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It was not so long ago when Ferrari said that they will never build an SUV. But Sergio Marchionne, boss of Fiat Chrysler Automobiles, said in his speech at the New York Stock Exchange on October 9 that Ferrari is “dead serious” about their plans for a utility vehicle, which he refers to as the “FUV”. But after saying that, he also mentioned that it will take about 30 months for the automaker to decide on the production volume.
The 65-year-old CEO added that they’ll need to learn to master the relationship between scarcity and exclusivity before they can balance the desire to grow and widen their product portfolio. However, it is likely that production volume will be kept low so that the vehicle remains exclusive.
Many of us are surprised to hear that there will soon be a Ferrari SUV, considering the fact that they have been denying rumours of such a vehicle many times in the past. Though back in August, they did say that an SUV will probably happen. The reason why the automaker decided on this is probably because they know that the super SUV segment will expand significantly in the next few years. And one of their main competitors would be models like the upcoming Lamborghini Urus.Read the entire article Marchionne confirms Ferrari SUV production
Back in March 2011, we witnessed the Ferrari FF concept designed by Pininfarina at the Geneva Motor Show. It was a four-seater grand tourer with a four-wheel drive setup, hence its name. However, it turned out to be more like a crossover. Ferrari decided they would go for the FF instead of the F151 that was styled by Giugiaro since the latter did not earn the approval of Ferrari’s bosses.
It has been a couple of years since the F151 was rejected. Perhaps the company was not ready for a family car back then and everybody knew that Ferrari has no plans of coming up with an SUV. However, we have been hearing a lot about the Ferrari Utility Vehicle (FUV) lately, and this might be the first family oriented car that the company will be producing. Ferrari CEO Sergio Marchionne recently said in a conference call that the FUV “will probably happen”, though this might only be offered to “the selected few” if it gets approved.
Marchionne also said that the utility vehicle will still carry the same style of the prancing horse, and will have the same standards as any other cars they have done in the past. Though he did make it clear that the suspended model cannot climb rocks or go off-road. But then, this won’t be a big deal since that is not what Ferrari customers look for anyway. Just like the high-powered Lamborghini Urus and the Bentley Bentayga, these SUVs are only driven on smooth roads.Read the entire article Marchionne says that the Ferrari SUV will probably happen
If the outspoken chairman and chief executive of Italian sports maker Ferrari, Sergio Marchionne, is to be believed, some of its customers only became Lamborghini’s clients because they couldn’t get their own Maranello-built car.
Speaking before a media forum at the 2017 Geneva Motor Show, Marchionne made those remarks while answering a number of questions, as thrown to him by the press. He noted during the media forum that the waiting list of some of Ferrari’s car is long, and many failed to make the cut.
Marchionne said that while he has lot of respect for Lamborghini CEO Stefano Domenicali – who once served as principle for Ferrari’s F1 team – he believes those who missed to make the cut for Ferrari cars and were turned away ended up buying Lamborghini vehicles. We wonder how Domenicali would respond to Lamborghini connoted as a second choice to Ferrari cars.Read the entire article Ferrari CEO Sergio Marchionne says clients who missed the order list became Lamborghini customers
When Ferrari started putting turbocharged engines inside their models, plenty of people were wary and saw that move as controversial. A report by Automotive News Europe reveals that there is another potential controversy brewing as the brand is planning a widespread use of hybrid engines across its product range.
Many agree that it’s acceptable that the LaFerrari was fitted with an electric motor as it meant the power already provided by the internal combustion V12 engine could be increased. The LaFerrari was first revealed during the 2013 Geneva Auto Show. Back then it showed a hybrid system composed of a 6.3-liter V12 engine and an electric motor resulting in a combined power of 949 hp. This power is then transferred to the road through the automatic dual-clutch 7-speed transmission.
However, according to CEO Sergio Marchionne, the shift to electrification is meant to increase the volume of sales for the brand.Read the entire article Ferrari will introduce more hybrid models starting 2019, CEO says
An invitation to discuss a mega merger deal sent via email by Fiat Chrysler Automobiles Chief Executive Sergio Marchionne has been turned down by General Motors CEO Mary Barra last March, according to a recent report from the New York Times. Sources said that Marchionne suggested a merger of the global automakers so that they will save billions of dollars and form an automotive giant.
It’s not a surprise that Marchionne sent the email since he has been quite vocal in his plan for a consolidation. Last April 13, Reuters reported that Marchionne wanted a super merger, possibly in the U.S., to eliminate the weaknesses within the company and to strengthen his legacy before he steps down in early 2019.
