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Posts Tagged ‘Sergio Marchionne’

Marchionne Confirms Plan for Ferrari SUV, Hints at Battery Supercar

“Ferrari Utility Vehicle” will be world’s fastest, promises CEO.

by on Jan.17, 2018

Sergio Marchionne said Ferrari will produce a sport-utility vehicle, like competitors Lamborghini, Porsche and others.

There are SUVs, CUVs and, soon, there will be an FUV. And before you try to guess what that means, Sergio Marchionne calls it the Ferrari Utility Vehicle – though considering the disdain some of the brand’s gold chained owners often display, you might come up with a different interpretation.

Rumors of a Ferrari sport-utility vehicle have been circulating for some time, and after dropping some earlier hints, Marchionne made it absolutely official during a series of appearances and conversations at the North American International Auto Show this week.

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The executive, who heads both Fiat Chrysler Automobiles and the Ferrari brand it spun off two years ago, suggested that we could see the new hyper-ute by sometime next year or into 2020, emphasizing his intent for it to be the world’s fastest utility vehicle. (more…)

FCA Investing $1b, as Ram HD Pickup Moved From Mexico to Michigan

Move to create 2,500 new jobs.

by on Jan.12, 2018

Like its competitors, FCA has been pushing rapidly up-market with its pickups, the 2018 Ram 2500 Tungsten model shown here.

Fiat Chrysler Automobiles plans to invest $1 billion in a suburban Detroit assembly plant that will take over production of the Ram heavy-duty pickup in 2020. The truck currently is assembled in a Mexican factory that will be “repurposed” for another global product, FCA said.

The shift to the Warren Truck Assembly Plant will result in the creation of 2,500 new U.S. jobs, according to FCA. Separately, the Euro-American automaker announced plans to pay $2,000 bonuses to 60,000 U.S. hourly and salaried employees this coming spring.

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“These announcements reflect our ongoing commitment to our U.S. manufacturing footprint and the dedicated employees who have contributed to FCA’s success,” said FCA Chief Executive Office Sergio Marchionne. “It is only proper that our employees share in the savings generated by tax reform and that we openly acknowledge the resulting improvement in the U.S. business environment by investing in our industrial footprint accordingly.”

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Maserati Set to Launch 2nd SUV in 2020

Critical to business plan, says CEO Marchionne.

by on Oct.26, 2017

The Maserati Levante has quickly become the Italian brand's best-selling model.

With the Levante already the most popular model in its history, Maserati is readying a second SUV, CEO Sergio Marchionne has revealed, a critical step in meeting the luxury brand’s business plan.

The new model, Marchionne hinted during this week’s Fiat Chrysler Automobiles earnings conference call, will be smaller than the midsize five-seat Levante. That would position the Italian luxury brand in one of the world’s fastest-growing market segments and target competitors ranging from the Jaguar E-Pace to the Porsche Macan.

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Maserati sold about 40,000 vehicles last year, the Levante largely responsible for a 27% year-over-year increase. But the maker’s target is somewhere closer to 80,000, and EBIT earnings of 1 billion euros. “We should be able to get there” with the addition of a second ute, Marchionne said during the call with investors and journalists.

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Ferrari Gives In; Marchionne Confirms SUV is Coming

CEO also appears to dismiss sale of Jeep brand.

by on Oct.10, 2017

CEO Sergio Marchionne basically confirmed that a Ferrari sport-utility vehicle is in the works.

Even Ferrari, a brand that has long dominated on track and street with its iconic sports car, can’t seem to resist the rise of the sport-utility vehicle.

Sergio Marchionne, who heads both the Italian automaker and Fiat Chrysler Automobiles, appeared to confirm that a ute is on the way for Ferrari as he spoke to reporters at the New York Stock Exchange on Monday. The sports car maker had been one of the few remaining holdouts as exotic competitors like Aston Martin and Lamborghini have begun work on SUVs of their own.

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“We’re dead serious about this,” Marchionne said during his comments, taking things a step further than he had gone during an August earnings call when he hinted a Ferrari SUV might “probably happen.” (more…)

Analysts Believe FCA Considering Selling Off Assets

Great Wall still interested in Jeep only.

by on Aug.24, 2017

CEO Sergio Marchionne is open to all options whether that means selling the company, partnering with another automaker or lopping off brands.

Executives at Fiat Chrysler Automobiles N.V. continued to keep a low profile amid speculation that the automaker was considering a strategy that would lead to the spinoff or partial spinoff or even outright sale of key assets such as Maserati, Alfa Romeo and Jeep.

But Great Wall, which has disclosed it was interested Jeep, also said in a filing to the Shanghai stock exchange there are “big uncertainties” whether it will continue to study Fiat Chrysler. The Chinese company’s efforts have “not generated concrete progress as of now,” the filing noted.

Beyond the Headlines!

