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Sergio rethinks FCA-GM merger idea, dismisses critics

After many public overtures, Fiat Chrysler Automotive CEO Sergio Marchionne has claimed his company won't be making a hostile takeover bid for General Motors. This is despite widespread speculation that FCA's desire to merge was motivated by its allegedly dire situation. As one unnamed GM exec who spoke to Automotive News earlier this year put it, "Why should [GM] bail out FCA?" "We are not choking. We are in relatively decent shape," Marchionne told journalists attending an FCA shareholder meeting in Amsterdam, AN reports. "We have been publicly rebuffed, we have been rejected and you cannot force these things. I don't want to. At the moment, we have no intention to do anything hostile." Instead of focusing on merging with GM, or any other partners for that matter, FCA will refocus on implementing its ambitious five-year investment plan, which would see it dump $52 billion into its various brands, with a particular focus on Alfa Romeo, Maserati, and Jeep. So far the attempt has largely been unsuccessful, especially as it relates to the Italian brands. Earlier this week, additional reports emerged that claimed Alfa was pushing back the Giulia and an unnamed CUV while reassigning resources to updated versions of the Giulietta and MiTo hatchbacks. This is not the first time we've heard about trouble for the Giulia, of course. For Masearti, though, it was the first we'd heard of delays for Alfieri sports car, which allegedly won't appear in 2016, as promised. We can expect a proper breakdown of FCA's adjusted plans when Marchionne and Company reveal an updated product slate next month. Related Video: The video meant to be presented here is no longer available. Sorry for the inconvenience. News Source: Automotive News - sub. req.Image Credit: Paul Sancya / AP Alfa Romeo Chrysler Fiat GM Jeep Maserati Sergio Marchionne FCA

1963 Chrysler Turbine Car is for sale, and it's the coolest car you can buy

If you have a lot of money, there are a lot of really wild and exciting cars to choose from. But I feel confident in saying that none of them, none of them, can come close to being as brilliantly badass as this 1963 Chrysler Turbine Car, first spotted by Barn Finds, which, yes, is actually something you can buy and own. And even drive! Here's a quick recap of the Turbine Car in case you're unfamiliar. Back in the 1960s, Chrysler was researching turbine engines for vehicle propulsion, and to get an idea for how well they would work in the real world, they built 5 prototype cars followed by 50 production models. Those latter models did a tour to just over 200 families, each of which spent 90 days driving the cars. According to Motor Trend, the engine produced 130 horsepower and 425 pound-feet of torque, and it was paired with a three-speed automatic. Afterward, the cars were returned to Chrysler, which eventually decided that turbine engines weren't the way of the future. According to Hyman Ltd., the company selling this example, only nine Turbine Cars were spared the crusher, and six were sent to museums. This was one of the cars Chrysler held onto, and it was occasionally loaned to executives and such. It was then sold to William Harrah for his collection and museum near Reno. It later was sold to the founder of Domino's Pizza, and then to the latest owner, Frank Kleptz. Kleptz then worked with GE Engine Services to rebuild the engine and make the car run again. As it sits, the car features its original paint, trim and interior. It comes with spare parts and various documents. And of course it oozes cool, from the whistling engine under the hood to the jet-inspired, Ghia-built body and sleek interior. Plus, you can be sure you won't see another one on the road, unless you happen to be cruising by Jay Leno's garage in Burbank, Calif. It really doesn't get cooler than this. Hyman hasn't listed a price for it, but we're sure it will sell for a massive amount, and it would probably be money well spent. Correction: A previous version of this story incorrectly stated that Bill Harrah's car collection was in Las Vegas, it was actually near Reno. The text has been updated to reflect this. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.    

Fiat Chrysler cuts 2018 outlook, shares tumble on weaker quarterly profit

MILAN — The news of former Fiat Chrysler chief executive Sergio Marchionne's death arrived Wednesday moments before the group reported a surprisingly heavy drop in profit. The death of one of the auto industry's most tenacious and respected CEOs overshadowed a big selloff in Fiat Chrysler shares. FCA's scheduled second-quarter earnings presentation, led by Marchionne's successor and former lieutenant Mike Manley, began on Wednesday afternoon with a moment of silence. As eulogies flooded in, FCA shares fell as much as 10 percent as investors digested an unexpected 35 percent fall in net profit, well below market forecasts. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Chairman John Elkann added. On Saturday, FCA named Jeep division head Mike Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June. FCA has said Manley will work to ensure a "strong and independent" future for the group. Underlining the task facing Manley, FCA cut its full-year earnings outlook after the weaker-than-expected quarterly earnings. Having to deliver the bad news four days into his new job, Manley blamed the result on a weaker performance in China, a market that represents one of new CEO's immediate headaches. "The biggest challenges we face and frankly we're going to continue to face ... are all focused in China," Manley said. FCA has yet to make any significant inroads in China. In Marchionne's June plan, FCA pledged to boost production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It unveiled bold targets for Jeep, FCA's profit engine. FCA said adjusted earnings before interest and tax (EBIT) for the April-June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros in a Reuters poll of analysts. Chinese demand slumped in the quarter ahead of a July cut in import duties, resulting in higher incentive spending and an increase in unsold vehicle stocks that "particularly affected Maserati," Manley said.