The New York Times report revealed that Barra and other GM executives weren’t interested in the idea of a merger. Sources said that Marchionne had requested for a meeting and was “flatly turned down.” When Fiat Chrysler posted lower-than-expected in the first quarter, Marchionne made a plea in public to limit the number of players in the global auto industry.Read the entire article GM CEO says no to Fiat Chrysler Marchionne’s merger plan
Before Sergio Marchionne, the CEO of Fiat Chrysler, steps down in 2019, he wants to be able to strengthen his legacy and leave the company stronger than before he was in it, according to a Reuters’ report citing sources. To accomplish that, Marchionne is now looking for a huge deal that may possibly be in the U.S.
However, reports say that the company (No. 7 largest automaker in the world) is struggling to reach a deal with anyone. It has big debts under its belt and is barely able to break even in Europe. Its aim to revamp Alfa Romeo will also require a ton of cash to attain.
Several sources say that General Motors is being targeted by Marchionne and Fiat's founding Agnelli family since Fiat Chrysler already has a foundation in the U.S. market but has a weakness in Asia.Read the entire article Fiat Chrysler CEO Marchionne hopes to complete giant deal before stepping down
Sergio Marchionne, in his capacity as chief executive of Fiat Chrysler Automobiles, received a pay package valued at EUR31.3 million ($34 million) in 2014, according to a filing with the United States Securities and Exchange Commission. He received EUR2.5 million in salary, EUR4 million in annual incentives as well as other compensation -- bringing his pay package to about EUR6.6 million.
Likewise, non-executive directors green-lighted a one-off cash award of EUR24.7 million to Marchionne to recognize his strategic contribution to the group in 2014, when he was instrumental in the merger of Fiat and Chrysler to create the seventh-larger carmaker in the world.
He will also receive a grant of EUR1.6 million restricted shares, subject to approval by shareholders, as well as a special bonus of EUR12 million that he could only receive when his mandate ends. Marchionne has said he will remain as chief of FCA through the end of a five-year plan, which should culminate in 2018.Read the entire article Fiat Chrysler CEO Marchionne gets EUR31.3 million in pay package in 2014
Sergio Marchionne, chief executive of Fiat Chrysler Automobiles NV as well as FCA US, believed that incentive spending in the United States has not gotten out of control. He said that he believed that the auto industry as a whole is healthy and there is no need to sacrifice profits just to gain market share – just like before the financial collapse of Chrysler and General Motors in 2009.
He noted that there are two signs that indicate the state of health of the industry -- incentives and inventory levels. “We’re miles away from 2009,” he quipped. Marchionne also said that that the auto industry may have, on some instances, over-reacted on recalls. He said that in a lot of ways, the “all-encompassing issue to the airbag issue may have been overkill.”
FCA’s top honcho said the National Highway Traffic Safety Administration and the auto industry will be able to find an equilibrium over the next 12 to 18 months. He, however, said that that the costs incurred for the recalls will be ultimately passed on to consumers.Read the entire article Sergio Marchionne says US incentive spending is not out of control
A Georgia judge has ordered Sergio Marchionne, chief executive of Fiat Chrysler Automobiles, to provide a videotaped deposition in a lawsuit filed by the family of 4-year-old Remington Cole Walden, who died after the Jeep Grand Cherokee he was riding was rear-ended and caught fire.
Chrysler said in a statement that the 1999 Jeep Grand Cherokee involved in the accident met or exceeded all applicable safety standards at the time it was first sold, noting that the vehicle is not defective. In the accident, Walden was belted into a booster seat in the rear of the Grand Cherokee.
The vehicle was waiting to make a left turn at an intersection when it was rear-ended by another vehicle, according to the lawsuit. Walden died from injuries in the fire, according to the lawsuit.Read the entire article Georgia judge orders FCA CEO Marchionne to appear in videotaped deposition
Fiat Chrysler Automobiles chief executive Sergio Marchionne now has a 1-percent stake in the carmaker and almost doubled is voting stake after exercising his stock options before the Nov. 3 expiration date. He used to have 6.8 million shares for a 0.65 percent stake in FCA. He now has 12.1 million shares for a 1-percent stake.
He also used to have a 0.4 percent voting stake in FCA, but now has a 0.75-percent voting stake, based on a total share capital of 1.6 billion shares, including loyalty shares, as calculated by Reuters. The shares purchase means Marchionne is now FCA’s fifth-largest shareholder, according to data compiled by Bloomberg.
