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Posts Tagged ‘Sergio Marchionne’

Midsize Sedan Likely Next U.S. Model for Alfa Romeo

Project 952 designed to replace old Alfa 159.

by on Nov.26, 2014

The old Alfa Romeo 159 was sold only in Europe. It's successor will go global, including the U.S.

After months of waiting, American Alfa Romeo fans can finally head to dealers for the maker’s little 4C sports car, the first model the Italian maker has sold in the U.S. in more than two decades. But it will soon have to share showroom space, according to several reports out of Europe.

During a day-long briefing on the company’s plans last May, Fiat Chrysler Automobiles CEO Sergio Marchionne indicated Alfa Romeo will be getting as many as eight new products, and during an appearance at the LA Auto Show this month, Alfa would bring the second of those to the U.S. next June.

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While Wester declined to say what that new product would be, it appears the maker will next turn to a midsize sedan replacing the old Alfa 159, according to Luca Ciferri, of Automotive News Europe. The maker apparently will go for a “tweener” strategy, much as Cadillac did with earlier versions of the CTS.

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FCA Set to Spin Off Ferrari

Investors applaud, but questions and challenges loom.

by on Oct.29, 2014

The 458 Speciale A made its debut at the Paris Motor Show earlier this month.

Only months after Fiat Chrysler CEO Sergio Marchionne ruled out the possibility of spinning off the maker’s high-profile Ferrari brand, that’s precisely what the maker now says it will do – a move that has fired up investors while raising questions about the long-term strategy for the supercar maker.

In an announcement accompany Fiat Chrysler Automobile’s third-quarter earnings report, the maker said it will sell 10% of Ferrari’s shares while the remaining 90% will go the only recently merged FCA’s own shareholders.

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The move comes at a significant moment for Ferrari which just last month revealed that long-time chief executive Luca di Montezemolo would step down, apparently as a result of a dispute with Marchionne over the sports carmaker’s direction. It didn’t help that Ferrari also had one of its worst years on the trying Formula One race circuit in decades.

What happens now is something that both loyal “Ferraristas” and investors alike will be watching closely.

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Fiat Chrysler Earnings Hold Steady as Maker Prepares to Spin Off Ferrari

Investors quickly warm to news.

by on Oct.29, 2014

Sergio Marchionne may have reason to smile as investors finally begin bidding up FCA stock.

Now officially merged, Fiat Chrysler Automobiles said its third-quarter earnings were roughly in line with last year’s numbers.

Though that was essentially what analysts had anticipated, the automaker delivered a surprise by announcing it will spin off its iconic Ferrari brand – just months after CEO Sergio Marchionne appeared to indicate such a move wasn’t in the works.

You've Earned It!

The decision “will preserve the cherished Italian heritage” of Ferrari, said a statement from FCA Chairman John Elkann. Ferrari has been facing a fair bit of turmoil lately after the ouster of its long-time chief executive and its unexpectedly poor performance in the popular Formula One racing series.

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Chrysler Recalling Nearly 1 Million Vehicles

Maker still plagued by ongoing fuel pump problem.

by on Oct.16, 2014

Scott Kunselman heads up Chrysler's recently formed Vehicle Safety and Regulatory Compliance office.

Chrysler Group’s announcement today it is recalling 907,000 vehicles in two new campaigns is latest in a steady string of actions during the last six weeks from the Auburn Hills, Michigan-unit of Fiat Chrysler Automobiles.

The recalls involve faulty alternators and power mirror electrical connectors. There have been no injuries, fatalities or accidents as a result of either problem, according to the automaker.

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Chrysler is recalling 470,000 2011-2014 Chrysler 300, Dodge Charger, Challenger, Durango and Jeep Grand Cherokee vehicles with a 3.6-liter engine and a 160 amp alternator because the alternator may suddenly fail and result in vehicle shutdown, shutoff or a fire. (more…)

Fiat – Chrysler’s Marchionne “Done” in 2018

Will leave future turnarounds to the “young punks.”

by on Oct.08, 2014

Sergio Marchionne may have reason to smile as he considers his retirement in 2018.

After helping lead the smallest of Detroit’s automakers out of bankruptcy while also turning around its Italian partner Fiat, CEO Sergio Marchionne says he’s close to “done” and ready to find something a little less challenging to do.

Marchionne’s key goal will be completed this coming weekend with the formal merger of the two companies into the new Fiat Chrysler Automobiles, or FCA, which will have its headquarters in London while being incorporated in the Netherlands.

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That leaves Marchionne the challenge of putting in place the company’s new business plan which will take it through to 2018 when he apparently plans to retire, he said during an interview with the Bloomberg news service.

