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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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Fiat hits 10% market share

Fiat hits 10% market share in W. Europe

Posted Thursday, May 14, 2009, 1:42 pm in Employee News


The Italian automaker Fiat, which has reached a deal for a stake Chrysler LLC and is in talks to take on GM’s European operations, defied a contracting market for the second straight month, increasing its European sales in April by 5 percent, according to new figures released Thursday, according to The Detroit News.

Fiat Group Automobiles SpA sold 116,300 cars in Europe last month, up from 110,828 a year earlier, making it the only European automaker to increase sales in April, according to figures compiled by the European auto makers association ACEA, the News reported.

Industry-wide, new car sales in Europe fell for the 12th straight month, dropping 12.3 percent for a total of 1.25 million cars sold, the paper said. Fiat said in a statement that it achieved a market share of 10 percent in Western Europe in April for the first time in eight years. It was No. 4 four in terms of sales in the month, behind Volkswagen, PSA Group and Ford, the story said. (The Detroit News)
 

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FACTBOX: Fiat, Opel, Chrysler

FACTBOX: Fiat, Opel, Chrysler -- many brands under one roof

Wed May 20, 2009 9:37am EDT

Fiat SpA's plan to take over Opel, General Motors Corp's German unit, after sealing a deal for 20 percent of Chrysler in April, would gather together a wide range of brands.

Here are the main brands and their markets:

FIAT

The industrial group has 9.2 percent of the European market since January but negligible sales in the United States. Its brands include Fiat, Lancia, Alfa Romeo, Maserati and Ferrari. It also owns Iveco trucks and CNH farming and construction vehicles.

The Fiat brand's main models are the Panda, Cinquecento, Grande Punto and Bravo. The cheapest is the Panda, which starts at 8,830 euros ($11,730), while the most expensive is the Bravo, which can cost 24,300 euros in Italy.

Lancia's models are the Ypsilon, Delta, Musa, Phedra and Thesis. The cheapest is the Ypsilon, with a base price of 11,300 euros and the Thesis the most expensive, costing up to 55,250 euros.

Alfa Romeo, a premium sports brand, has the MiTo, 147, 159, Brera, Spider and GT. The cheapest model is the MiTo at 14,800 euros and the most expensive is the Brera at 42,700 euros in Italy.

GM EUROPE

The U.S. car giant's brands in Europe are Chevrolet, Opel, Saab and Vauxhall. It has had 9.1 percent of the European market since January.

Chevrolet, its entry-level brand, has models such as the Matiz, Aveo, Lacetti, Nubira SW, Cruze, Epica and Captiva.

Opel has the likes of Agila, Corsa, Tigra, Astra, Zafira, Insignia and Antara. In Britain, prices range from 8,295 pounds ($12,320) for a basic Agila to 31,970 pounds ($47,500) for a top-of-the-range Insignia.

Saab has the 9-3, 9-5 and the Turbo X.

Vauxhall, which sells in Britain, has the Vectra and Signum models in addition to the Opel ones.

CHRYSLER

The bankrupt U.S. car maker has had just 0.4 percent of the European market since January. Its main brands are Chrysler, Dodge and Jeep.

Chrysler has the 300, Aspen, Crossfire, Pacifica, PT Cruiser, Sebring and Town & Country. The cheapest is the PT Cruiser, which starts at $18,720, and the most expensive is the Aspen Hybrid at $46,120.

Dodge includes Avenger, Challenger, Charger, Durango, Ram, Viper, and Caliber. Prices range from the Caliber at $17,090 to the Viper at $91,220.

Jeep, the 4X4, has in its line-up the Commander, Compass, Grand Cherokee, Liberty, Patriot and Wrangler. The Patriot is the cheapest at $18,170 and the Grand Cherokee the most expensive, starting at $31,230.

Article Link:FACTBOX: Fiat, Opel, Chrysler -- many brands under one roof | Deals | Reuters
 

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Video of Fiat 500 being made in the factory

Shots of Fiat 500 being made in the factory (no sound)

 

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Fiat Group Press Release

CHRYSLER GROUP LLC AND FIAT FINALIZE GLOBAL STRATEGIC ALLIANCE;
NEW CHRYSLER EMERGES AS A STRONGER, MORE COMPETITIVE GLOBAL COMPANY


Robert Kidder to be named Chairman of U.S. Automaker;

Sergio Marchionne to Serve as Chief Executive Officer

Auburn Hills, MI and Turin, ITALY – June 10, 2009 – Chrysler Group LLC and Fiat Group announced today that they have finalized their previously announced global strategic alliance, forming a “new" Chrysler that has the resources, technology and worldwide distribution network required to compete effectively on a global scale. The new Chrysler will begin operations immediately.

