Fiat Chrysler CEO says company strong enough to stand alone
DETROIT (AP) — Major job cuts or an alliance with other automakers are not in the plans for Italian-American automaker Fiat Chrysler, the company's new CEO says.
Mike Manley, who took over for the late Sergio Marchionne last year, said the company downsized its workforce significantly during the global financial crisis a decade ago, and smaller cuts have been made since. So unlike crosstown rivals Ford and General Motors, he doesn't expect any "big bang event."
FCA sells auto parts unit to Japanese firm; $7 billion deal
MILAN (AP) — Fiat Chrysler Automobiles has announced the sale of its auto components division to Japanese automotive component supplier Calsoni Kansei Corporation in a deal valued at 6.2 billion euros ($7 billion).
Fiat Chrysler’s new CEO announces new management structure
MILAN (AP) — The new CEO of Fiat Chrysler Automobiles has announced management changes two months after taking over following the unexpected death of long-time Chief Executive Sergio Marchionne.
Mike Manley said Monday that the head of the Alfa Romeo brand, Tim Kuniskis, replaces him at the head of FCA's biggest-earner, Jeep, while Reid Bigland becomes head of the Ram brand.
Paving its future: Ferrari unveils wide-ranging new plans
MARANELLO, Italy (AP) — Ferrari is paving its way to future growth with a look to its roots.
The company's new CEO, Louis Camilleri, unveiled a new business plan Tuesday that includes reviving iconic models and embedding them with Formula One technology.
Workers, execs and politicians bid farewell to late Fiat CEO
TURIN, Italy (AP) — The heir to Fiat's founding family paid an emotional farewell to Sergio Marchionne, the late CEO of Fiat Chrysler Automobiles telling mourners Friday that "he taught all of us ... to have the courage to change."
In a eulogy at a packed Turin Cathedral, John Elkann, his voice cracking, echoed Marchionne's indefatigable work ethic in his eulogy, saying "never take a break or a deep breath after a victory, because life doesn't stop."
DETROIT (AP) — Fiat Chrysler says two memorial services will be held for the late CEO Sergio Marchionne (Mar-key-OHN-nay), one in Italy and another in the U.S.
The Italian service will take place at 11 a.m. Sept. 14 at Turin Cathedral near the company's Italian headquarters. It will be open to the public.
The U.S. service is Sept. 27 at the U.S. headquarters in Auburn Hills, Michigan, near Detroit. It is not clear whether the public is invited.
MILAN (AP) — Shares in sportscar Ferrari tanked Wednesday after the new CEO told analysts that an annual revenue target set by the late former chief executive, Sergio Marchionne, was "aspirational."
Louis Camilleri, who is also chairman at long-time Ferrari sponsor Philip Morris International, had a difficult inaugural analyst call. Shares dropped 8 percent on his comments, from 113 euros to 104 euros ($121.30) in the last 20 minutes of Milan trading despite strong quarterly results.
MILAN (AP) — Fiat Chrysler's late founding CEO Sergio Marchionne was a notorious workaholic who regularly slept on a corporate jet while landing in the headlines for his shrewd deal-making. Despite his very public profile, he kept a secret even from his board: he'd been seriously ill for more than a year.
BUDAPEST, Hungary (AP) — Sebastian Vettel led second practice for the Hungarian Grand Prix as Mercedes again struggled for speed on Friday.
On a day of mourning for Ferrari, following the death this week of former president Sergio Marchionne, Vettel was faster than Red Bull's Max Verstappen and Daniel Ricciardo.
The same three drivers had also led first practice hours earlier, with Ricciardo quickest ahead of Vettel and Verstappen.
MILAN (AP) — Fiat Chrysler Automobiles founding CEO Sergio Marchionne had been undergoing treatment for a "serious illness" for more than a year at Zurich University Hospital, where he died, the hospital said Thursday.
MILAN (AP) — Sergio Marchionne, a charismatic and demanding CEO who engineered two long-shot corporate turnarounds to save carmakers Fiat and Chrysler from near-certain failure, died Wednesday. He was 66.
The holding company of Fiat's founders, the Agnelli family, announced Marchionne had died after unexpected complications from surgery in Zurich. That came days after a deterioration in his health led the company to hastily appoint a successor.
GM and Boeing skid while HCA and iRobot rally
NEW YORK (AP) — Stocks that moved substantially or traded heavily Wednesday:
General Motors Co., down $1.83 to $37.65
The automaker cut its profit forecast because tariffs have raised the price of aluminum and steel and the dollar has strengthened.
