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#1 ·
Fiat Group profile

Posted Thursday, Apr 30, 2009, 3:28 pm in Employee News

Fiat SpA, an acronym for Fabbrica Italiana Automobili Torino (Italian Automobile Factory of Turin), is an Italian automobile manufacturer, engine manufacturer, financial and industrial group based in the Piedmont region of Turin.

Fiat was founded in 1899 by a group of investors including Giovanni Agnelli. The company is Italy’s largest industrial concern. Fiat has produced more than 90 million cars and light commercial vehicles over its 109-year history.

Automobiles

Fiat Group is the largest automobile manufacturer in Italy, with a range of cars starting from small A-segment Fiats to sports cars made by Ferrari. Its car companies include Fiat Group Automobiles SpA, Ferrari SpA, Iveco SpA and Maserati SpA. The Fiat Group Automobiles SpA companies consist of: Abarth & C. SpA, Alfa Romeo Automobiles SpA, Fiat Automobiles SpA, Fiat Professional and Lancia Automobiles SpA. Ferrari SpA is owned by the Fiat Group, but is run autonomously.

The European Car of the Year award, Europe’s premier automotive trophy for the past 40 years, has been awarded 12 times to the Fiat Group, more than any other manufacturer. Most recently the Fiat Nuova 500 (Cinquencento) has won the award for European Car of the Year 2008.

Agricultural and construction equipment

Fiat Group owns CNH Global (which includes Case Construction, Case IH, Flexi-Coil, Kobelco, New Holland, New Holland Construction, and Steyr); and Fiat-Hitachi Construction. CNH is the second largest agricultural equipment manufacturer in the world after Deere and Company. It is also the third largest producer of construction equipment after Caterpillar Inc. and Komatsu. CNH accounts for around 20 percent of revenues. CNH is the most prized company inside Fiat because it has driven growth and is very profitable. It also shows great promise for growth in third-world markets.

Components

The major Italian component maker Magneti Marelli is owned by Fiat and in turn owns the other brands Carello, Automotive Lighting, Siem, Cofap, Jaeger, Solex, Veglia Borletti, Vitaloni and Weber. Other accessory brands include Riv-Skf and Brazilian Cofap.

Production systems

Production systems are made mainly through Comau Systems, which bought the American Pico, Renault Automation and Sciaky firms and produces industrial automation systems. In the 1970s and 1980s, the company became a pioneer in the use of industrial robotics for the assembly of motor vehicles. Fiat assembly plants are said to be among the most automated and advanced.

Sergio Marchionne

Canadian-born Italian national Sergio Marchionne has impressed investors since taking over as CEO in June 2004. Losses have fallen steadily since 2002, and fourth quarter 2005 saw its first profit in 17 quarters. Marchionne has reduced Fiat’s managerial bureaucracy and changed its tone to a focus on markets and profit. The success of the Grande Punto model has in large part been responsible for the turnaround in Fiat’s fortunes, but the quite successful Bravo (successor to the Stilo) and the award-winning 500 have really cemented it. Fiat also has formed a joint venture with India’s Tata motors and China’s Chery motors. Under Marchionne the company has also re-entered several large markets that it had exited years before, such as Mexico and Australia. Marchionne recently confirmed plans to return Fiat to the United States market by 2010 with the new 500.

Manufacturing

Fiat has manufacturing operations in Italy (five plants), Poland (one plant), Brazil (two plants) and Argentina (one plant). Manufacturing also is performed through either joint ventures or licensing agreements in Italy (three), France (one), Turkey (one), India (one), Russia (one), Serbia (one) and Hungary (one).

Products and technology

Fiat vehicles have the lowest CO2 emissions of any major European brand (137.3 g/Km), and the Fiat 500 is the first car under 3.6m (A-segment) to achieve Euro NCAP 5-star rating.

Additional facts:

Fiat worldwide sales: 2.4 million
Chrysler worldwide sales: 2.0 million

Fiat North America market share: 0.1 percent
Chrysler North America share: 11.3 percent

Fiat South America market share: 19.1 percent
Chrysler South America market share: 0.7 percent

Fiat Europe market share: 7.6 percent
Chrysler Europe market share: 0.5 percent

Fiat distribution: 190 countries
Chrysler distribution: 125 countries

Fiat employees: 185,227 (12/31/07)
Chrysler employees: 54,007 (12/31/08)
 
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#27 ·
Fiat Chrysler to issue $2.5 billion mandatory convertible, shares

Fiat Chrysler to issue $2.5 billion mandatory convertible, shares

10/29/2014

MILAN (Reuters) - Fiat Chrysler Automobiles said on Wednesday it would issue a mandatory convertible bond for $2.5 billion (1.55 billion pounds) and place up to 100 million of its shares to shore up funding for its 48-billion euros (37.86 billion pounds) investment plan.

Investors participating in the mandatory convertible offering will be entitled to receive shares in luxury carmaker Ferrari as part of a spin-off plan announced earlier on Wednesday.

The market has long said FCA, with a net debt of 11.4 billion euros at the end of September, needed to raise capital to strengthen its balance sheet, especially as it is still battling with losses in Europe and a weakening outlook for Latin America.

The world's seventh-largest carmaker, which moved its primary listing to New York on Oct. 13, said the share issue would include treasury shares and stock that will be issued to offset a buyback of shares from exiting investors as part of the merger into Fiat Chrysler Automobiles.

The group added in a separate statement it would repay ahead of maturity Chrysler bonds due in 2019 and 2012.
SOURCE
 
#28 ·
Fiat Chrysler shares jump 18% after news of Ferrari spinoff


Oct 29, 2014

LONDON (MarketWatch) -- Shares of Fiat Chrysler Automobiles NV FCA, +12.79% surged 18% in Milan on Wednesday after the company said it will spin off Ferrari SpA into a separate company and list a 10% stake on the market. FCA said it plans to float the car maker during 2015 and will seek a listing in the U.S. and possibly at a European exchange. The move is part of FCA's plan to raise money to finance the its 48 billion euro ($61 billion) five-year growth plan.

SOURCE
 
#29 ·
FCA closed 2014 with strong performance

FCA closed 2014 with strong performance in line with full-year guidance.


01/28/2015

Revenues were up
11% to €96.1 billion with EBIT up to €3.7 billion a
djusted for unusual items. Net profit was €632
million. Net industrial debt at year-end was €7.7 b
illion, including €2.3 billion benefit from the
capital raising in Q4.