As part of the alliance, Fiat will contribute to Chrysler its world-class technology, platforms and powertrains for small- and medium-sized cars, allowing the company to offer an expanded product line including environmentally friendly vehicles increasingly in demand by consumers. Chrysler will also benefit from Fiat’s management expertise in business turnaround and access to Fiat’s international distribution network with particular focus on Latin America and Russia.

“This is a very significant day, not only for Chrysler and its dedicated employees, who have persevered through a great deal of uncertainty during the past year, but for the global automotive industry as a whole,” said Sergio Marchionne, who today was named Chief Executive Officer of Chrysler Group LLC. “From the very beginning, we have been adamant that this alliance must be a constructive and important step towards solving the problems impacting our industry. We, now look forward to establishing a new paradigm for how automotive companies can operate profitably going forward.

Mr. Marchionne continued: "We intend to build on Chrysler’s culture of innovation and Fiat’s complementary technology and expertise to expand Chrysler's product portfolio both in North America and overseas. Those Chrysler operations assumed by the new company that were idled during this process have or will soon be back up and running, and work is already underway on developing new environmentally friendly, fuel-efficient, high-quality vehicles that we intend to become Chrysler's hallmark going forward.

“The same attributes that first attracted us to this alliance – a global automotive company with first-class technology, a devoted workforce, improved efficiency, a strong, global distribution network and an unyielding passion for building great cars that consumers want – are even more true today. While it does not solve every issue faced by the automotive industry today, this alliance, established with the full support of President Obama's Administration, is a very significant step toward positioning Fiat and Chrysler to be leaders among the next breed of global automakers. This has, I know, been a difficult process for everyone involved, but we are ready to prove to the American consumer that Chrysler can once again be a strong, competitive company that produces a full portfolio of reliable vehicles that capture the imagination and inspire loyalty,” Mr. Marchionne said.

Under the terms approved by the U.S. Bankruptcy Court in New York and various regulatory and antitrust regulators, the company formerly known as Chrysler LLC today formally sold substantially all of its assets, without certain debts and liabilities, to a new company that will operate as Chrysler Group LLC.

Chrysler Group in turn issued to a subsidiary of Fiat a 20% equity interest on a fully diluted basis in the new company. Fiat has also entered into a series of agreements necessary to transfer certain technology, platforms and powertrains to the new Chrysler. Fiat’s equity interest will increase in increments by up to a total of 35% in the event that certain milestones mandated by the agreement are achieved, but Fiat cannot obtain a majority stake in Chrysler until all taxpayer funds are repaid.

Similarly, the United Auto Workers’ Retiree Medical Benefits Trust, a voluntary employees’ beneficiary association trust (VEBA) has been issued an equity interest in Chrysler Group equal to 55% on a fully diluted basis. The U.S. Treasury and the Canadian Government have been issued an equity interest equal to 8% and 2% on a fully diluted basis, respectively. These interests reflect the anticipated share dilution as a result of Fiat’s incremental equity assumption once the milestones outlined in the strategic alliance agreement are achieved.

In addition to Mr. Marchionne, currently the Chief Executive Officer of Fiat S.p.A. serving as CEO, the new Chrysler will be managed by a nine-member Board of Directors, consisting of 3 directors to be appointed by Fiat, 4 directors to be appointed by the U.S. Government, 1 director to be appointed by the Canadian Government and 1 director to be appointed by the United Auto Workers’ Retiree Medical Benefits Trust. The Board is expected to name Robert Kidder as Chairman. The process of determining additional board members is continuing and updates will be announced as appropriate.

As previously announced, Chrysler has entered into an agreement with GMAC Financial Services to provide automotive financing products and services to the Company’s North American (NAFTA) dealers and customers. GMAC Financial Services will be the preferred lender in North America for Chrysler, Jeep® and Dodge dealer and consumer business, including wholesale of new and used vehicles as well as retail.
 

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EU gives green light for Fiat's Chrysler takeover

24.07.2009
EU gives green light for Fiat's Chrysler takeover

The Fiat and Chrysler logos superimposed on the Italian and US flags
The European Union has approved a bid by Italian carmaker Fiat to take over US manufacturer Chrysler, saying the deal would not harm competition in Europe.

The European Union has approved Italian carmaker Fiat's bid to take over Chrysler, the third largest US automaker and owner of the Jeep and Dodge brands. The two companies reached a deal last month to create a global auto giant.

EU regulators say the move will not damage competition in Europe because Fiat will not be able to exercise sole control over Chrysler.