Exor, the Agnelli family's holding company, remains FCA’s largest with 30 percent of common shares and 46.6 percent of the voting rights. Marchionne exercised options due to expire on Nov. 3 for 6.25 million shares and the same number of shares in CNH Industrial for a price of EUR83.6 million ($105 million), according filings made with Dutch market regulator AFM.Read the entire article Sergio Marchionne now owns 1 percent stake in Fiat Chrysler Automobiles
According to Ferrari’s new chairman Sergio Marchionne, the Italian Prancing Horse is worth as much as 12 billion euros. However, other people think that Ferrari isn’t worth that much and that 5 billion euros is the proper number. Still, Sergio Marchionne says that Ferrari’s value should be calculated with the same formula used for luxury goods companies.
For those who don’t know, the formula used for luxury goods companies is nine to 12 times earnings before interest, taxes, depreciation and amortization (EBIDTA). Using the formula for Ferrari’s 65- million euro EBIDTA for 2013, Ferrari is worth between 5.85 billion and 7.8 billion euros.
In order to obtain 12 billion euros, Marchionne forsees company’s EBIDTA to 1 billion euros. The bad news is that Sergio Marchionne is the only person who says that Ferrari has a value of 12 billion euros.Read the entire article Ferrari is worth as much as 12 billion euros, says Sergio Marchionne
In a recent interview with CNBC, Ferrari’s new chairman Sergio Marchionne said that the company is in good hands with Fiat Chrysler Automobiles, as long as they don’t screw up the DNA of the Prancing Horse. As you may know already, the former Chairman of Ferrari, Luca di Montezemolo set a production limit of 7,000 cars per year in order to raise prices for new as well as used cars.
Meanwhile, Marchionne wants to change this and he will gradually increase production to 10,000 cars in order to keep up with the growing demand. This year, Ferrari will increase production to 7,200 units, according to Sergio Marchionne.
In addition, Marchionne said that he loves Ferraris (he owns 7 models) and that the Enzo is remarkable because of what it represents, while the 458 is the best driving machine ever invented.Read the entire article New Ferrari chairman Sergio Marchionne promises to keep brand’s iconic status
Fiat Chrysler Automobiles, the new merger between two big carmakers would result to the creation a new No. 1 in the global auto industry, said chief executive Sergio Marchionne in a joint interview for Bloomberg Businessweek with Chairman John Elkann.
Marchionne remarked that a new No. 1 – larger than current topnotch Toyota Motor Corp. – is needed by the auto industry, which he said is still very fragmented for the amount of capital required to develop and build new vehicles.
But not all mergers lasted. For instance, Chrysler’s former partner Daimler AG sold it at a loss as culture clashes limited the range of what could be saved from the merger. Similar issues discouraged Volkswagen AG and Suzuki Motor Corp. to work together. But as the competition in the industry gets more intense, carmakers find it more appealing to combine.Read the entire article Sergio Marchionne sees Fiat Chrysler Automobiles as the new No. 1 in the global auto industry
We didn’t expect this from Sergio Marchionne but it appears that the Chief Executive Officer of the merged Fiat-Chrysler and the man behind the merger of the two carmakers will step down after 2018, or once the five-year business plan is completed.
Marchionne added that he will do something else after 2018 as he will let some young punks do more turnarounds. According to Bloomberg, chairman John Elkan is not a candidate as he is planning to maintain his current position but he did mentioned people that could replace Marchionne.
Last year, Elkan said that managers who could replace Marchionne were CNH Industrial CEO Richard Tobin, Alfredo Altavilla a.k.a. Fiat’s European chief, Jeep’s chief Mike Manley or Cledorvino Belini, head of Fiat Brazil.Read the entire article Sergio Marchionne will step down after 2018, once the 5-year business plan is completed
Earlier today we told you that Luca di Montezemolo will receive almost 27 million euros from Ferrari as he steps down as company’s chairman, being replaced by Sergio Marchionne. We asked Krista Florin a.k.a. the Director of Communications at Ferrari North America if the any vehicle launches will be affected or if the company will increase the production limited by Montezemolo at 7,000 units per year in order to preserve brand’s uniqueness.
Unfortunately, Krista Florin declined to make any comment saying just that business is as usual at Ferrari. Still, the new Ferrari CEO Sergio Marchionne has other plans and when he will take in charge on October 13, he plans to increase production of Italian supercars.
Marchionne also wants to increase production of supercars such as the LaFerrari, which is really bad because the company had a tradition when Montezemolo was the chairman but things have changed, Ferrari is now American.Read the entire article New Ferrari CEO Sergio Marchionne plans to build more supercars
Yesterday, the media was talking about a conflict between Fiat chairman Sergio Marchionne and Ferrari’s Luca di Montezemolo. There was a rumor regarding Luca di Montezemolo’s departure from the supercar manufacturer. Today, the rumor became real and Ferrari officially announced that Luca Cordero di Montezemolo will step down after he led Ferrari for 23 years.
