google and Fiat Chrysler have been open in their need to form alliances, and the two companies just might be ready to team up.

According to several online reports, they’re in advanced talks that could lead to Fiat Chrysler putting Google’s self-driving vehicle technology into production. The Silicon Valley firm is already testing its autonomous car software with a fleet of prototypes, but Google officials have repeatedly said they want to find a partner within the auto industry, rather than setting up their own manufacturing operation.

Tech Talk!

The talks have reportedly been underway for several months, according to the Wall Street Journal, while a separate online report on autoextremist claims negotiations are in late stages and could see Google’s autonomous technology used on a variety of different Fiat-Chrysler products.

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Fiat Chrysler Idling Midsize Sedan Plant Extra Three Weeks

Sterling Heights line to remain shut a total of nine weeks.

by on Mar.07, 2016

Before the shutdown, the Chrysler 200 stacked up on dealer lots despite hefty incentives.

Fiat Chrysler’s assembly plant in the Detroit suburb of Sterling Heights will remain closed until early April, three weeks longer than originally planned, due to sluggish sales.

FCA Chief Executive Sergio Marchionne has already said he wants to end in-house production of two midsize models, the Chrysler 200, as well as the Dodge Dart, shifting manufacturing to a contract supplier. That would free up space for more popular – and higher profit – models, such as the company’s pickups and SUVs.

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Even though the Sterling Heights plant has already been idled for five weeks, there was still a 147-day backlog of Chrysler 200 sedans, as of March 1, according to industry data. While down from a 217-day supply at the start of the shutdown, that’s still more than twice the industry norm of 60 to 65 days’ inventory.

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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.

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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…)

Fiat Chrysler Earnings Slide 40%

Major product realignment set to take place.

by on Jan.27, 2016

Jeep was one of the few real bright spots for Fiat Chrysler last year, especially in the US.

Fiat Chrysler Automobiles fourth quarter earnings tumbled by 40%, to $2.2 billion, during the fourth quarter, and for the full-year – a decline would have been even more severe without the contribution of exotic sports carmaker Ferrari, which FCA recently spun off.

The automaker’s results were hammered by slowing global sales, especially in both Latin America, though it did finally get its Jeep brand back into contention with the opening of a new assembly plant in China. And Jeep again scored well in the U.S. where plunging oil prices have spurred a surge in demand for utility vehicles.

Trust Our Numbers!

The earnings report was released just hours before FCA CEO Sergio Marchionne was set to reveal a product shake-up designed to adjust to changing global market conditions, including the slowdown in the long-booming Chinese market. Among other things, that is likely to mean a slower ramp-up for the long-struggling Alfa Romeo brand, with more emphasis on Jeep and other truck and utility vehicle lines.

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Ford Expects Record Profits; GM Sees Own Earnings Growth

Makers increase returns to shareholders; GM boosts stock buyback program.

by on Jan.13, 2016

Ford CEO Mark Fields showing off a new piece of technology at CES last week.

Investors take notice: while the stock market hasn’t been kind to the auto industry in recent weeks – or just about anyone else, for that matter – Detroit’s two largest carmakers are making some upbeat projections for 2016 that could make nervous shareholders happy.

Ford Motor Co. now expects to close the books on 2015 with a record pre-tax profit, with 2016 numbers to be “equal to or higher.” And GM is boosting its own earnings outlook for 2016. Both companies now plan to up their cash payouts to shareholders, while GM is expanding its ongoing stock buyback program.

Insight!

“This pattern of strong returns gives us a great platform to build on as we enter the year with a focus on strengthening our core business and engaging aggressively in emerging opportunities through Ford Smart Mobility,” said Ford CEO Mark Fields, in a statement detailing Ford’s forecast.

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Marchionne Provides Map for FCA’s Debt-Free Future

Plans for automaker's production re-alignment coming soon.

by on Jan.12, 2016

FCA Chief Sergio Marchionne discusses the automaker's future during the 2016 Detroit Auto Show.

Fiat Chrysler Automobiles N.V. plans to re-tool its production base in the U.S.

The broad outline of re-alignment of the production capacity had been included in the company’s new labor pact with the United Auto Workers, which included plans for re-locating  production of the ever-popular Jeep Wrangler to a larger plant in Toledo, Ohio.

The Journal of Record!

Sergio Marchionne, Fiat CEO, said he was preparing to reveal the new production plan by the end of January when the automaker released its final financial report for 2017. “There won’t be any plant closings,” said Marchionne, who also insisted that FCA is on track to meet its objective of becoming debt free before the end of 2018 without any kind of merger with another automaker. (more…)

Ferrari Stock Trading in Italy Set to Begin on Jan. 4

FCA may take Alfa Romeo back into Formula One.

by on Dec.15, 2015

FCA CEO Sergio Marchionne and former Ferrari CEO Luca di Montezemolo at the debut of the LaFerrari.

Not enough pennies in the piggybank to spring for the new Ferrari F12tdf? Not to worry, you can still own a Ferrari – or at least a piece of the Italian automaker.

Fiat Chrysler Automobiles says it expects to wrap-up the spin-off of its high-profile subsidiary sometime between December 31 and January 3rd, a process that began with the recent IPO of Ferrari shares on the New York Stock Exchange in October.

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To complete the process, Ferrari shares are expected to go on sale on Milan’s Borsa Italiana on January 4th. How Italian investors react remains to be seen, but after a high-flying start on the NYSE, shares of the supercar company have dipped by around 10%.

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