Regulators say the two companies have only limited market overlap as Chrysler does not make cars in Europe – Fiat's main market – and also sells very few vehicles here.

"After examining the operation, the European Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the EU said in a statement.

Fiat will initially hold 20 percent of Chrysler Group, with its stake later increasing to 35 percent and eventually to a majority stake.

The move forms part of a restructuring program at Chrysler, which has run up massive debts as a result of slumps in sales due to rising oil prices and the current economic crisis.

The deal has the support of the US government, which has agreed to provide new loans to Chrysler contingent on the deal with Fiat.

LINK:EU gives green light for Fiat's Chrysler takeover | Business | Deutsche Welle | 24.07.2009
 

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Fiat board approves split
July 21st, 2010


Earlier today, the Board of Directors of Fiat S.P.A. approved a demerger of its two automotive businesses. Fiat’s heavy truck and equipment companies, including Iveco and CNH (Case New Holland) will be spun off into a new entity, Fiat Industrial S.p.A. Fiat S.p.A. will retain Fiat Group Automobiles (Fiat, Fiat Professional, Abarth, Alfa Romeo and Lancia), Maserati, Ferrari, Magneti Marelli, Teksid, Comau and FPT (Fiat Powertrain
Technologies). Contrary to reports published elsewhere, the Fiat announcement did not say the company planned to incorporate Chrysler Group LLC into Fiat S.p.A. Fiat officially refers to its relationship with Chrysler as an alliance as it has operating control of the American automaker but does not have majority ownership.

Subject to regulatory approvals, the demerger is scheduled for January 1, 2011. Both companies will operate independently with their own management and board of directors and will be listed separately on the Milan stock exchange and current Fiat shareholders will receive a share in Fiat Industrial for every Fiat share they own at the time.
 

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Fiat gets a new chief executive


Sep 20th 2010

Your eyes doth not deceive you: Fiat has a new CEO. But before we get ahead of ourselves, Sergio Marchionne isn't going anywhere. The Italian-Canadian executive mastermind directing both the Fiat and Chrysler groups is not relinquishing his position. But a number of years ago, he did hand over control of the Fiat brand to a subordinate. That position has changed hands a couple of times since then, and has now been handed over to a new talent.

After years of experience in the industry, having worked for Ford and Toyota, Andrea Formica has been named CEO of the Fiat brand. And in typical Fiat style, he'll also have to juggle another portfolio in the group, directing sales for Fiat, Alfa Romeo and Lancia, as well as Chrysler's operations in Europe.

Vacating the position is Lorenzo Sistino, who moves over to head Fiat's International Operations while also running Fiat Professional, the company's commercial vehicles division. Full announcement in the press release after the jump.

[Source: Fiat]
LINK:
 

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Fiat Industrial to Move Listing to U.S. in Blow to Italy


Wednesday, May 30, 2012


May 30 (Bloomberg) -- Fiat Industrial SpA, the truck and tractor manufacturer that carmaker Fiat SpA spun off in 2011, plans to move its primary listing to New York from Milan after merging with its CNH Global NV unit in a blow to Italy.

Fiat Industrial, which controls the tractor maker through an 88 percent stake, proposed to CNH's board the creation of a new company in a share exchange that wouldn't include a premium for either companies' investors, the Turin, Italy-based company said in a statement today.

The transaction would create the world's third-largest capital goods company, according to Fiat Industrial, with a product range that includes Iveco delivery trucks, New Holland harvesters and FPT ship engines. Fiat Industrial Chairman Sergio Marchionne targets 25 billion euros ($31.1 billion) in sales this year, including Amsterdam-based CNH.

"With the crisis in Europe and an Italian exchange not very liquid, it's obvious that a global player with a strong presence in the U.S. would seek a New York listing," said Giuliano Noci, associate dean at MIP Politecnico in Milan. "Fiat Industrial may presage a similar move of Fiat and Chrysler."

Merger Plans

Fiat, which owns 58.5 percent of U.S. auto manufacturer Chrysler Group LLC, aims to merge the two carmakers to boost revenue to more than 100 billion euros in 2014. Marchionne hasn't disclosed yet where the combined entity will be listed and based.

He said today on a conference call with analysts that while there is a "technical blueprint" to replicate the deal for Fiat and Chrysler, the group is "miles away" from "being able to action anything like that."

Fiat Industrial rose as much as 45 cents, or 5.7 percent, to 8.34 euros and was up 0.6 percent as of 5:21 p.m. in Milan trading. CNH fell as much as 5.8 percent in New York.

