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Marchionne's pay as Fiat CEO falls to $5M

Sergio Marchionne will be buying fewer of his iconic sweaters, as his 2013 pay from Fiat took a dip from $6.24 million to an even $5 million. Marchionne, who was also CEO of Chrysler, made $307,989 thanks to some stocks and benefits from the American company, although he didn't take a salary. Of that $5 million paid by Fiat, $3.19 million came from Marchionne's fixed salary while the remaining $1.8 million was paid for hitting unspecified performance targets.
The news comes from Fiat's compensation reports, which also showed that the 61-year-old, who already owned three million shares in Fiat at the end of 2013, was able to receive an additional 2.3 million shares through a stock incentive program. According to Automotive News Europe, the additional shares would be worth about $25 million at today's prices, although so far, Marchionne has declined to claim the extra shares.
According to ANE, Fiat reported a 2013 trading profit of $4.7 billion.

Marchionne offers belated apology for 'wop engine' comment

Automotive News reports Fiat-Chrysler CEO Sergio Marchionne has issued a written apology for his comments regarding his decision to stick with an Italian engine for the upcoming Alfa Romeo 4C. As you may recall, back in January, Marchionne was quoted as saying, "I cannot come up with a schlock product, I just won't. I won't put an American engine into that car. With all due respect to my American friends, it has to be a wop engine." The CEO penned an apology to the Italian American ONE VOICE Coalition for using the racial epithet, saying that he made the comment in jest. Marchionne also said he realizes his remarks were unacceptable.
ONE VOICE, an organization aimed at fighting discrimination and stereotyping of Italian Americans, thanked Marchionne, Chrysler and Fiat for the apology. Marchionne is an Italian-born Canadian citizen, and he's gotten in trouble for other comments in the past. In 2011, he called high interest rates Chrysler was paying to the Canadian government "shyster rates." He apologized a day later.

2017 Chrysler Pacifica Hybrid scored 84 MPGe in government testing

The 2017 Chrysler Pacific, in non-hybrid form, was already at the top of the minivan heap in terms of EPA-rated fuel economy. Now the government agency has released its official test numbers for the Pacifica Hybrid, and they're looking pretty good. The non-hybrid Pacifica achieved 28 highway, 18 city, and 22 combined miles per gallon, which compared favorably to the 2016 Honda Odyssey's 28/19/22 and Nissan Quest's 27/20/23 ratings. You can read more about the regular Pacifica's scores right here. But none of these vans compare to the Pacifica Hybrid, which is incidentally the only hybrid in the class. FCA claims that the EPA's numbers are even better than the anticipated 80 MPGe, although we can't speak to whether that's an honest admission or a too-convenient claim. But there's no denying that the official rating – 84 MPGe – is impressive. If you aren't familiar with the MPGe rating, no worries. It's not as straightforward as conventional EPA MPG ratings, but a layperson can understand how it works. MPGe stands for miles per gallon equivalent, and measures fuel economy based on the energy content of a gallon of petroleum-based gasoline. For those who like formulas, the Automotive X Prize once defined MPGe as (miles driven) / [(total energy of all fuels consumed)/(energy of one gallon of gasoline)]). As for a conventional rating, the EPA only provides a combined city/highway number on the Monroney sticker, and an FCA spokesperson told us that the rating for the Pacifica Hybrid will be 32 MPG. This represents the hybrid working as normal, not in EV-only mode. It's also an improvement of almost 10 MPG over the combined ratings of the top three conventional minivans in the segment, including the non-hybrid Pacifica. Range is also fantastic. The EPA rated the total EV-only range as 33 miles, and the overall combined range at a staggering 566 miles. And that's from a fuel tank that's just 17 gallons (compared to the 19-gallon tank in the conventional Pacifica, which nets it a 418-mile EPA-rated range). FCA is going to extraordinary lengths to credit its eFlite transmission-generator unit, which can supply electric power to the front wheels if necessary. It's a piece of equipment that represents a substantial engineering investment, and apparently that's all paid off. Chrysler tells us that the Pacifica Hybrid will go on sale next month, and that dealers will get more volume in Q1. Related Video: This content is hosted by a third party.