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Mike Manley named CEO of FCA amid Sergio Marchionne health crisis

Mike Manley has been immediately granted "all the powers of CEO" of Fiat Chrysler Automobiles. In a statement, FCA said its Board of Directors made this decision "in order to provide for his full authority and operational continuity for the company." Manley, who has been at the helm of Jeep since 2009 and Ram since 2015, is expected to be named an executive director for FCA after the next shareholder's meeting. In a similar statement, Ferrari said it had "named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO." CNH Industrial, a company that makes trucks, agricultural, and industrial equipment and which Marchionne also chairs, named Suzanna Heywood, as his replacement. Sergio Marchionne, who had served as CEO of both FCA and Ferrari, suffered "unexpected complications" as he was recovering from surgery performed earlier this month. FCA's statement adds that these complications "have worsened significantly in recent hours." Marchionne, credited with rescuing Fiat and Chrysler from bankruptcy since taking the wheel at the Italian carmaker in 2004, had been due to step down as the head of Fiat Chrysler next April. His internal successor had yet to be named. Marchionne had previously said he planned to stay on as Ferrari Chairman and CEO until 2021.Reuters contributed to this report.Related Video: Image Credit: Mark Thompson/Getty Hirings/Firings/Layoffs Chrysler Ferrari Fiat Sergio Marchionne

Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.

FCA is setting a five-year strategy: Here's how the last one played out

We're slightly more than four years removed from Sergio Marchionne last five-year plan for FCA, a tell-all where the Italian-American automaker divulged its plans for the 2014 through 2018 model years. It was a grand affair, where Sergio told FCA investors that all was right in Auburn Hills, Alfa Romeo and Maserati were making comebacks, and the fifth-gen Dodge Viper received a mid-cycle refresh. You can read every last one of those past predictions right here. We're on our way to Europe to see Sergio's sequel, coming out Friday straight from FCA's Italian headquarters. (Bloomberg reports a plan to expand Jeep and Ram globally, combine Alfa Romeo and Maserati into a single division for an eventual spinoff, and downsizing Fiat and Chrysler. Also, EVs.) But before we arrive in Italy and find out exactly what Marchionne has planned for 2019 through 2023 as his last act as CEO, let's take a minute to tally up the results of his last term based on the same scoresheet we used in 2014. Now, we're only five months into 2018, so much of this — including vehicles like the Ram HD and Jeep Grand Wagoneer — could still debut this year. For those, we'll mark things TBD. We're not going to draw any conclusions or make any objectionable remarks. We're simply going to let the stats speak for themselves.

For his last act, Marchionne will outline an EV/hybrid roadmap this week

MILAN/LONDON — Fiat Chrysler (FCA) boss Sergio Marchionne is expected to outline new plans for electric and hybrid cars in a strategy presentation on Friday, aiming to ensure the world's seventh-largest carmaker remains in the race in the absence of a merger. The 65-year-old will present FCA's strategy to 2022, his final contribution to the company he turned around and multiplied in value through 14 years of canny dealmaking. After failing to secure a tie-up he said was necessary to manage the costs of producing cleaner vehicles, Marchionne needs to show the group can keep churning out profits on its own, even as emissions rules tighten, SUV competition intensifies and worries around his succession abound. Marchionne had long refused to jump on the electrification bandwagon, saying he would only do so if selling battery-powered cars could be done at a profit. He even urged customers not to buy FCA's Fiat 500e, its only battery-powered model, because he was losing money on each sold. But Tesla's success and the need to comply with tougher emissions rules have forced Marchionne to commit to what he calls "most painful" spending. "FCA is way behind rivals in terms of hybrid and electric vehicles and they need to hit the accelerator to convince investors they can close that gap," said Andrea Pastorelli, a fund manager at 8a+ Investimenti. Germany's Volkswagen, Daimler, BMW and U.S. rivals GM and Ford have committed to spending billions of euros each in coming years to try produce profitable cars powered by cleaner fuels. FCA needs to present a clear roadmap, just like Volvo Cars, which ditched diesel from its best-selling XC60 SUV, launched a new electric brand and pledged to shift all brands to hybrid by 2019, a banking source close to FCA said, noting: "The tech divide determines winners and losers in the industry." Marchionne has already said half of the wider FCA fleet will incorporate some elements of electrification by 2022, while luxury marque Maserati will spearhead FCA's electrification drive by making all new models due after 2019 electric. But its plans remain vaguer and less advanced than most big rivals and some investors wonder about the capital required to make vehicles compliant, and what share of spending can go to electrification given FCA's numerous demands.