Marchionne has been looking for a way to buy out minority CNH shareholders, who own a stake worth about $1.15 billion at current market values. He said last month that Fiat Industrial was working on a solution after the parent company simplified its capital structure by converting its saving and preferred shares into common stock.

The chairman said today that the decision to move the primary listing to New York was driven by better access to capital markets and not the downturn in Europe. Marchionne also said the group has been analyzing how it would react to a Greek exit from the euro, which he sees as a "very distant" possibility.

Simplified Structure

The new structure would create a single class of stock listed in New York with a secondary listing in Europe which may not be in Milan, Marchionne said. The new company, which will likely be based in the Netherlands, won't carry the Fiat name and will have "no legal link with the Italian market," he said.

"The deal makes sense as it simplifies the structure of the company," said Emanuele Vizzini, chief investment officer of Investitori Sgr in Milan. "It's is also a sign of Marchionne's center of gravity moving to the U.S."

Exchange ratios for the new company will be based on "undisturbed" share prices from March and April, according to today's statement. CNH and Fiat Industrial shareholders won't receive a premium because cost savings will probably be "minimal," the Italian company said.

Shareholder Incentives

The closing will be subject to a 250 million-euro cap on Fiat Industrial shareholders' withdrawal rights, the company said. The proposal includes incentives for investors to hold on to the stock "to facilitate a stable shareholder base," the company said. The incentives include doubling the voting rights for investors that keep the shares at least three years.

CNH's board hasn't yet fully evaluated the proposal, the tractor manufacturer said in a separate statement.

"The proposed move will have one key effect, reduction in borrowing costs for the combined entity given a U.S. listing versus the present Italian one for Fiat Industrial," said David Arnold, a sales specialist at Credit Suisse in London.

Exor SpA, the holding company that's Fiat Industrial's biggest shareholder, said separately that it supports the planned combination and wants to be a long-term investor in the new entity.

Exor will still control the resulting company, Mediobanca analysts wrote in a note to clients today. The withdrawal right is priced at 7.64 euros per share as of today, Mediobanca said.

SOURCE
 

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Fiat Industrial Merger

CNH shareholders approve special dividend



Mon Dec 17, 2012

(Corrects headline and first sentence to clarify that shareholders only approved special dividend, not merger with Fiat Industrial)

* Marchionne: European market will improve slightly in 2013

* Shareholders approve special $10 dividend

MILAN/AMSTERDAM, Dec 17 ,2012

Shareholders of tractor and construction equipment maker CNH on Monday approved an extraordinary dividend as part of plans to merge with parent Fiat Industrial.

The two groups will be merged into an as yet unnamed new company, which will be the world's third-largest capital goods maker by sales, in which investors will receive 3.828 shares per CNH share, and one share per Fiat Industrial share. The company will have a secondary listing in Milan.

Sergio Marchionne, chairman of Fiat Industrial, said shareholders approved a dividend payout of $10 per share at a special shareholders meeting in Amsterdam.


The merger will be approved at another special shareholders meeting, the date of which has yet to be determined, the company said.

Marchione told Reuters he expects the European car market in 2013 to perform "at the same level as 2012, probably slightly better, but I am probably the only optimist in this business right now."

"In the U.S. and Latin America, the market will do well," he added.

On Nov. 22, CNH and Fiat Industrial reached a preliminary agreement for a cash and share deal that would see Fiat Industrial acquire the 12 percent of CNH it did not own.

The new company is to introduce a "loyalty share" whereby investors who voted at Monday's shareholder meeting will receive two votes per share if they hold them to the completion of the merger procedure.

SOURCE
 

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Fiat S.p.A. Named to Dow Jones Sustainability Indices World and Europe for Fifth Consecutive Year


September 12, 2013 , Auburn Hills, Mich. -

As continued recognition of its leadership in sustainability, it was announced today that Fiat S.p.A. has been included in the prestigious Dow Jones Sustainability Indices (DJSI) World and Europe for the fifth consecutive year. The Group’s economic, environmental and social performance place it among the world’s leading companies: membership in the DJSI World and DJSI Europe equity indexes is limited to companies judged best-in-class when compared with the majority of their peers based on selected sustainability criteria.

To read the full release: http://www.fiatspa.com/en-US/sustainability/overview/notizie/FiatDocuments/2013/Settembre/Fiat_SpA_named_to_DowJones_Indices.pdf


Sustainability at Chrysler Group
Chrysler Group is committed to charting a sustainable course that balances the demands of environmental, social and economic aspects. The measurement of success must go beyond the traditional bottom line and extend to recognition of the environment and the needs of individuals both inside and outside the Company. While Chrysler Group works to continually create an exciting lineup of fuel-efficient vehicles, the entire enterprise is committed to minimizing the impact its products and processes have on the global environment.