As of October 13, Ferrari’s chairman will be Sergio Marchionne and it appears that he is planning to expand the company in luxury cars in order to better compete with VW Group’s Lamborghini or Bugatti.
The problem with Montezemolo was that he wanted Ferrari to remain autonomous and limit sales to about 7,000 cars per year in order to preserve the brand’s exclusive allure.Read the entire article Official: Luca di Montezemolo quits, Sergio Marchionne is the new Ferrari chairman
Although he led Ferrari for more than 20 years, it appears that Chairman Luca Cordero di Montezemolo will leave the supercar manufacturer due to a conflict over strategy with Sergio Marchionne. According to inside sources, Montezemolo will step down later this year and currently he has to agree on a severance package.
On September 11, Ferrari’s board will meet in order to review the first-half results and we suspect that the final decisions will be taken during that meeting. As you may know already, Ferrari’s Montezemolo has a strategy where he limits the sales to 7,000 units per year to protect brand's uniqueness.
Meanwhile, Marchionne wants to expand in luxury cars to better compete with the Volkswagen Group, which owns Bentley, Bugatti and Lamborghini. So, it’s easy to understand the conflict and Marchionne didn’t hide anything when he criticized the performances of Ferrari’s Formula One team.Read the entire article Ferrari Chairman Luca di Montezemolo will step down due to a conflict with Marchionne
Sergio Marchionne will still sit as chief executive of Fiat Chrysler Automobiles until at least 2018 at he is tasked to fully implement the group’s five-year business plan that ends that year. Marchionne said he would stay to for the plan’s full implementation to make sure that its goal gets delivered.
Fiat Group Chairman John Elkann remarked he had talked with Marchionne last week over the latter his tenure as the carmaker’s top man. Elkann remarked that they managed to have Marchionne stay at Fiat for two more years.
Elkann had said in January that Marchionne would lead Fiat Chrysler through at least 2016, the end of what was then a proposed three-year plan. Elkann announced at the time that Fiat-Chrysler in May will unveil a new three-year business plan, with Marchionne leading the company at least for the entire duration of the plan.Read the entire article Sergio Marchionne is Fiat Chrysler CEO until at least 2018
Fiat-Chrysler chief executive Sergio Marchionne plans to transform Alfa Romeo into a stand-alone company as part of efforts to revive the beleaguered brand, people privy with the matter told Automotive News Europe. Sources disclosed that Alfa Romeo will have a publicly disclosed profit and loss statement to ensure that his latest re-launch bid becomes a credible business proposition.
The plan is considered critical for Fiat dealers in the United States – now selling only the Fiat 500 and 500L -- who are expecting to carry Alfa Romeo. Sources told Automotive News Europe that Marchionne is set to announce Alfa Romeo's new status on May 6 when it outlines its five-year product and business plan.
Transforming Alfa Romeo into a global brand is vital part of Marchionne's plan to make Fiat's operations in Europe profitable once again by mid-decade. That transformation will entail a re-launch as backed by introducing new rear-wheel-drive vehicles -- including an SUV – by 2016 to help Alfa Romeo compete better against luxury carmakers like BMW.Read the entire article Sergio Marchionne wants to make Alfa Romeo a stand-alone company
Sergio Marchionne received EUR3.6 million ($5 million) in cash in 2013, including a bonus and incentives, for his role as chief executive of Fiat S.p.A., according to the group’s compensation report. Marchionne received a fixed remuneration of EUR2.3 million and a EUR1.3 million bonus for reaching certain performance targets, Fiat said in a statement.
Likewise, under a separate stock incentive scheme, Marchionne was granted the right to receive 2.3 million Fiat shares but he has yet to exercise that right. He already held around 3 million shares at the end of 2013. Fiat disclosed that Marchionne did not receive any monetary compensation for his role as Chrysler’s CEO in 2013.
According to a Chrysler filing with the United States Securities and Exchange Commission, Marchionne received benefits and stock awards valued at $307,989 in 2013 for his CEO role at the company. Marchionne has been CEO of both carmakers since Chrysler emerged from bankruptcy in 2009. He is expected to remain CEO of the merged Fiat Chrysler Automobiles for at least the next three years.Read the entire article Sergio Marchionne gets ‘only’ $5 million as Fiat CEO in 2013
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