Fiat Chrysler Automobiles NV, down $2.28 to $17
The car company cut its profit forecast because of difficulties in China and growing competition, and ex-CEO Sergio Marchionne died.
MILAN (AP) — Fiat Chrysler Automobiles' new CEO sought Wednesday to reassure investors about the future without the late founding chief executive, Sergio Marchionne, as the latest earnings report showed a drop in profits and lower full-year targets.
Mike Manley made his debut to the financial community shortly after news of the death of the 66-year-old Marchionne, whose planned exit next year had been accelerated over the weekend by a sudden deterioration in health.
Why Marchionne stood out as an auto industry leader
MILAN (AP) — Sergio Marchionne, the founding CEO of Fiat Chrysler Automobiles who died Wednesday, was widely recognized as an industry leader. Here's a look at some of his biggest accomplishments.
MILAN (AP) — The Latest on the death of Fiat Chrysler's former CEO, Sergio Marchionne (all times local):
The news agency ANSA is reporting that the cause of death of Fiat Chrysler automobile's founding CEO, Sergio Marchionne, was cardiac arrest.
Formula One’s Carey leads tributes to Marchionne
Formula One CEO Chase Carey has led racing's tributes to former Ferrari president Sergio Marchionne, who died on Wednesday.
Marchionne, who was 66, died after complications from surgery in Zurich.
"We are deeply saddened by the passing of Sergio Marchionne," said Carey. "He was a great leader of not just Formula 1 and the automobile world, but the business world overall.
‘Difficult baptism’ awaits new Fiat Chrysler CEO
MILAN (AP) — Fiat Chrysler's second-quarter earnings presentation was meant to celebrate long-time CEO Sergio Marchionne's achievement of eliminating all debt for the formerly troubled company. Instead, it will be overshadowed by his early and sudden exit for serious health problems and the debut of his replacement, Mike Manley.
- The Detroit NewsFiat Chrysler CEO open to a deal as PSA circlesMarch 5, 2019
- The Detroit NewsFiat Chrysler plans $1.1B inaugural dividend payoutFebruary 22, 2019
- The Detroit NewsMarchionne's final days leave FCA investors in darkJuly 27, 2018
- The Detroit NewsHospital: Marchionne had been seriously ill for a yearJuly 26, 2018
- San Antonio Express-NewsSergio Marchionne, CEO who steered Fiat Chrysler, dies aged 66July 25, 2018
MILAN (AP) — Fiat Chrysler shares were volatile Monday as investors expressed worry about the exit of ailing CEO Sergio Marchionne, whose driven and creative management style has been the company's fortune.
Shares in the Italian-American carmaker closed down 1.5 percent after a harder 4 percent opening tumble in the first trading since Marchionne's grave health condition was disclosed over the weekend.
NEW YORK (AP) — Stocks that moved substantially or traded heavily Monday:
LifePoint Health Inc., up $17 to $64.90
The hospital operator agreed to be acquired by Apollo Global Management for $65 per share.
Fiat Chrysler Automobiles NV, down 34 cents to $18.98
The company said CEO Sergio Marchionne stepped down earlier than expected because of health problems.
Papa John's International Inc., down $5.03 to $46.56
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are ending little changed on Wall Street as gains for banks are offset by losses in industrial companies and other sectors.
Banks rose Monday as bond yields moved sharply higher. JPMorgan Chase added 1.9 percent.
Industrial companies were broadly lower. Illinois Tool Works slumped 7.2 percent after forecasting earnings that were well below what analysts were expecting.
MILAN (AP) — The Latest on the sudden replacement of Fiat Chrysler CEO Sergio Marchionne (all times local):
Fiat Chrysler Automobiles says that the executive in charge of its business in Europe and the Middle East has resigned following long-time CEO Sergio Marchionne's early exit due to his deteriorating health.
MILAN (AP) — Sergio Marchionne's achievements as one of the automotive world's most charismatic chief executives include the bold trans-Atlantic merger of Italian carmaker Fiat and U.S. No. 3 Chrysler after he restored both to health.
But Marchionne told analysts during a big presentation last month that his true legacy at Fiat Chrysler Automotive would be the culture of a corporation where "mediocrity is never, ever worth the trip."
ROME (AP) — Jeep executive Mike Manley will be the new CEO of Fiat Chrysler Automobiles after longtime leader Sergio Marchionne's health suddenly deteriorated following recent surgery.