“I am not going to do any more turnarounds,” he said, adding that, “I’m done. Let some of the young punks do it.”

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Chrysler Dumps Viper Racing Program

Move comes after program takes home championships.

by on Oct.07, 2014

Chrysler cut its SRT Motorsports Dodge Viper GTS-R racing program just after it won two championships.

After taking home a championship trophy last weekend, the Chrysler Group has dropped the Viper racing program supported by its Street and Racing Technology (SRT) unit.

“Our company has made a business decision to discontinue the SRT Motorsports Dodge Viper GTS-R racing program,” said Ralph Gilles, senior vice president of Product Design, Chrysler Group LLC, who has headed up the SRT program, which Fiat Chrysler Automobiles had considered making a separate brand at one point.

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“We are very proud of the amazing achievements our fantastic teams, drivers and partners have achieved on track the last few seasons,” he said. “We thank them for their hard work, effort and commitment to SRT Motorsports. Its been an honor to be a part of the inaugural IMSA TUDOR United SportsCar Championship season and we wish them every success in the future.” (more…)

European Car Market Still a Mess, Warns Marchionne

Fiat Chrysler CEO also raises concerns about Toledo Jeep plant.

by on Oct.07, 2014

New emissions standards, in general, are “one of the toughest issues we face,” said Sergio Marchionne, during the Paris Motor Show.

The large crowds pouring in for this year’s Paris Motor Show have given hope to industry planners waiting to see if the long European automotive recession has finally come to an end. But despite recent signs of a sales upturn, not everyone is convinced the world’s third-largest car market is finally in recovery mode.

“I’ve never been a firm believer in the recovery of Europe,” said Fiat Chrysler Automobile CEO Sergio Marchionne, during a meeting with reporters. “There are still some problems that plague us in getting this machine going again.”

A Real Performer!

Like a number of other industry leaders, Marchionne’s confidence appears to have been further shaken by last week’s announcement that Ford would not see the turnaround it had expected in Europe this year. That revelation triggered a sharp run on the maker’s stock, which fell nearly 20% in a matter of days. (more…)

Montezemolo Leaving Ferrari – and a Legacy –Behind

Falls victim to faltering race program.

by on Sep.10, 2014

Luca di Montezemolo at the Frankfurt Motor Show.

There aren’t many executives who would tell potential customers to go away. But that’s precisely what Luca di Montezemelo did – on several occasions – when he declared that the company he ran had no intention of increasing production despite the long line of monied fans waiting to buy a Ferrari.

Just weeks after turning 67, the aristocratic executive has handed in his resignation. But as he leaves Ferrari, Montezemolo also leaves behind an impressive legacy that could prove a daunting challenge to his successor.

A Legend!

He leaves the company after 23 years at the helm, and just as Ferrari gets ready to celebrate its 60th anniversary in the U.S. market, it’s largest. The company continues to turn in impressive financial results, but it isn’t without its problems, having posted some unexpectedly disappointing results in this year’s Formula One series – something Montezemolo himself recently described as “unacceptable.”

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Fiat Shareholders Avoid Scrap with Marchionne

Stock owners decide to ride it out with merged company.

by on Sep.02, 2014

Sergio Marchionne is certainly all smiles after Fiat shareholders gave their stamp of approval for the merger of Fiat and Chrysler.

Clearing what could be the last hurdle, Fiat Chrysler Automobiles is preparing move on to the next steps in its evolution.

Those steps include readying to list the newly merged company on the New York Stock Exchange in the middle of October and other details like formally changing the company’s named to Fiat Chrysler Automobiles NV.

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The company survived its first test after garnering enough support among the company’s Italian or European shareholders to complete the merger of the Italian and American companies into one corporate and financial entity. (more…)

Marchionne Forms New Safety Compliance Office

Chrysler Group renews focus on regulatory issues.

by on Aug.13, 2014

Scott Kunselman will head up Chrysler's new Vehicle Safety and Regulatory Compliance office.

Just a few months after Sergio Marchionne hired an outside firm to examine Chrysler’s recall efforts, processes and procedures, Chrysler Group created a stand-alone group to handle safety issues and it reports directly to Marchionne.

The Vehicle Safety and Regulatory Compliance office will be led by Senior Vice President Scott Kunselman and it “will help intensify the company’s continuing commitment to vehicle safety and regulatory compliance,” the company said.

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Prior to this, the company’s safety function was part of its global engineering group, and Chrysler’s top safety engineer previously reported to the senior vice president for engineering. While officials claim the new organization is just the result of periodic self-review, there have been plenty of reasons for the automaker to put such a group in place. (more…)