Additional information can be found at: Chrysler Group LLC - Sustainability
 

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Fiat’s headquarters move ?

Fiat’s headquarters move risks political pain


01/28/2014

Fiat CEO Sergio Marchionne, who just managed to take full control of Chrysler, is about to unveil his next trick: moving the Italian group’s 115-year-old headquarters out of Italy.

As sources close to the company point out, Marchionne has said a New York share listing is on the table, he is likely to base the new company in Europe under a tax-efficient UK domicile.


The CEO is treading carefully in the United States and Italy, whose governments have bailed out Chrysler and funded temporary layoffs at Fiat.

“I’ve seen weirder things happen,” Marchionne told reporters at the Detroit auto show earlier this month. “So I sincerely hope they don’t create obstacles.”

Fiat is taking full control of Chrysler after striking a $4.35 billion deal to buy the 41.5 percent it didn’t already own from a union retiree health care fund. The deal creates the world’s seventh-largest automaker with operations in 40 countries and brands including Alfa Romeo, Dodge, Ferrari, Jeep and Maserati. A neutral country base could help anchor the merger. Still, previous owner Daimler’s attempt to run Chrysler from Germany ended in failure and a $29 billion loss.

Registering the group in the Netherlands with a UK tax domicile – as Marchionne did with the spun-off CNH Industrial – could ultimately deprive the United States and Italy of tax revenue on some overseas earnings, experts say.

Britain has steadily cut its corporate tax rate — to a proposed 20 percent in 2015 — and reduced the tax burden on profit from foreign subsidiaries in low-tax jurisdictions. Marchionne, 61, a trained lawyer and tax accountant by training, is due to present his proposals to Fiat’s board on Wednesday.
SOURCE
 

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Fiat-Chrysler CEO seeks US listing for merged group as of Oct. 1


01/29/2014

Jan 29 (Reuters) - The CEO of Fiat-Chrysler said on Wednesday he would like to complete the listing of the newly merged Fiat Chrysler Automobiles in the United States as of Oct. 1, but acknowledged it may be tough to do so.

"It's a relatively large undertaking," Sergio Marchionne said in a conference call with analysts.
SOURCE
 

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Fiat and Chrysler Adopt a New Logo

Fiat and Chrysler Adopt a New Logo


January 29, 2014 , Turin, Italy -



Following an initial phase with the two corporate logos appearing side-by-side – symbolizing the desire to respect the history, culture and industrial roots of the two groups – both Fiat and Chrysler now require a new corporate identity representative of an organization that is much more than the sum of its two component parts, based on strong core values that represents a unique corporate culture, a common vision and a Group with an international reach.

Created by RobilantAssociati, this branding project began with definition of a distinct strategic concept that served as the basis for creation of the name, logo, house style and entire corporate identity, whose universal and essential forms are strongly expressive and evocative.

Use of an acronym helps create a transition from the past, without severing the roots, while at the same time reflecting the global scope of the Group’s activities. Easy to understand, pronounce and remember, it is a name well suited to a modern, international marketplace.

The three letters in the logo are grouped in a geometric configuration inspired by the essential shapes used in automobile design: the F, derived from a square, symbolizes concreteness and solidity; the C, derived from a circle, representing wheels and movement, symbolizes harmony and continuity; and finally, the A, derived from a triangle, indicates energy and a perennial state of evolution.

The logo’s design lends itself to an extraordinary range of symbolic interpretations. It uses a versatile, modern language capable of expressing continuous change without losing its core identity.

The new logo will be adopted by Fiat and Chrysler as soon as practicable and before completion of the reorganization of the new Group.
 

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Fiat Group Closes 2013 Posting Trading Profit of €3.4 Billion and Net Industrial Debt of €6.6 Billion With a Significant Reduction in Losses in EMEA, the Premium Strategy Yielding Promising Initial Results

Fiat Group closes 2013 posting trading profit of €3.4 billion and net industrial debt of €6.6 billion with a significant reduction in losses in EMEA, the premium strategy yielding promising initial results, and strong cash generation of €1.7 billion in the fourth quarter

Worldwide shipments were up 3% over the prior year to 4.4 million units, driven by growth in NAFTA and APAC which more than offset moderate contractions in LATAM and EMEA.

Jeep set an all-time global sales record for the second consecutive year of 732,000 vehicles.

Revenues of €87 billion were up 3% in nominal terms, but grew 7% at constant exchange rates, with increases in NAFTA and APAC partially offset by reductions in LATAM and EMEA. Luxury Brands posted a strong year-over-year increase, with Maserati more than doubling over the prior year.