Great Wall is China’s largest maker of sport utility vehicles and a very logical suitor for Jeep, which is one of the industry’s most iconic brands. (more…)

Fiat Chrysler Earnings More Than Double During 2Q, Despite U.S. Slowdown

But debt remains worry for analysts, investors.

by on Jul.27, 2017

A slowdown in Jeep sales has been worsened by ongoing shifts in production capacity.

Fiat Chrysler Automobiles saw its second-quarter net earnings more than double, to $1.35 billion, with foreign demand and improvements by the Maserati brand offsetting weakened sales in North America.

FCA delivered earnings of $0.81 per share, well ahead of the $0.53 consensus forecast by 28 analysts tracked by MarketWatch. The maker’s profit margins reached a record 6.7% for the quarter, up a full percentage point, and margins climbed to 8.4% in North America, despite the slowdown in demand that has particularly weakened the Jeep brand.

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“It was a strong quarter,” Chief Financial Officer Richard Palmer said in a conference call with analysts and investors. “With the progress we’ve made in the first half of the year, we are confirming our full-year guidance.”

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Detroit’s Big Three Struggle to Adapt to Rapidly Changing Global Auto Market

Management shake-up at Ford not likely to be the last big announcement from the Motor City this year.

by on May.22, 2017

Ford CEO Fields won't be the last Detroit exec trying to figure out how to address changes coming.

The unexpected ouster of Ford Motor Co. CEO Mark Fields comes as one of the biggest shake-ups Detroit’s Big Three have experienced since they emerged from the Great Recession – and it highlights the challenges they face trying to adapt to a global transformation in what automakers build and how they market those products.

The appointment of Jim Hackett to replace Fields is, however, just the latest in a series of big announcements from Detroit that last week saw Ford announce plans to cut 1,400 salaried workers in North America and Europe, while General Motors said it would stop selling cars in the huge Indian market and sell off operations in South Africa.

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“As the (Detroit) Big Three look out at the landscape, they see dramatic changes coming in the concept of mobility,” says Joe Phillippi, a veteran Wall Street auto analyst and now the lead at AutoTrends Consulting. “They are desperately trying to figure out the future business model and how they will fit in.”

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Is FCA Ready to Sell Off Jeep and Ram?

Marchionne's casual comment raises questions about carmaker’s future.

by on Apr.27, 2017

The most powerful SUV on the market, the 707 hp Jeep Grand Cherokee Trackhawk.

It was the sort of casual comment that many of those listening in on the Fiat Chrysler Automobiles earnings conference call just might have missed, but a single word from FCA Chief Executive Sergio Marchionne could signal some massive changes to come.

For several years, the CEO has made no effort to hide his interest in finding a partner for the smallest of the Detroit-based automakers. During a call with analysts and reporters to discuss FCA’s strong first-quarter earnings Marchionne was asked if his strategy might even include the idea of selling off the company’s crown jewels, the Jeep and Ram brands.

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“Yes,” Marchionne said, before moving on to other topics. And, curiously, those on the call let the subject drop without a single follow-up query.

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FCA, VW, Patching up Differences, Could See Joint Opportunities

Volkswagen CEO opens door to “conversation.”

by on Mar.15, 2017

VW CEO Matthias Mueller has been struggling to dig the maker out of its diesel scandal.

Volkswagen CEO Matthias Mueller, apparently picking up on recent comments by his counterpart at Fiat Chrysler Automobiles, opened the door to “a conversation” on Tuesday, something some observers suggest could lead to merger talks between the two companies.

Mueller’s comment, which was made during a news conference called to discuss VW earnings, came barely a week after CEO Sergio Marchionne said a merger between FCA and some other manufacturer “will happen” in the coming years.

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Talk of mergers, acquisitions and alliances in the global auto industry has escalated in the wake of General Motors’ decision to sell its long-troubled German-based Opel/Vauxhall unit to France’s PSA, the parent of the Peugeot and Citroen brands.

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Fiat Chrysler Subpoenaed By Feds Over Diesel Emissions Allegations

VW spends nearly $3b on diesel buyback.

by on Mar.01, 2017

A Ram 1500 EcoDiesel.

The investigation of allegations Fiat Chrysler Automobiles cheated on diesel emissions is moving into high gear, the maker revealing he has received subpoenas from a variety of federal authorities.

The smallest of the Detroit automakers in January announced it was coming under investigation for allegedly rigging its diesel engines to pass tough U.S. emissions standards. FCA Chief Executive Sergio Marchionne rejected those charges during a news conference at the North American International Auto Show.

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The FCA investigation ramps up just as Volkswagen begins to wrap up its own diesel emissions scandal. Court documents released this week revealed that the German maker has so far spend $2.9 billion to buy back vehicles sold in the U.S. using a rigged, 2.0-liter turbodiesel. VW set aside $10 billion for buybacks as part of a settlement with the government announced last July.

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