• Sign in to follow this  
    Followers 0

    Rumorpile: Did Fiat's CEO Propose An Alliance Between Them, Opel, and PSA?


    William Maley

    Staff Writer - CheersandGears.com

    October 31, 2012

    Bloomberg is reporting that earlier this month, Fiat CEO Sergio Marchionne sat down with PSA-Peugeot/Citroen GM earlier this month about creating an alliance that would become the largest automaker in the region.

    Marchionne's proposal was to have the three companies form an alliance in exchange for stock. Marchionne also had another proposal on the table where Fiat would take Opel off GM's hands if the company was given between $5 to $7 billion in cash for restructuring costs.

    PSA-Peugeot/Citroen passed on the alliance because it favors its partnership with GM. Also, if PSA-Peugeot/Citroen went ahead with this idea, this would have complicated a $9.1 billion guarantee from the French government.

    “It’s an indication that it’s getting increasingly difficult, especially for the southern European carmakers. Marchionne seems to be afraid to go under in the wave of joint ventures in Europe,” said Frank Schwope, an analyst with Norddeutsche Landesbank Girozentrale.

    “Don’t read anything into having a coffee at the bar. There are other things than combinations and mergers that people talk about from time to time,” said Marchionne when asked about this.

    General Motors and PSA-Peugot/Citroen declined to comment.

    Source: Bloomberg

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    0


    Sign in to follow this  
    Followers 0


    User Feedback


    Marchionne seems to be keen on stopping VW juggernaut and one up Winterkorn.

    GM should not burn its hands twice with FIAT, once is enough.

    0

    Share this comment


    Link to comment
    Share on other sites
    Marchionne seems to be keen on stopping VW juggernaut and one up Winterkorn. GM should not burn its hands twice with FIAT, once is enough.

    Totally agree, Fiat screwed the Pooch once and never again. After all the US and GM has done, time to move forward with other companies that are actually set on being honorable.

    0

    Share this comment


    Link to comment
    Share on other sites


    Your content will need to be approved by a moderator

    Guest
    You are commenting as a guest. If you have an account, please sign in.
    Add a comment...

    ×   You have pasted content with formatting.   Remove formatting

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor




  • Popular Stories

  • Today's Birthdays

    1. aaaantoine
      aaaantoine
      (34 years old)
  • Similar Content

    • By William Maley
      Volkswagen has been teasing us for a number of years with Microbus concepts that never seem to go anywhere. The latest one is the I.D. Buzz that debuted earlier this month at the Detroit Auto Show. But an insider says this concept will go into production.
      Automotive News Europe spoke to a source at Volkswagen who said, "I know what you're going to ask and the answer is 2022. Diess wants it."
      The second sentence in that quote is important. Diess refers to Herbert Diess, the brand chief for Volkswagen. According ANE, Diess is a big fan of the I.D. Buzz concept in part as the original bus "is a feel-good throwback to the days when VW stood for flower power, not toxic pollutants."
      According to other sources, the production variant of the I.D Buzz will be very close to the concept, minus the retractable steering wheel.
      Whether it actually goes into production or not remains to be seen.
      Source: Automotive News Europe (Subscription Required)
      Pic Credit: NewspressUSA

      View full article
    • By William Maley
      Volkswagen has been teasing us for a number of years with Microbus concepts that never seem to go anywhere. The latest one is the I.D. Buzz that debuted earlier this month at the Detroit Auto Show. But an insider says this concept will go into production.
      Automotive News Europe spoke to a source at Volkswagen who said, "I know what you're going to ask and the answer is 2022. Diess wants it."
      The second sentence in that quote is important. Diess refers to Herbert Diess, the brand chief for Volkswagen. According ANE, Diess is a big fan of the I.D. Buzz concept in part as the original bus "is a feel-good throwback to the days when VW stood for flower power, not toxic pollutants."
      According to other sources, the production variant of the I.D Buzz will be very close to the concept, minus the retractable steering wheel.
      Whether it actually goes into production or not remains to be seen.
      Source: Automotive News Europe (Subscription Required)
      Pic Credit: NewspressUSA
    • By William Maley
      This morning, General Motors announced that it would be investing $1 billion into their manufacturing operations in the U.S. The investment will go towards “new vehicle, advanced technology and component projects,” that will create or retain 1,500 jobs. GM also announced that it would create at least 5,000 more jobs in the U.S. for various parts of their business, and insource the production of axles for their next-generation of full-size trucks to create 450 jobs.
      Announcements on where the investments will go will be announced at a later date.
       
      “As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners. The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value,” said GM Chairman and CEO Mary Barra in a statement.
      This news comes on the heels of comments made by President-elect Donald Trump on possibly imposing a 35 percent tariff on vehicles built in Mexico. According to NBC News, various General Motors officials stress these moves were months, and some years in the making.
      Source: General Motors, NBC News
      Press Release is on Page 2