The nomination of Mike Manley as CEO of Fiat Chrysler marks a turning point for the carmaker, putting a brand with historic Italian roots in the hands of someone with no ties to Italy — a Brit who showed his mettle by growing the quintessentially American Jeep into a global brand.
ROME (AP) — Jeep executive Mike Manley will be the new CEO of Fiat Chrysler Automobile after longtime leader Sergio Marchionne's health suddenly deteriorated following surgery, the company announced Saturday.
Marchionne, a 66-year-old Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt U.S. carmaker Chrysler. Manley, 54, had been heading the Jeep brand since June 2009 and the Ram brand from October 2015 and has been with the company since 2000.
ROME (AP) — The Latest on Fiat Chrysler Automobiles CEO (all times local):
Jeep executive Mike Manley, who replaces the ailing Sergio Marchionne as the head of Fiat Chrysler Automobile, had been one of Marchionne's closest collaborators at the group.
Manley in a previous role had been responsible for product planning and all sales activities outside of North America.
Junta de Fiat Chrysler elige sucesor de su CEO
ROMA (AP) —
In a statement after an emergency board meeting Saturday, Ferrari said John Elkann, heir of the Agnelli family that founded Fiat more than 100 years ago, would take over as Ferrari chairman.
BALOCCO, Italy (AP) — In his last major presentation as CEO of Fiat Chrysler, Sergio Marchionne announced a big investment push to make more electrified cars, while acknowledging that traditional engines will continue to dominate production.
Fiat Chrysler reports rise in profit and drop in debt
MILAN (AP) — Carmaker Fiat Chrysler Automobiles reported Thursday a 60 percent rise in net profit for the first quarter of the year as sales improved, particularly in the Americas, and demand rose globally for its Jeeps.
The company said its profit of 1.02 billion euros ($1.24 billion) was up from 641 million euros in the same quarter a year earlier, though net revenue edged down 2 percent to 27.03 billion euros.
To paraphrase Mark Twain, reports of the death of small cars have been greatly exaggerated.
SAKHIR, Bahrain (AP) — A Ferrari team mechanic was hospitalized with a broken leg after being struck by Kimi Raikkonen's car during a botched tire change at the Bahrain Grand Prix on Sunday.
Raikkonen came in for his second tire change of the race after 36 of 57 laps and was given the green light to go despite work still continuing on the rear left tire. As the Ferrari driver pulled away, the tire hit the leg of one of the mechanics, knocking him to the ground.
Fiat Chrysler to spin off components business
MILAN (AP) — Fiat Chrysler Automobiles has announced it will spin off the Magneti Marelli components business as part of its five-year plan to be announced in June.
FCA CEO Sergio Marchionne said in a statement Thursday that the move would allow the Italian-American automotive company to focus on its core business while giving the components business "the operational flexibility" necessary for growth in the coming years.
Mercedes: F1 teams need to work together to avoid split
MELBOURNE, Australia (AP) — Mercedes boss Toto Wolff said Friday that Formula One teams have a responsibility to try to overcome their differences over the future of the sport in the face of a threat by Ferrari to quit because of a number of proposed changes.
Fiat Chrysler Automobiles NV, which held informal talks with Zhejiang Geely Holding Group Co. about a potential takeover by the Chinese manufacturer, would be ready to discuss interest from any suitor only after completing a growth plan this year.
Fiat Chrysler’s Marchionne paid nearly $12M in 2017
Fiat Chrysler Automobiles NV CEO Sergio Marchionne was paid 9.67 million euros (nearly $12 million) in compensation in 2017.
That's slightly more than the nearly $11.5 million he made in 2016, and Marchionne will also receive shares of stock for the first time in three years based on the company's recent financial success.
FCA net profits nearly doubles in 2017 on higher-margin mix
MILAN (AP) — Automaker Fiat Chrysler raised its profit-sharing with U.S. employees after reporting Thursday that profits nearly doubled last year, thanks to higher margins on its model mix that helped overcome a sales decline in North America.
Jeep updates Cherokee compact SUV to compete in hot market
DETROIT (AP) — Fiat Chrysler's Jeep brand is giving the Cherokee compact SUV a major face-lift so it can better compete in one of the hottest parts of the U.S. automotive market.
The 2019 Cherokee, unveiled Tuesday at the Detroit auto show, gets styling tweaks, a new engine, suspension improvements and engineering changes that save 200 pounds and improve gas mileage over the current model.
Detroit — Electric vehicles aren't profitable, and they show no sign of grabbing enough market share to warrant serious investment. At least not according to Fiat Chrysler Automobiles NV CEO Sergio Marchionne.