Worldwide shipments totaled 4.6 million units, an i
ncrease of 6% driven by growth in NAFTA, APAC and E
MEA. Jeep brand achieved record volumes with global sales of
over 1 million vehicles.

Net revenues were up 11% to €96.1 billion (+12% at
constant exchange rates - CER).

EBIT was €3,223 million, up 7% (+9% CER). EBIT adju
sted for unusual items totaled €3,651 million (+4%)
with strong improvements for APAC, Maserati and EMEA, which pos
ted a €28 million positive result in the fourth quarter.
NAFTA was substantially in line with the prior year
, while weak market conditions impacted performance
in LATAM.

Net profit was €632 million. Adjusted for unusual i
tems, the Group closed 2014 with a net profit of €9
55 million,representing a slight improvement over the prior year.

Net industrial debt was €7.7 billion at year end, a
fter issuance of USD 2.9 billion Mandatory Converti
ble Securities(MCS), placement of 100 million common shares and s
hare repurchases following completion of the merger
in Q4.

Available Liquidity, including €3.2 billion in undrawn committed credit lines, was €26.2 billion.


Continued
 
#30 ·
Fiat Chrysler Gives Upbeat Outlook

Fiat Chrysler Gives Upbeat Outlook, Turns Profit in Europe -- 2nd Update

January 28, 2015

MILAN-- Fiat Chrysler Automobiles NV, the smallest of Detroit's Big Three, on Wednesday indicated it is ahead of its rivals in at least one area: returning to black ink in Europe.

Stronger sales of small trucks and vans and the Fiat 500 and Jeep pushed Fiat Chrysler to a small operating profit on the Continent in the last three months of 2014 after 30 quarters of losses. Fiat Chrysler Sergio Marchionne said he expects the company to post a full-year operating profit in Europe, the Middle East and Africa while General Motors Co. and Ford Motor Co. have said they would lose money again this year in the region.


Read more: Fiat Chrysler Gives Upbeat Outlook, Turns Profit in Europe -- 2nd Update - NASDAQ.com
 
#31 ·
FCA US Names Gardner to Dealer Network Post

FCA US Names Gardner to Dealer Network Post


February 17, 2015 , Auburn Hills, Mich. -



FCA US today appointed Alistair “Al” Gardner as Vice President Dealer Network Development, in addition to his current role as President and CEO of the Chrysler Brand.

Gardner replaces Peter Grady, who previously announced his intent to retire, effective March 31, 2015. Gardner joined the Company in 1986 and has held various positions with increasing responsibility in the sales, service and business operations. He was named President and CEO of the Chrysler Brand in November 2013.
 
#32 ·
CEO Marchionne earned $8M in 2014

Fiat Chrysler CEO Marchionne earned $8M in 2014

03/05/2015

Fiat Chrysler CEO Sergio Marchionne earned about $8 million in 2014, up $3 million from the previous year, according to the company’s annual filing with the U.S. Securities and Exchange Commission.

Marchionne’s 2014 earnings included an annual salary of more than 2.5 million euros ($3 million based on the Dec. 31 exchange rate); 4 million euros ($4.9 million) in annual incentives related to the company’s performance; and 111,410 euros ($135,251) in other compensation.

Marchionne was by far the highest paid executive or board member disclosed in the 20-F filing for the world’s seventh-largest automaker, which paid board directors for Fiat Chrysler and the former Fiat SpA a total of about 11.2 million euros ($13.6 million) in total compensation for 2014, including 6.8 million euros ($8.3 million) in salaries.

Following Marchionne were Fiat Chrysler Chairman John Elkann at 1.7 million euros ($2 million) and former Ferrari and Fiat SpA Chairman Luca Cordero di Montezemolo at 2.1 million euros ($2.5 million). Of those disclosed in the filing, Marchionne was the only executive who received an annual incentive.

Marchionne also led executives and board directors in Fiat Chrysler common shares owned. As of Thursday, he owned 14.4 million shares. Elkann owned the second-most at 133,000. All others disclosed in the filing owned fewer than 50,000 shares.

Last year was a busy one for Marchionne, with the creation of Fiat Chrysler following the merger of Fiat SpA and Chrysler Group into the new company; listing on the New York Stock Exchange in October; laying out an ambitious five-year business plan; and announcing the spin-off of Ferrari into its own company.

Fiat Chrysler earned 632 million euros in 2014, significantly down from 1.9 billion euros in 2013 — but in line with its full-year guidance. The decrease in profit was due to aggressive investments; 650 million euros in recall costs for North America; and a 495 million euro payment that was part of fully acquiring Chrysler Group, now FCA US LLC.

Marchionne, as in 2013, did not accept a salary for his duties as CEO and chairman of FCA US in 2014.

Marchionne is expected to have earned more than Ford Motor Co. CEO Mark Fields but less than General Motors Co. CEO Mary Barra. Neither Ford nor GM have disclosed their final 2014 executive compensation for their first-year CEOs. Fields, without stock options, was expected to make $5.25 million in salary and bonuses. Barra could have earned as much as $14.4 million, but is expected to have earned less due to the company’s recall crisis impacting incentives.

Also detailed in the filing were promising signs for the automaker as well as risks for the company.

Risks included recall costs; the cyclical nature of the auto industry that tends to reflect the overall performance of the economy; its credit rating, which is below investment-grade; and shortfalls in its pension plans.

As of Dec. 31, its defined benefit pension plans were underfunded by approximately 5.1 billion euros ($6.2 billion), including 4.8 billion euros ($5.8 billion) related to the former Chrysler Group operations.

Positives increases include 1.4 percent increase in employment to 228,690 people, including 77,817 for FCA US; 1.5 percent increase in research and development spending; and other positive financial-related performance metrics and investments.
SOURCE
 
#33 ·
Fiat Chrysler CEO seeks mega deal

Mon Apr 13, 2015

DEALTALK-Fiat Chrysler CEO seeks mega deal before stepping down

* FCA wants alliance to jumpstart sector consolidation

* Needs merger to fix own operational weaknesses

* Carmaker focused on partner in U.S. market, sources say

* FCA keen on GM, but the U.S. firm not interested, sources say


Fiat Chrysler boss Sergio Marchionne is hoping for a big deal, possibly in the United States, to plug the carmaker's weaknesses and cement his legacy before stepping down in early 2019, sources familiar with the situation said.

However, the world's seventh-largest carmaker, which has one of the highest debt piles in the industry, barely breaks even in Europe and is expected to burn cash for years to revamp its neglected Alfa Romeo brand, may struggle to find a partner.