Trading profit was €3.4 billion, down from €3.5 billion in 2012 (IAS 19 restated) but up by €0.1 billion on a currency adjusted basis; trading profit for 2013 also included €0.3 billion in higher R&D amortization mainly due to new product launches in NAFTA. EMEA reduced losses by €233 million to €470 million, mainly on the back of improved product mix and cost efficiencies. APAC posted a 38% year-over-year increase to €358 million. NAFTA was down 9% (-6% at constant exchange rates), driven primarily by higher industrial costs related to product launches and the associated increase in R&D amortization. LATAM decreased 41% (-33% at constant exchange rates) driven by input cost inflation, a less favorable production mix, lower volumes and a decrease in Venezuela profitability. Both Ferrari and Maserati posted significant year-over-year improvements, with Maserati tripling to €171 million.

Net profit was €1,951 million (€896 million for 2012, IAS 19 restated), including a €1.5 billion positive impact from the recognition of net deferred tax assets related to Chrysler offset by €0.5 billion in net unusual charges. Excluding those items, net profit was €943 million (€1,140 million for 2012, IAS 19 restated).

Net industrial debt at 31 December 2013 was €6.6 billion, down from €8.3 billion at the end of Q3, with strong Q4 cash flow generation of €1.4 billion from Chrysler and €0.3 billion from Fiat ex-Chrysler. The increase in net industrial debt for 2013 was therefore limited to €0.1 billion but excluding equity investments the cash flow for the year was positive by €0.1 billion. Chrysler closed the year with a net cash position of €0.2 billion.

Total available liquidity at 31 December 2013, inclusive of €3.0 billion in undrawn committed credit lines, was €22.7 billion, up €2.6 billion from September-end. For Fiat ex-Chrysler, total available liquidity was €12.1 billion and for Chrysler €10.6 billion.

The Group indicates the following guidance for 2014: revenues of about €93 billion, trading profit in the ~€3.6 to €4.0 billion range, net income in the ~€0.6 to €0.8 billion range, with EPS to improve from ~€0.10 (ex-unusuals) to ~€0.44-€0.60 (guidance for net income takes into account increased deferred tax charge of ~€0.5 billion due to the recognition of net deferred tax assets at year-end 2013 related to Chrysler), net industrial debt in the €9.8 billion to €10.3 billion range. Guidance for net industrial debt includes cash outflows for the purchase of the remaining 41.5% minority stake in Chrysler Group LLC from the VEBA Trust (€2.7 billion), in addition to the impact of the adoption of IFRS 11, effective January 1st, 2014 (~€0.3 billion).

 

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Fiat S.p.A. Reorganizes After Completion of the Purchase of Chrysler Group LLC


January 29, 2014 , Turin, Italy -

Today, the Board of Directors of Fiat S.p.A. (“Fiat”) approved a corporate reorganization and the formation of Fiat Chrysler Automobiles (“FCA”) as a fully-integrated global automaker.

Following Fiat’s acquisition of the minority equity interest in Chrysler Group LLC, previously held by the VEBA Trust, the Fiat Board of Directors has reviewed options for the most appropriate governance and corporate structure.

In order to establish a true peer to the major global automotive groups, in both scale and capital market appeal, the Board has decided to establish Fiat Chrysler Automobiles N.V., organized in the Netherlands, as the parent company of the Group. FCA’s common shares will be listed in New York and Milan.

“A new chapter of our story begins with the creation of Fiat Chrysler Automobiles. A journey that started over a decade ago, as Fiat sought to ensure its place in an increasingly complex marketplace, has brought together two organizations each with a great history in the automotive industry and different but complementary geographic strengths. FCA allows us to face the future with a renewed sense of purpose and vigor,” said John Elkann, Chairman of Fiat.

Sergio Marchionne, CEO of Fiat and Chairman/CEO of Chrysler Group said: “Today is one of the most important days in my career at Fiat and Chrysler. Five years ago we began to cultivate a vision that went beyond industrial cooperation to include full cultural integration at all levels. We have worked tenaciously and single-mindedly to transform differences into strengths and break down barriers of nationalistic or cultural resistance. Today we can say that we have succeeded in creating solid foundations for a global automaker with a mix of experience and know-how on a level with the best of our competitors. An international governance structure and listings will complete this vision and improve the Group’s access to global markets bringing obvious financial benefits.”

Under the proposal approved by the Fiat Board, Fiat shareholders will receive one FCA common share for each Fiat share they hold and the FCA common shares will be listed on the New York Stock Exchange (NYSE) with an additional listing on the Mercato Telematico Azionario (MTA) in Milan. FCA is expected to be resident for tax purposes in the United Kingdom, but this is not expected to affect the taxes payable by Group companies in the jurisdictions in which their activities are carried out.