No automaker knows what the future of robotic and electric vehicles really looks like. He doesn't pretend to know, either.
FCA’s Marchionne says new CEO will be named this year
DETROIT (AP) — Fiat Chrysler CEO Sergio Marchionne says he'll step down next year after leading the combined company since 2009.
Marchionne, 65, told media at the Detroit auto show that FCA will release a business plan through 2022 around June. The company will announce his successor sometime after that.
Candidates include Mike Manley, who leads the company's Ram and Jeep brands, and Reid Bigland, who leads the Alfa Romeo and Maserati brands and U.S. sales.
Fiat Chrysler Automobiles NV will invest $1 billion at its Warren Truck Assembly plant to bring production of its Ram Heavy Duty truck to the U.S. from Mexico. The company said Thursday the move will add 2,500 jobs in Metro Detroit by 2020, when the plant retooling is completed.
The automaker also plans to give its 60,000 hourly and salaried U.S. employees $2,000 bonuses.
FCA to invest $1B in Michigan plant, pay out bonuses
DETROIT (AP) — Fiat Chrysler is moving production of heavy-duty trucks from Mexico to Michigan and paying bonuses to U.S. workers in response to the passage of U.S. tax reform late last year.
The automaker will invest $1 billion in its Warren Truck Assembly Plant to make the Ram Heavy Duty Truck starting in 2020. That truck is currently made in Saltillo, Mexico, where workers will continue to make commercial vehicles.
Mark your calendars: ol' Sergio Marchionne is being proven right again.
He's the heretical CEO who shocked the industry when Fiat Chrysler Automobiles NV said it would stop producing cars in its U.S. plants. It would convert them to building higher-margin SUVs because that's what Americans want in more shapes and sizes.
Fiat Chrysler Automobiles is in talks with South Korea's Hyundai Motor Co. about a partnership to develop hydrogen engines.
The alliance, which would also cover transmissions,could become "a strong one," Fiat Chrysler Chief Executive Officer Sergio Marchionne said over the weekend at the Alfa Romeo Museum in Arese, near Milan. "We welcome the interest from other automakers in our advanced transmissions and hydrogen-powered technologies," Hyundai said in an email Monday.
Marchionne: Ferrari could quit F1 over proposed changes
ARESE, Italy (AP) — Ferrari president Sergio Marchionne says the threat that the Italian team could leave Formula One is a "serious" one.
Marchionne is unhappy with the sport's proposed 2021 engine rules, which were revealed at the end of October, and has said that Ferrari could leave F1.
He reiterated that message on Saturday at a news conference to launch the new partnership between Alfa Romeo and Sauber.
Alfa Romeo Sauber confirms F1 seats for Leclerc, Ericsson
ARESE, Italy (AP) — The newly rebranded Alfa Romeo Sauber F1 team announced Saturday that its 2018 driver lineup will consist of Charles Leclerc and Marcus Ericsson.
Formula Two champion Leclerc, who is a product of Ferrari's junior program, had been expected to make the step up to F1, and it was confirmed that Ericsson will retain his seat.
Alfa Romeo back in F1 with Sauber after more than 30 years
TURIN, Italy (AP) — Alfa Romeo has joined up with the Sauber team for a return to Formula One after an absence of more than 30 years.
Sauber said Wednesday it has reached a "multi-year technical and commercial partnership" with the Italian automaker, which is part of Fiat Chrysler Automobiles.
From 2018, the team will be known as the Alfa Romeo Sauber F1 Team. Next year's car will bear the Alfa Romeo logo and will be equipped with Ferrari power units.
Detroit automakers to talk NAFTA with vice president
Washington — Vice President Mike Pence is scheduled to meet in Washington with leaders of the Detroit automakers on Monday amid increasing concerns about the future of the North American Free Trade Agreement.
Pence is meeting with the leadership of General Motors Co., Ford Motor Co. and Fiat Chrysler Automobiles at his ceremonial office in the Eisenhower Executive Office Building, according to the White House.
Fiat Chrysler and Eni cooperating on emissions reductions
MILAN (AP) — The CEOs of Italian-American carmaker Fiat Chrysler Automobiles SpA and Italian energy giant ENI have agreed to jointly develop technologies to reduce carbon emissions from vehicles.
The companies signed the agreement Tuesday in Rome with Premier Paolo Gentiloni that broadly focus on technologies related to compressed natural gas and liquefied natural gas - alternative fuels in which Italy has long been a market leader.