Marchionne and Fiat's founding Agnelli family are showing particular interest in General Motors, several sources say, as the U.S. market has been core to FCA for years, GM is strong in Asia where FCA is weak and the U.S. carmaker is keen to expand in Europe after its move to tie up with PSA failed.

But a GM spokesman said the company was focused on executing its own strategy while one person at a U.S. bank close to the matter said GM is "really not interested".

"Marchionne has clearly planted the 'for sale' banner," a banker close to PSA Peugeot Citroen and General Motors said. "He's been sending out feelers everywhere in an attempt to create optionalities, but so far no one is biting."

Marchionne, who has dropped increasingly blunt hints that he wants an alliance to jumpstart consolidation in the industry to share capital costs and fund development of cleaner cars and features such as self-driving, said last month a tie-up with GM and Ford would be "technically feasible".

The 62-year-old said nothing was on the table now, however.

An FCA spokesman declined to comment but a source outside the company who is familiar with its strategy said: "The U.S. is where FCA is focusing now. Marchionne is doing a lot of work on his last deal and something will happen before 2018."

FRAGILE FIRM

Some industry executives said Marchionne's recent comments may have been an attempt to create a bidding war by suggesting greater interest than exists.

"Sergio is a great poker player: all the noise he is making aims at hiding the fact that in reality FCA's golden years are nearing an end," another banker close to the industry said.

FCA's Milan-listed shares rose 120 percent in the last six months but underneath is a fragile firm. Investors were inspired by Fiat's buyout of Chrysler, the move of its primary listing to New York and FCA's decision to spin-off Ferrari and distribute the bulk of the luxury unit's shares to FCA investors.

But FCA has an operating margin - a measure of profitability - of only 3.4 percent, compared with 5.4 percent for its peer average, according to Thomson Reuters data, and high debt.

FCA needs an alliance to address challenges including a gap in Asia, an ambitious turnaround plan and an over-reliance on a North American market that is nearing its peak. Its portfolio is also weak on electrification and connectivity services.

It also plans to spend 48 billion euros ($52 billion) to build new Jeeps and Maseratis and revamp Alfa Romeo. Most industry analysts doubt that Marchionne will reach the steep 60 percent sales ramp-up to 7 million cars he envisions by 2018. FCA sold 4.6 million vehicles last year, up 6 percent on 2013.

Still, FCA has some attractive assets: its Jeep brand has global allure and the RAM brand offers a strong foothold in the U.S. pickup market. Alfa Romeo, once developed, could become a strong competitor to Volkswagen's Audi, although the German firm will not be keen on a full takeover, one of the people said.

TALKING TO MANY

Last year separate media reports, both denied, suggested FCA was talking to Volkswagen and PSA about a tie-up. PSA chief Carlos Tavares said last month it was too early to talk about a merger, wanting to focus on his own recovery first.

Marchionne said in March he could buy or sell, adding he was talking to many companies. While Volkswagen was not his preferred target, he said he could imagine collaborating with the German carmaker. Volkswagen declined to comment.

A tie-up with GM "makes a lot of sense in terms of geographical synergies and global market share," according to the person at a U.S. bank close to the matter. But several sources also said there were significant obstacles including cutting overlaps in western Europe and the United States that would likely fuel opposition from unions and politicians.

The two formed an alliance in 2000, cooperating on engines and components but relations soured as Fiat's losses mounted. In 2005, GM had to pay Fiat $2 billion not to exercise an option to sell its auto division to the U.S. carmaker and "there's been bad blood since", one person familiar with the matter said.

Fiat bid to buy GM's European unit Opel in 2009, but lost to a rival before GM abandoned the sale process altogether.

While it seems unlikely that GM would change its mind about an alliance with FCA, bankers are reviewing possible merger scenarios with Marchionne, one of few CEOs to have managed a successful auto industry tie-up in recent years.

"The question is whether this industry will deliver an opportunity for a deal like this," Marchionne said. "It is my hope that it happens before 2018 and that somebody starts this process because once it's started others will follow." ($1 = 0.9185 euros) (Additional reporting by Anjuli Davies in London, Arno Schuetze in Frankfurt, Ben Klaymann and Joe White in Detroit and Andreas Cremer in Berlin; Writing by Agnieszka Flak; editing by Anna Willard)
SOURCE
 
#34 ·
Fiat Chrysler Sees Gains in Both North America, Europe

Fiat Chrysler Sees Gains in Both North America, Europe

Apr 29, 2015


Higher sales of the Jeep Renegade small SUV and Chrysler 200 midsize sedan in North America along with modest growth in Europe pushed Fiat Chrysler Automobiles NV back to profit in the first quarter, the newly formed carmaker said Wednesday.

The company posted first-quarter net profit of 92 million euros ($101 million), up from a net loss of 173 million euros in the same period of 2014 that was mainly due to one-off costs related to the completion of Fiat's acquisition of Chrysler.

The carmaker confirmed its 2015 targets, including net profit in the range of 1 billion euros to 1.2 billion euros on worldwide shipments of 4.8 million to 5 million units.


The targets don't take into account any potential impact from plans to spin-off Ferrari, Fiat Chrysler said.

North America revenues rose thanks to higher sales volumes and better pricing, while Europe posted positive results for the second straight quarter as the market continued a slow recovery, the carmaker said.

Chrysler reported higher volumes of the Jeep Renegade, Chrysler 200 and Ram 1500, pushing revenues up 38 percent to 16.2 billion euros. Profit margins on sales rose to 3.7 percent from 3.2 percent.

European sales rose 5 percent thanks to the new Fiat 500X and the Jeep Renegade, pushing revenues up 8 percent to 4.7 billion euros.

Latin America lost money, mostly due to the startup costs of the new Jeep facility at the Pernambuco plant in Brazil inaugurated Tuesday. Fiat Chrysler said without the startup costs, the region would have broken even despite lower volumes.

A total of 2.2 billion euros was invested for the facility, which has a production capacity of 250,000 vehicles a year. It is currently making Jeep Renegades for Latin America, but can make up to three models at the same time.