      GM Announces 7,000 U.S. Jobs, Builds Off Strong Track Record
      Investing Additional $1 Billion in U.S. Manufacturing Moves Axle Jobs to U.S. from Mexico More than 5,000 New Jobs in Key Growth Areas    DETROIT – General Motors today announced that it will invest an additional $1 billion in U.S. manufacturing operations. These investments follow $2.9 billion announced in 2016 and more than $21 billion GM has invested in its U.S. operations since 2009.
      The new investments cover multiple new vehicle, advanced technology and component projects. A combination of 1,500 new and retained jobs are tied to the new investments. Details of individual projects will be announced throughout the year.
      The company also announced it will begin work on insourcing axle production for its next generation full-size pickup trucks, including work previously done in Mexico, to operations in Michigan, creating 450 U.S. jobs.
      “As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners,”  said GM Chairman and CEO Mary Barra. “The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value.”
      GM’s announcement is part of the company’s increased focus on overall efficiency over the last four years. With a strategy to streamline and simplify its operations and grow its business, GM has created 25,000 jobs in the U.S. − approximately 19,000 engineering, IT and professional jobs and 6,000 hourly manufacturing jobs – and added nearly $3 billion in annual wages and benefits to the U.S. economy over that period. At the same time, GM reduced more than 15,000 positions outside the U.S., bringing most of those jobs to America. During that period, the company moved from 90 percent of its IT work being outsourced to an insourced U.S.-based model.
      “We will continue our commitment to driving a more efficient business,” said Barra, “as shown by our insourcing of more than 6,000 IT jobs that were formerly outside the U.S., streamlining our engineering operations from seven to three, with the core engineering center being in Warren, Michigan, and building on our momentum at GM Financial and in advanced technologies.  These moves, and others, are expected to result in more than 5,000 new jobs in the U.S. over the next few years.”
      GM has also been facilitating its supplier base to do the same. The company has been executing a strategy to create supplier parks adjacent to its U.S. manufacturing sites (already accomplished at GM’s Fairfax Assembly Plant in Kansas, Spring Hill Assembly Plant in Tennessee, Fort Wayne Assembly Plant in Indiana, and Lordstown Assembly Plant in Ohio), and will continue to expand this effort. Supplier parks locating near assembly plants result in significant savings from reduced transportation costs, higher quality communications and continuous improvement activities as suppliers are located closer to the final assembly location.
      In addition, GM is confirming that another supplier has committed to make components for GM’s next-generation full size pick-up trucks in Michigan, moving 100 supplier jobs from Mexico to the U.S.

      View full article
    • By William Maley
      This morning, General Motors announced that it would be investing $1 billion into their manufacturing operations in the U.S. The investment will go towards “new vehicle, advanced technology and component projects,” that will create or retain 1,500 jobs. GM also announced that it would create at least 5,000 more jobs in the U.S. for various parts of their business, and insource the production of axles for their next-generation of full-size trucks to create 450 jobs.
      Announcements on where the investments will go will be announced at a later date.
       
      “As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners. The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value,” said GM Chairman and CEO Mary Barra in a statement.
      This news comes on the heels of comments made by President-elect Donald Trump on possibly imposing a 35 percent tariff on vehicles built in Mexico. According to NBC News, various General Motors officials stress these moves were months, and some years in the making.
      Source: General Motors, NBC News
      Press Release is on Page 2


      GM Announces 7,000 U.S. Jobs, Builds Off Strong Track Record
      Investing Additional $1 Billion in U.S. Manufacturing Moves Axle Jobs to U.S. from Mexico More than 5,000 New Jobs in Key Growth Areas    DETROIT – General Motors today announced that it will invest an additional $1 billion in U.S. manufacturing operations. These investments follow $2.9 billion announced in 2016 and more than $21 billion GM has invested in its U.S. operations since 2009.
      The new investments cover multiple new vehicle, advanced technology and component projects. A combination of 1,500 new and retained jobs are tied to the new investments. Details of individual projects will be announced throughout the year.
      The company also announced it will begin work on insourcing axle production for its next generation full-size pickup trucks, including work previously done in Mexico, to operations in Michigan, creating 450 U.S. jobs.
      “As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners,”  said GM Chairman and CEO Mary Barra. “The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value.”
      GM’s announcement is part of the company’s increased focus on overall efficiency over the last four years. With a strategy to streamline and simplify its operations and grow its business, GM has created 25,000 jobs in the U.S. − approximately 19,000 engineering, IT and professional jobs and 6,000 hourly manufacturing jobs – and added nearly $3 billion in annual wages and benefits to the U.S. economy over that period. At the same time, GM reduced more than 15,000 positions outside the U.S., bringing most of those jobs to America. During that period, the company moved from 90 percent of its IT work being outsourced to an insourced U.S.-based model.
      “We will continue our commitment to driving a more efficient business,” said Barra, “as shown by our insourcing of more than 6,000 IT jobs that were formerly outside the U.S., streamlining our engineering operations from seven to three, with the core engineering center being in Warren, Michigan, and building on our momentum at GM Financial and in advanced technologies.  These moves, and others, are expected to result in more than 5,000 new jobs in the U.S. over the next few years.”
      GM has also been facilitating its supplier base to do the same. The company has been executing a strategy to create supplier parks adjacent to its U.S. manufacturing sites (already accomplished at GM’s Fairfax Assembly Plant in Kansas, Spring Hill Assembly Plant in Tennessee, Fort Wayne Assembly Plant in Indiana, and Lordstown Assembly Plant in Ohio), and will continue to expand this effort. Supplier parks locating near assembly plants result in significant savings from reduced transportation costs, higher quality communications and continuous improvement activities as suppliers are located closer to the final assembly location.
      In addition, GM is confirming that another supplier has committed to make components for GM’s next-generation full size pick-up trucks in Michigan, moving 100 supplier jobs from Mexico to the U.S.
  • Recent Status Updates

  • Who's Online (See full list)