In order to foster the development and continued involvement of a core base of long-term shareholders, FCA will adopt a loyalty voting structure, under which Fiat shareholders who are present or represented by proxy at the Fiat shareholder meeting called to vote on the proposal and who continue to hold their shares until the closing, regardless of how they vote, are eligible to receive special voting shares equivalent in number to the newly-issued FCA common shares they receive. The special voting shares will be subject to specific terms and conditions.

After the closing, shareholders who hold their FCA common shares for at least three years would also be entitled to participate in the loyalty voting structure.

FCA shareholders will be eligible for loyalty voting until they transfer their common shares. This structure is intended to facilitate a stable shareholder base and reward long-term share ownership, while allowing the Group enhanced flexibility to pursue strategic opportunities.

The proposed transaction is subject to approval of the final documentation by Fiat’s Board of Directors and shareholders.

The transaction would also be subject to limited closing conditions, including listing on the NYSE and a €500 million cap on the exercise of withdrawal rights arising under Italian law by Fiat shareholders and opposition rights by Fiat creditors. Listing on the MTA in Milan is expected to occur after trading on the NYSE has commenced.

The transaction is expected to be completed by the end of the year.

Today’s decisions, and the jurisdiction of the parent company in particular, are based on the needs and opportunities resulting from the creation of a large, global auto group through the union of Fiat and Chrysler.

The existing organization based on four operating regions will remain central to the operating and management structure of the new Group. All activities forming part of FCA will continue with the same mission, including manufacturing plants in Italy and elsewhere around the globe, with no impact on headcount.

The Group will present a long-term business plan to the financial community at the beginning of May 2014.
 

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Fiat Chrysler Gets Dutch Headquarters

Fiat Chrysler Gets Dutch Headquarters


January 29, 2014


AUBURN HILLS (WWJ) - Now that Fiat has complete ownership of Chrysler, the new company has a new name and a new headquarters.

Fiat Chrysler Automobiles N.V. will be headquartered in the Netherlands, with shares traded in both New York and Milan.


“A new chapter of our story begins with the creation of Fiat Chrysler Automobiles. A journey that started over a decade ago, as Fiat sought to ensure its place in an increasingly complex marketplace, has brought together two organizations each with a great history in the automotive industry and different but complementary geographic strengths. FCA allows us to face the future with a renewed sense of purpose and vigor,” said John Elkann, Chairman of Fiat.

The changes will need to be approved by current Fiat stockholders, and the final language will need to be approved by the company’s board. The company hopes to begin trading in New York in October, and says the transaction is expected be finalized by the end of the year.

CEO Sergio Marchionne has been assuring workers that the decision on a headquarters will have no bearing on the work done at what had been Chrysler headquarters in Auburn Hills, and at Chrysler and Fiat operations around the world.

In its statement today, the company said the headquarters decision was based “on the needs and opportunities resulting from the creation of a large, global auto group through the union of Fiat and Chrysler.”

And, according to the statement, there will not be an impact on employment.

“The existing organization based on four operating regions will remain central to the operating and management structure of the new Group. All activities forming part of FCA will continue with the same mission, including manufacturing plants in Italy and elsewhere around the globe, with no impact on headcount.”

Fiat Chrysler plans to update analysts on its product strategy in May.

Chrysler announcing earlier that it made $2.8 billion in 2013, a profit helped by a one time tax gain. The adjusted net income came in at $1.8 billion.

“With the release today of our preliminary 2013 financial results we have closed a remarkable chapter in Chrysler’s proud history,” read an email sent to Chrysler workers by CEO Sergio Marchionne. “Your courage and passion have restored Chrysler to being a competitive force in the auto industry and have created a strong partner with Fiat in building an exciting new global venture. You have earned the right to take pride in our achievements to date while renewing our shared commitment to strive to be the very best.”

In the email, Marchionne stated that salaried and manufacturing workers would be entitled to a performance bonus, but did not lay out an amount. Since Chrysler’s profits are smaller, and it’s formula is different, the final number is likely to be far lower than the record $8,800 checks that Ford workers will receive.

Chrysler’s global sales were up nine percent over last year. But the company was hurt by the delayed Cherokee launch. Those vehicles are now at dealerships and selling well. So, they should help 2014 earnings.