Debt grew to 8.6 billion euros from 7.7 billion euros at the end of last year, due to capital expenditures.
SOURCE
 
#35 ·
Marchionne: Auto industry is not sustainable as it is

Marchionne: Auto industry is not sustainable as it is

April 29, 2015

Marchionne's thesis: The automotive industry spends more money on product development and creates less value for both customers and shareholders than most other industries.
Elkann-and-Marchionne-in-Italy



Fiat Chrysler CEO Sergio Marchionne issued his most urgent plea to date for the global automotive industry to seriously consider mergers, acquisitions or partnerships as the cost for doing business globally rises.

Over the past 10 years, Marchionne said, all automakers have invested heavily in restructuring how they develop and produce cars. And some companies -- including Chrysler and General Motors -- have had to borrow money from governments.

And after all of that, the industry's return on the money it has invested lags behind almost all other industries, Marchionne said.
"We have failed, I think, collectively as an industry to deliver value," Marchionne said during a conference call with Wall Street analysts.

For more than a half-hour, Marchionne took analysts through "Confessions of a capital junkie" -- a 25-page PowerPoint presentation available on the company's Web site -- that lays out the reasons why the maverick CEO believes today's automotive industry, as it is structured today, is unsustainable.

While Marchionne has made similar comments in the past, his decision to make a formal presentation to Wall Street analysts during an earnings call to outline the need for a wholesale restructuring of the automotive industry appears to be unprecedented at least in recent automotive history.

Marchionne said the automotive industry's failure to perform as well as other industries ranging from aerospace and defense to the retail industry is reflected in the stock prices of automotive manufacturers, which have historically lagged other industries.

"The overriding theme of this presentation and much of my life…is trying to effectively guide businesses away from mediocrity," Marchionne said. "This is an industry that has not fared well."

FCA earns $101.2M in 1st-quarter profit, up over 2014

In response, FCA's stock price fell 77 cents, or 4.7% per share, to $15.50 per share by Wednesday afternoon even though the automaker reported better than expected first-quarter profits for the first quarter.

The presentation also outlines the escalating costs all automakers face as they wrestle with stricter emissions regulations, escalating regulatory costs related to recalls and the need to keep pace with rapid technology developments in the area of infotainment and autonomous driving.

In recent months, Marchinne has spoken often about his view that the world's largest automakers face ever-increasing costs that will force automakers to consider partnerships.

Last month, Marchionne said a deal with Ford or General Motors would be would be "technically feasible."

John Elkann, chairman of Fiat Chrysler Automobiles, told shareholders earlier this month that said he is convinced that the automotive industry needs to go through additional consolidation because of the rising cost of developing new cars for global markets.


In the past, those comments typically sparked a raft of stories that lead to speculation that he and FCA Chairman Elkann are trying to sell FCA. Often, commentators have said Marchionne, who engineered Fiat's acquisition and merger with Chryseler, wants to cap off his career as a consummate dealmaker with one last, final, mega-merger.

"Most of that stuff is absolute hogwash," Marchionne said. "This is a (industry) problem that fundamentally cannot be ignored."

The "goal is to provide clarity on two issues that have been raised publicly by FCA," the company said in the presentation.

Marchionne also suggested that he is not, in fact attempting to put FCA up for sale. Nevertheless, he opened the door for unconventional partnerships or mergers across industries with companies such as Apple or Google.

Within the automotive industry, top executives at Ford, General Motors, Toyota, Renault-Nissan and Peugeot have all aggressively rejected in recent weeks any suggestion that they are interested in acquiring or being acquired by FCA.

"We're already in that top tier. We have a well-articulated plan and we are not going to entertain anything that would distract us from achieving that plan," GM CEO Mary Barra said last week in response to a question about her view on consolidation.

Analysts both applauded and challenged Marchoinne's call for industry consolidation.

"I think nobody will disagree with you on the big picture," said UBS analyst Philippe Houchois.

Said Morgan Stanley analsyt Adam Jonas: "You for saying perhaps what a lot of people have thinking...but does this roadmap have any airplay at all in the boardrooms?"

Max Warburton of Bernstein Research also questioned why Marchionne is airing his ideas publicly and also questioned why, if Marchionne believes there should be fewer automotive manufacturers in the world, that Fiat purchased Chrysler in 2009.

"There are probably five or 10 men who can make this (consolidation) happen, and you probably have them all on speed dial," Warburton said. "I come away from this call thinking what exactly was that about?"
SOURCE
 
#36 ·
FCA's new COO Components

FCA Announces Executive Changes

Appoints Gorlier as Chief Operating Officer, Components



May 18, 2015 , London -

Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MI: FCA) today announced that effective June 30, 2015, Pietro Gorlier is appointed Chief Operating Officer of Components. He retains his responsibilities as Head of Parts & Services (MOPAR) and a member of the Group Executive Council. Click here to view the release.
 
#37 ·
Fiat Chrysler Automobiles announce senior management changes

Fiat Chrysler Automobiles announce senior management changes

05/06/2015



Fiat Chrysler Automobiles UK has announced a major restructuring of its senior management team. Newly-appointed Deputy Managing Director Karl Howkins will head up a simpler structure, with two Country Directors managing the FIAT/Abarth, and Jeep/Alfa Romeo marques.

They are joined by Heads of Fiat Professional, FCA Ireland, Fleet Remarketing and Network Development. The changes came into effect on June 1, 2015.


Elena Bernardelli will oversee retail sales and marketing for the FIAT and Abarth brands. Elena has previously worked for Fiat as marketing director.

Damien Dally will oversee retail sales and marketing for the Jeep and Alfa Romeo brands. He has previously headed up Alfa Romeo but has most recently been brand manager at Jeep.

For Network development, Andy Rowe has been appointed as director. He will be responsible for dealers across the UK and Ireland.

Fiat Professional will contine to be overseen by Sebastiano Fedrigo who has been working as Country Director, responsible for all the business activities of Fiat Chrysler Automobiles commercial vehicle division.

Gerry Clarke will also continue as Country Director for Fiat Chrysler Automobiles Ireland with Francis Bleasdale, director of fleet and remarketing retaining his role.

“I’m delighted that the new structure of the company is now aligned with the needs of both our customers and dealer partners,” said Howkins. “We now have the right people in place, with great teams in support, totally focused on the growth of FCA in the UK and Ireland.

“With an exciting and growing range of cars and vans, and with even more new models on their way, I am totally confident in achieving our goals.”

SOURCE
 
#38 ·
Sale of Auto Parts Unit Magneti Marelli ?

Fiat Chrysler exploring $3.3 billion sale of auto parts unit Magneti Marelli

Jul 17, 2015


LONDON/MILAN (Reuters) - Fiat Chrysler (NYSE:FCAU) Automobiles (FCA) (MI:FCHA) is considering whether to sell its auto parts maker Magneti Marelli after receiving interest from potential buyers, according to sources familiar with the matter.

