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William Maley

Fiat News: FCA's Sergio Marchionne Skeptical on Tesla Model 3

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Fiat Chrysler Automobile's CEO Sergio Marchionne is someone who speaks his mind - for better or worse. Speaking with Automotive News Europe, Marchionne expressed his skepticism on the recently unveiled Tesla Model 3, specifically on how they can make a profit.

 

"I'm am not surprised by the high number of reservations but you have then to build and deliver them and also be profitable," Marchionne said.

 

The Model 3 is Tesla entry into the mass-market EV segment with a $35,000 pricetag. At the moment, reservations for the new model are nearing 400,000. Marchionne doesn't see how Tesla could make money on it.

 

But Marchionne went on to say if Tesla's Elon Musk "can show me that the car will be profitable at that price, I will copy the formula, add the Italian design flair and get it to the market within 12 months."

 

Considering this is the same person who railed against EVs for years, it is a bit of a shock. Asked if he thinks the company is arriving late to the EV party, Marchionne said: “better late than sorry.”

 

Source: Automotive News Europe (Subscription Required)


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WOW, Talk about an Idiot. This from a guy who has stolen BILLIONS for the so called revival of Alfa, instrumental to the success of FCA long term rather than reinvest that money into the lines that already exist and bump up quality.

 

If he really wanted to build an EV he would have done it already like GM rather than wait till everyone else has done it, and then follow along way too late and still loosing.

 

This guy is not only NOT a car guy, but has NO business sense and the board really needs to kick his lazy ass out.

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He is an idiot who has no clue.  There is no possible way they could copy any car and get it to market in 12 months.  Let alone something like an electric that takes more development.  When is the last time FCA developed a good car?  The last good car was the 2005 Chrysler 300 and that was in the Daimler era.  

 

The Fiat 500 had Italian flare, that failed, the 500x was a crossover with Italian flare, it probably the only crossover ever to fail, the Alfa 4C has no sales, the Guilia has long over due and likely over budget and likely won't sell.  Maserati Ghibli was a bust, Fiat 500L a total disaster.  The only hits they have had were the Jeep Cherokee revival and Renegade.  The Grand Cherokee is a success, but was already in place long before Sergio took over.  Dodge Dart is biblically terrible, Avenger dead, no mid-size car at all, Chrysler 200 is sold to rental agencies, and was put on death row 2 years after going on sale.

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    • By William Maley
      Mike Manley has been chosen as the replacement for the seriously ill Sergio Marchionne as Fiat Chrysler Automobiles CEO today. A source tells Automotive News Europe that the decision was made during an emergency meeting of FCA's board of directors today. 
      "With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours," FCA said in a statement released a few moments ago.
      "As a consequence, Mr. Marchionne will be unable to return to work."
      As we reported earlier this morning, Marchionne has been dealing “massive” and serious complications after surgery to his shoulder. Marchionne was planning to announce his successor next April during the company's announcement of 2018 financial results.
      Manley joined DiamlerChrysler in 2000 as the director of network development for the UK branch. He would hold various positions at DiamlerChrysler and Chrysler before being named CEO of Jeep in 2009. Under his leadership, Jeep has expanded into other markets and  sales have quadrupled. He would also be named CEO of Ram Trucks in 2015.
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      FCA Announcement

      July 21, 2018 , London - With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.
      As a consequence, Mr. Marchionne will be unable to return to work.
      The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.
      The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company. 
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      Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future.

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    • By William Maley
      Mike Manley has been chosen as the replacement for the seriously ill Sergio Marchionne as Fiat Chrysler Automobiles CEO today. A source tells Automotive News Europe that the decision was made during an emergency meeting of FCA's board of directors today. 
      "With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours," FCA said in a statement released a few moments ago.
      "As a consequence, Mr. Marchionne will be unable to return to work."
      As we reported earlier this morning, Marchionne has been dealing “massive” and serious complications after surgery to his shoulder. Marchionne was planning to announce his successor next April during the company's announcement of 2018 financial results.
      Manley joined DiamlerChrysler in 2000 as the director of network development for the UK branch. He would hold various positions at DiamlerChrysler and Chrysler before being named CEO of Jeep in 2009. Under his leadership, Jeep has expanded into other markets and  sales have quadrupled. He would also be named CEO of Ram Trucks in 2015.
      Manley prevailed over two other FCA veterans: CFO Richard Palmer and COO of Europe, Middle East and Africa regions, Alfredo Altavilla.
      Source: Automotive News Europe (Subscription Required), Fiat Chrysler Automobiles


      FCA Announcement

      July 21, 2018 , London - With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.
      As a consequence, Mr. Marchionne will be unable to return to work.
      The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.
      The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company. 
      In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.
      Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future.
    • By William Maley
      *UPDATE* Automotive News Europe is reporting that Jeep and Ram Trucks head Mike Manley will become Marchionne's successor as FCA CEO. We'll have more in an upcoming news story.
      The era of Sergio Marchionne leading Fiat Chrysler Automobiles and Ferrari is seemingly coming to abrupt end. Last night, both Bloomberg and Reuters reported that Marchionne would not return as CEO of the two companies due to complications from surgery. Earlier this month, FCA said Marchionne would be going on medical leave for shoulder surgery. Sources tell Reuters that since the operation, the CEO has been experiencing “massive” and serious complications.
      The boards of FCA and Ferrari are meeting today to decide possible successors. According to one source, the new CEO of Ferrari is expected to be Louis Carey Camilleri - currently a board member and former chairman of Philip Morris International. At FCA, there are three people up for consideration - CFO Richard Palmer, Europe chief Alfredo Altavilla, and head of the Jeep and Ram Mike Manley.
      Spokespeople for both FCA and Ferrari declined to comment.
      In addition to his roles at Ferrari and FCA, Marchionne is the Chairman of CNH Industrial, an agricultural and construction equipment manufacturer. According to sources, the board is expected to meet today to discuss a succession plan.
      Source: Automotive News (Subscription Required), Bloomberg, Reuters

      View full article
    • By William Maley
      *UPDATE* Automotive News Europe is reporting that Jeep and Ram Trucks head Mike Manley will become Marchionne's successor as FCA CEO. We'll have more in an upcoming news story.
      The era of Sergio Marchionne leading Fiat Chrysler Automobiles and Ferrari is seemingly coming to abrupt end. Last night, both Bloomberg and Reuters reported that Marchionne would not return as CEO of the two companies due to complications from surgery. Earlier this month, FCA said Marchionne would be going on medical leave for shoulder surgery. Sources tell Reuters that since the operation, the CEO has been experiencing “massive” and serious complications.
      The boards of FCA and Ferrari are meeting today to decide possible successors. According to one source, the new CEO of Ferrari is expected to be Louis Carey Camilleri - currently a board member and former chairman of Philip Morris International. At FCA, there are three people up for consideration - CFO Richard Palmer, Europe chief Alfredo Altavilla, and head of the Jeep and Ram Mike Manley.
      Spokespeople for both FCA and Ferrari declined to comment.
      In addition to his roles at Ferrari and FCA, Marchionne is the Chairman of CNH Industrial, an agricultural and construction equipment manufacturer. According to sources, the board is expected to meet today to discuss a succession plan.
      Source: Automotive News (Subscription Required), Bloomberg, Reuters
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