“The ongoing demand in the SUV and truck segments is benefitting Chrysler’s Jeep and Ram brands,” said Kelley Blue Book analyst Karl Brauer. “With nearly four years of uninterrupted sales growth, bolstered by the recent introduction of the Jeep Cherokee and updates to the Ram 1500, Durango and Grand Cherokee, Chrysler has several compelling models performing well in this highly competitive market. While the Fiat brand continues to struggle, its sales woes could be offset by the Chrysler division’s all-new 200, which brings attractive styling and all-wheel drive to the high-volume midsize sedan segment. And with Fiat taking full ownership of Chrysler in 2014 the global automaker can now focus on future product development that maximizes production synergy and cost efficiencies.”

In his email, Marchionne urged Chrysler workers to embrace the global nature of the combined company.

“We need to focus on building a common future and to remove any vestiges of thinking that involves ‘us’ and ‘them.’ I ask you to continue bringing your skills and determination to make this next chapter the most rewarding one ever.”
SOURCE
 

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No employment loss seen as Fiat Chrysler Automobiles locates to Britain and Netherlands

01/31/2014


While Fiat Chrysler Automobiles will have a legal home in the Netherlands and a London address for tax purposes, the arrangement will not affect the number of people working for the combined company in Auburn Hills.


It’s highly unlikely that there will be neither a large wave of jobs migrating to Auburn Hills nor away from Turin, Italy, according to Fiat spokesman Richard Gadeselli.

Gadeselli also represents CNH Industrial, the maker of heavy-duty agricultural and construction machinery formed by the merger of Fiat Industrial and CNH. That company also uses Britain as its tax domicile.

But most of its employees are in Turin or in Chicago, home of its North American business.

Britain was selected because taxes on dividend payments are “lower than anywhere else, so it’s done as a benefit to shareholders,” Gadeselli said. The decision is not expected to change the automaker’s local, state or federal taxes, he said.

Fiat, which became Chrysler’s controlling shareholder in 2009, acquired the remaining 41.5% of Chrysler shares owned by the UAW Retiree Medical Benefits Trust for $4.35 billion.

The new name, logo and stock symbol are designed to respect the historical roots of both companies.

“Five years ago, we began to cultivate a vision that went beyond industrial cooperation to include full cultural integration at all levels,” Fiat CEO Sergio Marchionne said in a statement. “An international governance structure and listings will complete this vision and improve access to global markets bringing obvious financial benefits.”

Under the board proposal, Fiat shareholders will receive one share of Fiat Chrysler Automobiles in return for each Fiat share they hold.
SOURCE
 

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Chrysler Group Announces Leadership Changes
May 7, 2014 , Auburn Hills, Mich. -

Chrysler Group today announced that Joe Veltri assumes responsibility for Investor Relations. The appointment is effective July 1. Veltri will continue, on an interim basis, as head of NAFTA Product Planning until a replacement is named at a later date. Marco Auriemma assumes responsibility for Alfa Romeo Finance. He previously was the head of Investor Relations for Fiat S.p.A. His appointment is effective immediately.
 

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Fiat Chrysler Headquarters Will Be in London

Fiat Chrysler Headquarters Will Be in London

05/08/2014

Fiat Chrysler Automobiles NV, the company that will be formed from the combination of Fiat SpA (F) and Chrysler Group LLC, will be based in London, Chief Executive Officer Sergio Marchionne said today.

“The board, my office and some of my functions need to operate out of London,” Marchionne, 61, said today during a press conference as part of CNH Industrial NV (CNHI:US)’s investor meeting in Auburn Hills, Michigan. “That doesn’t mean that I’ll give up operational responsibilities in the U.S.”

Fiat, which bought full control of Chrysler in January, had said it will have its main stock listing in New York and will be registered in the Netherlands with the fiscal domicile in the U.K. for tax purposes. While Marchionne hadn’t commented previously about a specific city for the headquarters, in January he said the U.S. had a “large claim” to be chosen for the headquarters.

Choosing London as a headquarters makes sense for several reasons, John Wolkonowicz, an independent auto analyst, said in an interview. London is a financial capital and centrally located among Fiat Chrysler’s far-flung operations.

It also avoids the baggage of choosing either Fiat’s hometown of Turin, Italy, or Chrysler’s in Michigan, he said.

“If you put it in Detroit, you make Fiat people feel bad and if it’s in Turin, you make Chrysler people feel bad,” he said. “This way it’s neutral ground.”

Marchionne, who is chairman of CNH, also said Fiat investors “over reacted” to the automaker’s May 6 business plan presentation. Shares fell 12 percent yesterday after the carmaker announced that it aims to more than double profit by 2018. He said any decision on raising capital for the combined entity will be taken after the new company’s stock is listed in New York in the fourth quarter.
SOURCE
 
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