At least two U.S. private equity funds are looking to team up with industry players and submit joint bids for Magneti Marelli, which supplies all major carmakers in Europe, the Americas and Asia, three sources told Reuters.


A recent offer, by a consortium including a U.S. buyout fund, valuing the business at less than 2.5 billion euros was rebuffed in June as FCA would not agree to sell for less than 3 billion euros ($3.3 billion), one of the sources said.

FCA declined to comment, while a Magneti Marelli spokesman had no comment.

Debt-laden FCA could sell the wholly owned unit either in parts or in its entirety, the sources said, adding that no final decision on a disposal had been taken.

Magneti Marelli has often been touted as a takeover target. While FCA has always denied any interest in selling, the sources said the Italian-American carmaker had recently told interested parties it may reconsider its plans.

The world's seventh-largest carmaker currently has its hands full with a planned initial public offering of luxury sports car maker Ferrari, skedded for after mid-October, and any decision on Magneti Marelli would be taken after that, the sources said.

Yet U.S. buyout funds have been working on the dossier for months, the sources said.

"Letters are piling up on Fiat's table," one of the sources said, pointing to a handful of unsolicited approaches. "We expect Chief Executive (Sergio) Marchionne to react to these approaches sooner rather than later."

A sale of the unit, which employs more than 38,000 and is present in 19 countries, could help FCA pay off some debt and fund an ambitious 48 billion euro ($52 billion) investment plan.

The plan could gain traction as Marchionne's plea to merge with rival carmaker General Motors (N:GM) is so far falling on deaf ears.

Based on the outskirts of Milan, Magneti Marelli had revenues of 6.5 billion euros last year and an operating profit, including unusual items, of 204 million euros. It makes components for lighting, engines, electronics, suspension and exhausts, among others.

BREAK-UP OPTIONS

The bidders aim to gain full control of Magneti Marelli and later split it up based on their own expertise, the sources said.

"Everyone will take a fair share of it," one of the sources said.

A number of large buyout funds, mainly U.S. based, are particularly interested in Magneti Marelli's lighting unit, which could be carved out and turned into a standalone firm, the source said.

This unit is worth around 2 billion euros and could appeal to global players such as Valeo (PA:VLOF), Hella (DE:HLE), Koido and Stanley (T:6923), a sector banker said.

Asian players could also make a move for the company, another source said, pointing to China's Wanxiang Group (SZ:000559) as a possible bidder.

Auto parts makers have shown growing appetite for mergers and acquisitions (M&A) deals in a bid to boost their global presence.

Earlier this year Germany's ZF Friedrichshafen completed its $13.5 billion acquisition of U.S. rival TRW Automotive Holdings.

Italian tire maker Pirelli sold to ChemChina in March as part of a multi-layered 7.3 billion-euro ($8 billion) deal.

Marchionne is in no rush to sell Magneti Marelli and will be picky when choosing a buyer to ensure stable future supply of components to FCA plants, which churn out anything from tiny Fiat 500s, Jeep sport utility vehicles to luxury Maseratis.

Another source said that FCA may also review strategic options for two smaller auto components units, Comau and Teksid, with revenues of 1.55 billion euros and 639 million euros, respectively.

In 2012 Marchionne said Fiat could put Magneti Marelli on the block as an option to raise additional cash to lift its stake in Chrysler.

Fiat completed its buyout of the U.S. unit last year.

SOURCE
 
#39 ·
Head of Vehicle Safety and Regulatory Compliance

FCA US Announces Head of Vehicle Safety and Regulatory Compliance

November 20, 2015 , Auburn Hills, Mich. -

FCA US LLC today appointed Michael Dahl Head of Vehicle Safety and Regulatory Compliance, effective December 1, 2015. Dahl replaces Scott Kunselman who previously announced his decision to retire.



Prior to his appointment, Dahl held the position of Director, Gasoline/Diesel Engine Programs and Global Powertrain Coordination where he oversaw the development and launch of six new engines, including the award-winning 3.0-liter EcoDiesel V-6. Previous to that, he was Director, Supplier Quality.

Dahl joined the Company in 1985 as part of the Chrysler Institute of Engineering (CIE) program. He has held a series of positions of increasing responsibility with an emphasis on powertrain engineering, controls, and electronics.

He holds a Bachelor of Science in Electrical Engineering from the University of Notre Dame. Dahl also earned a Master of Business Administration from the University of Michigan and a Master of Science in Electrical Engineering from Oakland University.
 
#40 ·
#41 ·
Fiat Makes Biggest Europe Push

Fiat Makes Biggest Europe Push in Decade to Rescue 2018 Strategy

March 1, 2016



Carmaker showing 10 new models at Geneva Motor Show this week
New vehicles range from luxury SUVs to no-frills small cars




Fiat Chrysler Automobiles NVis embarking on its biggest expansion in Europe in at least a decade, as the Italian-American carmaker faces crunch time in a strategy to more than double profit by 2018.

After delaying investment in the region for years, Chief Executive Officer Sergio Marchionne is going all-in at the Geneva International Motor Show this week with 10 new or refreshed models, ranging from the affordable Fiat Tipo to the upscale Maserati Levante sport utility vehicle. Alfa Romeo is a particular focus with entry-level and performance variants of the new Giulia sedan, as well as refreshed styling and upgraded features on the Giulietta hatchback.

"With the new models coming to market -- including the Tipo hatchback and full lineup of the Alfa Giulia -- we expect to consolidate the improving trend we are encountering in Europe,” Alfredo Altavilla, who runs Fiat’s operations in the region, said in an interview Tuesday at the show.

While the about-face in Europe is partially a sign of the market’s recovery, Marchionne also has few other options. Fiat’s once-lucrative business in Latin America is struggling because of a slump in Brazil, while prospects in China and the U.S. are uncertain. That makes Europe particularly critical for the executive, who has a lot riding on his 2018 strategy including personal holdings of about $94 million in Fiat stock.
Europe Comeback

“Fiat is showing the results of its strategy aimed at selling higher-margin cars in the European market,” said Ian Fletcher, an analyst with IHS Automotive in London. “There is clearly a comeback in Europe as the region is surprising several automakers for still being a very valuable market.”