Alfa Romeo returns to F1 racing by sponsoring Sauber for 2018

Doesn't it feel good to see the Alfa Romeo emblem proudly displayed on a Formula One car again? It's been 30 years since Alfa Romeo had anything to do with F1 cars, as in the late '80s the manufacturer supplied engines to Ligier and Osella. Alfa Romeo even developed the first modern Formula One V10 engine, but that ended up in a 164 Procar instead of Ligier race cars. After a 30-year hiatus, it was announced in late 2017 that Alfa Romeo's brand would return to F1 racing by sponsoring Sauber. There isn't an Alfa Romeo engine in the 2018 Sauber C37, as it uses a current Ferrari power unit instead and Alfa Romeo's involvement is strictly about FCA's sponsoring the Swiss racing team. The drivers for 2018 are Charles Leclerc and Marcus Ericsson. Jorg Zander, Sauber's technical director, says: "The car philosophy is much different to that of the C36. The aerodynamic concept has changed significantly, and the C37 has several new features in comparison to its predecessor. We are positive that the new concept offers us more opportunities and will help us to make improvements during the course of the season. The 2018 Ferrari engine will also give us a boost in terms of our performance. We hope that we will make progress with the C37 and that we are more competitive compared to 2017." Related Video: Featured Gallery 2018 Alfa Romeo Sauber F1 Image Credit: Sauber F1 Team Motorsports Alfa Romeo Ferrari Racing Vehicles F1 FCA

Ferrari SUV and Aston Martin in Formula E? | Autoblog Podcast #529

This week, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder. They discuss Ferrari's SUV plans as well as Aston Martin's Formula E consideration. They also talk about cars we've driven including the Chevy Colorado ZR2, a Nissan Rogue ProPilot prototype and a Ford Shelby GT350. This week's podcast also features a car you don't need a license to drive. Autoblog Podcast #529 Your browser does not support the audio element. Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Ferrari SUV FCA keeping Jeep Aston Martin mulls Formula E Cars in the office: Ford Shelby GT350, Chevrolet Colorado ZR2, Nissan Rogue with ProPilot Assist The List: Drive a car that requires no license 3 Big Questions: Ferrari SUV or Lamborghini SUV? Chevy Colorado ZR2 or Toyota Tacoma TRD Pro? Ford Shelby GT350 with or without Performance Package? Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Green Podcasts Aston Martin Chevrolet Ferrari Ford Jeep Lamborghini Nissan SUV Electric Performance Videos Formula E shelby nissan propilot

Aston Martin hires Ferrari's 'key guys' to challenge 488 GTB

Aston Martin is wasting no time in its aggressive product rollout, and it's putting Ferrari and other supercar makers on notice. At the recent launch of the DB11 V8 in Catalonia, Spain, we caught up with Aston Martin CEO Andy Palmer. The Aston chief gave us new details on plans for a mid-engine car to go up against the Ferrari 488 GTB, the McLaren 720S and the Lamborghini Huracan. Palmer says Aston has harnessed a great deal of learning from the $3 million Valkyrie hypercar and plans to apply that to its next mid-engine car, slated to land sometime in 2020 or so. As indicated in part of our conversation below, design plans for that car are developing quickly. Autoblog: You said there will be a forthcoming mid-engine sports car. I still think the Ferrari 488 GTB is one of the best I've driven. How do you compete with that? Andy Palmer: "Well, I agree with you. That's the best car in its segment. And we're going to take it on. And I realize the gravity of that statement, of what that means." AB: So how do you take on the 488 GTB? AP: "Well, to start with, you recruit from Ferrari the head of body structures, and the head of powertrains. I've now got three of Ferrari's key guys. And really, it's a big compliment to Ferrari. That's the defining car in its segment, and it's really, really good. And those three guys now work for me. And you combine those guys with Nick [Lines, chief planning officer, Aston Martin] and Marek [Reichman, chief creative officer, Aston Martin] who you know really well, and you create some great recipes. And now I've got a better understanding of what that car looks like." AB: How far along is that car? Is there a clay model already? AP: "Yeah, there's clay. There's actually eight quarter-scales. And there's one in particular that I'm leaning toward. We've got it pushed out; it's gone to a second studio in Milton Keynes. That studio is different from Gaydon. And I've got a pretty good idea of what the replacement for the 488 is going to be like as well. So, if we're going in that market, we need to be ahead of the 488. And there's no naivete about what that means." View 16 Photos One of the recruits Palmer is referring to is Max Szwaj, former head of innovation and body structures at Ferrari and Maserati. Szwaj has been named vice president and chief technical officer in his new role in Gaydon.