Marchionne will need the new cars -- which includes the Fiat 124 Spider roadster, built in Japan in partnership with Mazda Motor Corp. -- to be immediate sales successes to overcome skepticism about his targets. The 2018 goals also include eliminating 5 billion euros in net industrial debt and generating a cash surplus of 4 billion euros. Amid the doubts, Fiat shares have tumbled 24 percent this year, making it the worst performing major automaker.

The new push in Europe may be helped by fortunate timing. In addition to rebounding overall demand, Volkswagen AG, Europe’s largest automaker, is sidetracked by its efforts to find a way out of the emissions-cheating scandal. The combination could help Fiat gain market share. Its European sales are projected to climb by 7.7 percent to 1.26 million cars in 2016, outpacing an industrywide 1.8 percent gain, IHS Automotive estimates.

"Helped by the introduction of new models, we expect Fiat to outperform in the European market this year," said Massimo Vecchio, an analyst at Mediobanca in Milan. Vechio sees Fiat sales increasing about 8 percent in the region in 2016 -- double his forecast for the overall market increase.
Dual Strategy

Fiat’s Geneva push is the result of a dual-strategy for Europe: upscale cars built in its home country to leverage the "Made-in-Italy" allure for the Maserati and Alfa Romeo marques and no-frills vehicles for the namesake brand made in places with lower labor costs.

The carmaker said it already has 20,000 orders for the Tipo sedan, which has a base price in Italy of 12,500 euros ($13,600). All the Tipo models are produced at the Bursa plant in Turkey as part of a joint venture with Tofas.

Marchionne in January tweaked his 2018 strategy to adapt to new market conditions, including slower growth in China. In doing so, the Italian-Canadian CEO postponed the introduction of bigger Alfa Romeo models -- primarily for China -- in favor of updated versions of the nameplate’s top selling MiTo and Giulietta hatchbacks for Europe.

"With the auto industry facing major technological changes in the next decade -- with possibly new players coming from outside the auto-industry -- Fiat is tactically focusing on segments and markets where it sees faster and more certain returns," said Giuliano Noci, a marketing professor at Milan Polytechnic. "Before pushing for massive investments destined for an uncertain Chinese market, it makes sense to widen offerings in a market you know so well as Europe."
SOURCE
 
#42 ·
Sergio Marchionne Named as Ferrari’s New CEO

Sergio Marchionne Named as Ferrari’s New CEO

May 02, 2016



Ferrari has named its new CEO.

The company has confirmed that Amedeo Felisa has retired after 26 years of service to the Italian automaker, relinquishing his title of CEO to Sergio Marchionne, who is also the CEO for Fiat Chrysler Automobiles (FCA), Ferrari’s parent company. Marchionne will assume the responsibilities of CEO effective immediately and will continue to serve as chairman of the company. Felisa won’t entirely leave Ferrari, however, and will continue to serve on the board of directors with a specific mandate as technical advisor.

“I have known Amedeo for more than a decade and I have had the opportunity to work with him closely for the last two years,” said Marchionne. “He is beyond any doubt one of the best automotive engineers in the world. During the last 26 years, he has worked tirelessly to fuel and guide Ferrari’s technical development, producing an array of cars which have set the standard for both performance and styling.”


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#43 ·
Fiat Chrysler shakes up quality, purchasing execs

Fiat Chrysler shakes up quality, purchasing execs

May 10, 2016



Fiat Chrysler Automobiles NV is shaking up executives in an effort to better focus and align global quality and purchasing.

The automaker on Tuesday named Scott Garberding its head of global and North American quality. Garberding, 52, was most recently global chief purchasing officer, with direct responsibility for European operations.


Mark Chernoby, 54, had been Fiat Chrysler’s global head of quality since October 2014. He will retain his positions as chief operating officer of product development and head of product portfolio management.

Scott Thiele will succeed Garberding as Fiat Chrysler chief purchasing officer. He also will assume responsibility for the North America purchasing. Thiele, 46, was previously vice president of global product finance. He joined the company in 2007.

Thiele also is appointed to Fiat Chrysler’s Group Executive Council, the company’s highest decision-making body outside of its board of directors. Garberding and Chernoby will remain on the council.

The changes are effective immediately. They also include two North American-based executives moving to Fiat Chrysler subsidiaries.

Matt Liddane, Fiat Chrysler vice president of quality for North America, will lead quality at the automaker’s auto supplier subsidiary Magneti Marelli. Liddane, 53, has been with the company for nearly 30 years.

Thomas Finelli, 45, Fiat Chrysler vice president of purchasing and supplier quality for North America, will head purchasing for Comau Inc., a robotics automation company. He joined the automaker in 1995 as an engineer responsible for truck safety systems.

The executive shake-up is the most significant to the company’s quality department since Fiat Chrysler Chief Quality Officer Doug Betts was replaced by Chernoby and Liddane in October 2014.

SOURCE
 
#44 ·
Marchionne to stay at FCA till 2019

Marchionne to stay at FCA till 2019


(ANSA) - Milan, May 25 -

Fiat Chrysler Automobiles (FCA) CEO Sergio Marchionne won't leave the Italo-American group "before 2019," President John Elkann said Wednesday at a shareholders meeting of Agnelli holding company Exor. "Waiting for the approval of the 2018 results means arriving at 2019," he said.

"The process of selecting a successor will take place within (the group), we are working on it. I will not be part of the candidates for the position of CEO". Italo-Canadian Marchionne, 63, Fiat CEO since 2004, is credited with turning the carmaker round and forging a strategic alliance with Chrysler in 2009.


SOURCE
 
#45 ·
Fiat Chrysler Automobiles named to Dow Jones

FCA Group - Official Global Website / Media / Press Releases / 2016 / September / Fiat Chrysler Automobiles named to Dow Jones Sustainability Index World

Fiat Chrysler Automobiles named to Dow Jones Sustainability Index World


Fiat Chrysler Automobiles has once again been included in the prestigious Dow Jones Sustainability Index (DJSI) World. The Company received a score of 87/100 compared with an overall average of 54/100 for companies in the Automobiles industry evaluated by RobecoSAM, the specialist in sustainability investment.

This result places FCA’s economic, environmental and social performance among the world’s leading companies and reflects the Company’s efforts to participate in the transition to a circular economy.


Membership in the DJSI World Index is limited to organizations judged best-in-class when compared to the majority of their peers based on selected sustainability criteria. RobecoSAM invited 36 Automobiles sector companies and ultimately admitted only 4 to the DJSI World Index.

The Group achieved the highest score in its industry sector for climate strategy and environmental reporting, brand management, supply chain management and overall in the social dimension, that includes aspects such as talent attraction and retention and human capital development.

FCA continued to make considerable progress in 2015 and 2016, demonstrating its capabilities as a global automaker that strives to achieve success responsibly:

Chrysler Pacifica Hybrid, the industry’s first electrified minivan, unveiled in January 2016

Jeep Grand Cherokee EcoDiesel named 2015 Green SUV of the Year by Green Car Journal

Leadership in Europe for natural gas vehicles, with a market share of about 50%

Further growth in R&D with €4.1 billion invested in 2015

Announced collaboration on Autonomous Driving Project with Google

Uconnect® received the Infotainment of the Year award from Digital Trends

ENJOY car-sharing, launched in 2013 by ENI in partnership with FCA, registered more than 420,000 subscribers and five million rentals in Italy since launch

Recognition of advanced safety technologies and performance for several FCA models, including the U.S. NCAP 5 stars for the Dodge Challenger and Top Safety Pick+ for the Fiat 500X and Chrysler 200 and, recently, the EURO NCAP 5 stars for the Alfa Romeo Giulia

Low carbon logistics fleet implemented in North America with 179 new Compressed Natural Gas trucks

Support of climate-specific commitments through UN Climate Change Conference of the Parties (COP21)

Verrone (Italy) plant won the prestigious Automotive Lean Production Award 2015

Melfi (Italy) Assembly Plant won the prestigious Special Award Original Equipment Manufacturing: SMART Digital Operations 2016

More than 4,300 new environmental projects implemented at FCA plants worldwide, leading to about €65 million in savings

Best Employers for Healthy Lifestyles Gold Award received in the U.S.

Additionally, the Group continued to reduce the environmental footprint of its worldwide manufacturing plants, resulting in a 23.4% decrease in CO2 emissions per vehicle produced compared with 2010, and savings of 2.3 billion m3 of water.
Resources committed by the Group to benefit local communities amounted to more than €22 million, of which 53% to support education, culture and art.

FCA was also named to the Climate “A” List in the CDP Climate Change Program 2015 and achieved a transparency score of 98/100. Only 5% of the corporations participating in this CDP program are named to the A List. FCA is a member of numerous other leading indices including: STOXX Global ESG Leaders, STOXX Global ESG Environmental Leaders, STOXX Global ESG Social Leaders, STOXX Global ESG Governance Leaders, ECPI Euro Ethical Equity, ECPI EMU Ethical Equity and ECPI Global Developed ESG Best in Class Equity, Parks GLBT Diversity Index.

 
#46 ·
Grandson of the Italian Founder of Fiat Arrested

Fiat scion held after false report in US

November 29, 2016

Police in New York City say a grandson of the Italian founder of Fiat Automobiles has been arrested after falsely claiming an escort held him against his will.

A law enforcement official said on Tuesday that Lapo Elkann demanded $US10,000 ($A13,355) from his family to guarantee his safety.


Police say his family called authorities, and investigators determined the 39-year-old Elkann concocted the story.

The official says Elkann had been taking drugs and drinking alcohol with the escort for two days before his arrest on Saturday.

The official wasn't authorised to discuss the ongoing case and spoke on condition of anonymity.

Elkann was charged with misdemeanor falsely reporting an incident. He was given a ticket. He's due back in court on January 25.

His publicist declined to comment.

SOURCE
 
#47 ·
Fiat Heir Allegedly Faked His Own Kidnapping

Fiat Heir Allegedly Faked His Own Kidnapping to Pay for Thanksgiving Weekend Drug Binge

Nov 30, 2016



Fiat heir Lapo Elkann, 39, allegedly faked his own kidnapping during a Thanksgiving weekend bender in order to get ransom money to pay for the drug binge.

Elkann, the grandson of the late Fiat Automobiles patriarch Gianni Agnelli, was taken into custody by the NYPD and charged for falsely reporting the incident.

The New York Daily News claims that Elkan, the brother of FCA Chairman John Elkann, spent most of the holiday in a Manhattan housing project enjoying a multi-day drug marathon. The Italian heir flew into New York on Thursday and reportedly called a number of escort services in the city before settling upon an escort who had contacts to get marijuana and cocaine.

According to sources, the escort paid for additional drugs, and Elkann agreed to pay her back. The cash-strapped millionaire then attempted to get his hands on $10,000 by allegedly contacting his family, claiming he had been kidnapped by the escort. A family representative contacted local authorities and arranged a meeting for the exchange. However, when both Elkann and the escort appeared at the drop-off location, police brought them in for questioning.

An NYPD spokesperson said that Elkann eventually filed a report, leading to the arrest of 29-year-old Curtis McKinstry on a charge of grand larceny by extortion. Further investigation of the matter resulted in the charges against McKinstry being dropped. Police then charged Elkann with a misdemeanor for falsely reporting an incident.

A day before departing for New York, Elkann posted a video on his Instagram account in which he claims, “I’ll be seeing many interesting characters in the creative field and in the entrepreneurial field in the next few days.” He also posted during the weekend’s stay-in spree, including an interior shot of the Lamborghini Miura and a photo of Steve McQueen, where he wrote, “Speed is Everything never Stop.”

Elkann had a highly publicized near-death overdose in 2005 in the Turin apartment of a prostitute. However, recent pieces in Vanity Fair and Forbes covered how well he had bounced back, creating the Italia Independent sunglasses brand and his Independent Ideas advertising firm.



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#48 ·
FCA Announces Senior Leadership Changes

FCA Announces Senior Leadership Changes

January 11, 2017 , London -

Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MTA: FCA) announces the following leadership changes with immediate effect.

Daphne Zheng is named as the Chief Operating Officer (COO) of China. Zheng, who has been with FCA for more than eight years, most recently served as the Managing Director of the Sales Joint Venture in China with Guangzhou Automotive Group (GAC), and has previously held senior positions in Sales and Marketing with FCA in China.

Paul Alcala is named Chief Operating Officer of the Asia Pacific regions, excluding China. Alcala, a 29-year veteran of FCA, most recently served as the head of China Developments for the Manufacturing and Sales Joint Ventures in China with GAC. Alcala previously held a number of operational leadership roles in Europe, Latin America, and the U.S.

Both Zheng and Alcala will join the Group Executive Council (GEC) of FCA which is chaired by the Chief Executive and is the highest management body in FCA.

Mike Manley who has led the Asia Pacific region until now, will continue serving on the GEC and as the Head of Jeep and Ram brands globally.

“Mike has established a strong foundation for growth in the last five years, and these leadership appointments in the APAC region will ensure he can now focus his efforts on our growth plans for both the Jeep and Ram brands, in the USA but more importantly in international markets. Mike will drive our unprecedented product cadence that begins with the production of the all-new Jeep Compass this month, the launch of the all-new Wrangler at the end of this year, and extends to our recently announced plans for an all new Ram Light Duty Truck, Jeep pick-up truck and Wagoneer/Grand Wagoneer,” added Sergio Marchionne, Chief Executive Officer of FCA. “The achievement of the 2018 plan depends in large part to the establishment of Jeep as the undisputed global leader in the SUV space, and Mike has been tasked with that objective. He and I will be working together to ensure that our operating regions respond efficiently to this challenge.”

In further announcements, Davide Mele is appointed Deputy COO Latin America, reporting to Stefan Ketter who is the COO of Latin America and FCA’s Chief Manufacturing Officer. Mele most recently served as the Head of FCA Group Controlling, and previously held the position of Chief Financial Officer Latin America.
 
#49 ·
US drops case against Fiat heir

US drops case against Fiat heir Gianni Agnelli arrested for faking kidnapping

According to several US media outlets, Lapo Elkann, the grandson of legendary Fiat founder Gianni Agnelli, tried to make his family believe he had been kidnapped when he ran out of money during a two-day bender of sex and drugs.

January 26, 2017

NEW YORK: US authorities have decided not to charge an heir to the Fiat auto fortune who was arrested for allegedly faking his own kidnapping to pay for a weekend of debauchery, officials said today.

According to several US media outlets, Lapo Elkann, the grandson of legendary Fiat founder Gianni Agnelli, tried to make his family believe he had been kidnapped when he ran out of money during a two-day bender of sex and drugs.

The 39-year-old Italian playboy reportedly spent that time with a transgender prostitute, with whom he consumed alcohol, marijuana and cocaine before running low on funds, the reports said.

He reportedly came up with the plan to ask his family for USD 10,000 in ransom to pay for more drugs, US media said.

The family alerted police, who arrested Elkann after determining his claims were false.

Elkann was ordered to appear in a New York court for falsely reporting an incident. Police have not said if Elkann was found with a prostitute or whether drugs were involved.

But Manhattan prosecutors ultimately decided not to charge him and to drop the case, a spokesman for their office told AFP.

Elkann's brother John took over the helm of the Agnelli empire in May 2008, becoming the head of the company that manages the family's holdings.

The Agnelli family controls about a 30 per cent stake in Fiat, and 44 per cent of the voting rights.

Elkann made headlines in 2005 when he slipped into a coma after a drug overdose -- also reportedly while in the company of a prostitute.
Elkann briefly held a job in Fiat's marketing department, but then moved on to other projects. He is one of the founders of the eyewear brand Italia Independent.

SOURCE
 
#50 ·
Fiat Chrysler CEO took pay cut last year

Fiat Chrysler CEO took pay cut last year

Feb. 28, 2017

DETROIT -- Fiat Chrysler Automobiles CEO Sergio Marchionne received $11.99 million in total compensation in 2016, or about six times less than he was paid for the prior year, the company said in an annual report Tuesday.

Marchionne's total compensation for 2016 includes a $4 million base salary, a $6.97 million bonus and $1.02 million in "other non-cash compensation," which includes insurance premiums, tax preparation and tax equalization. Fiat Chrysler reports its compensation in euros. Those figures were converted to dollars using the average dollar to euro value over the past year.


Fiat Chrysler's two crosstown rivals, Ford Motor and General Motors, are yet to disclose executive pay for 2016.

The value of Marchionne's compensation fell dramatically compared with an estimated $73.6 million he received in 2015 because none of the shares Marchionne has received as part of a long-term incentive plan vested, or were received as cash, last year. Marchionne also wasn't granted any new shares by the company in 2016.

The automaker, like many companies, says its compensation policies are designed to reward "the achievement of long-term sustainable performance."

In 2016, Fiat Chrysler achieved record results that were driven by strong performance in North America and improvements in all other regions, especially Europe and globally with its Maserati brand. Fiat Chrysler earned a net profit of $1.9 billion for 2016 compared with just $100 million during the prior year.

That performance, according to the company, justified Marchionne's multi-million dollar bonus.

"We exceeded our full-year guidance in all key metrics, made all the more significant by the fact that our targets were revised upward twice during the year," the company said in its annual report. "In addition, all of our segments were profitable and showed improvement over the prior year."

The calculation of Marchionne's total compensation excludes a $6.79 million bonus Marchionne will receive later this year as part of his 2017 compensation.
SOURCE
 
#51 ·
Maserati’s U.S. Headquarters Moves

Maserati’s U.S. Headquarters Moves Into the Former Walter P. Chrysler Museum



Late last year, the Walter P. Chrysler Museum, founded in 1999, unfortunately closed its doors to the public for the very last time. Right after the Chrysler-based museum ceased operation, it was reported that the building would be converted into some sort of office building for the Fiat Chrysler brand.

Now we know precisely what kind of business those offices will house. Maserati’s U.S. Headquarters is moving into the former Chrysler Museum.


Currently, Maserati’s North American headquarters is located in Englewood Cliffs, New Jersey. Once the move is completed later this year, all operations will be transferred into the currently defunct building, which is located 25 miles north of Detroit.

The change in location is a strategic one for Fiat Chrysler Automobiles. The rest of its brands are operated primarily around the Detroit metro area, so moving Maserati closer to the Motor City will decrease travel expenditures while improving corporate communication.
Could this be a sign of Maserati formally signing onto Fiat Chrysler Automobiles?

When Fiat and Chrysler combined into one entity in 2014, Maserati continued to maintain its own separate corporate identity, and has done so ever since. Nevertheless, this move could hint at Maserati finally formally joining the Fiat Chrysler family.

For the time being, however, it would seem that no change in autonomy is on the horizon for Maserati.

“The idea is to bring us into Auburn Hills while remaining distinct and separate from the other FCA brands,” stated Tom Shanley, head of Maserati North America. “We have our separate office space. We will be sharing that office space with Alfa Romeo.”

Whether this leads to Maserati finally becoming a part of Fiat Chrysler Automobiles or not, it’s still nice to know that the former home of so much Chrysler history is at least being put to use for something important.

SOURCE
 
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