Ryan Tuerck's Ferrari-powered Scion drifts, crashes, fixes, and drifts again

We were pretty astonished when Ryan Tuerck and Gumout shoved a Ferrari 458 V8 into a Scion FR-S. And as awesome as that fact alone may be, it's even more amazing that it's a fully functional drifter, not just a show car. Tuerck recently took it out to Portland, Ore. to do some sweet drifting on a mountain road. Unfortunately for him and the car, he did something substantially less sweet right off the bat. As you'll see in the video, in just the second corner of the course, Tuerck drives the front corner of the GT4586 right into the dirt cliff on the side of the road. For a moment, it looks like things are all right, but the car starts pulling to the right and he stops the car for repairs. After fixing bits including a thoroughly bent tie-rod, the GT4586 is good as new. We're glad the car wasn't down for long, because the drifting show following the repairs was fantastic. In the video, Tuerck throws the Scion into high-speed, super smoky drifts. And all of it happens to the tune of a shrieking Ferrari V8. It's well worth a few minutes of your time to watch. Related Video: Image Credit: YouTube / Donut Media Ferrari Scion Coupe Racing Vehicles Videos toyota gt86 toyota 86

Ferraris, Porsches and planes star at McCall’s Motorworks Revival

MONTEREY, Calif. – McCall's Motorworks Revival, sometimes called The Jet Party, kicked off vintage car week here as enthusiasts streamed into the region for days of car shows, official automaker events and hob-knobbing leading up to Sunday's Pebble Beach Concours d'Elegance. Held at the Monterey Jet Center, the revival featured an array of exotic and classic cars blended in with planes, racecars, motorcycles and luxury items like jewelry. This year the eclectic lineup of cars included vintage Ferraris and Porsches, a raised 1964 Chevy Impala, a classic Toyota Land Cruiser and a Cobra. The 1960s Ford GT40 racecar sat near the modern Ford GT, while Camilo Pardo, the designer of the in-between generation (2004-06), held court nearby. Iconic planes like the B25, P51 and an ancient biplane were intermingled with the flashy cars. Show-goers tipped drinks, tossed back heavy hors d'oeuvres and desserts, ogled the seemingly random collection of amazing machines and prepared for days of celebrating the automobile on the Monterey Peninsula. The revival is in its 26th year and is put on by McCall Events, whose owner Gordon McCall is a class judge at the concours and the cofounder another Monterey car week staple, the Quail. The revival also collects donations for a California police charity. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery McCall's Motorworks Revival 2017 View 29 Photos Image Credit: Copyright 2017 Drew Phillips / Autoblog.com Ferrari Lamborghini Porsche Coupe Motorcycle Luxury Performance Pebble Beach

Marchionne: FCA, but not Ferrari, interested in Formula E

It seems like automakers have been clamoring to get on board with Formula E lately. In just the last few weeks a number of manufacturers have either become more directly involved, or otherwise announced entry into the series in coming years. That includes Audi, BMW, Mercedes-Benz and Porsche, with the latter two abandoning other series to join the electric one. Now, FCA CEO Sergio Marchionne says his company might join Formula E as well, according to Motorsport. Previously, Marchionne had toyed with the idea of bringing Ferrari into the Formula E field, but now says that would be unlikely. Instead, he thinks an FCA brand would be a better fit, perhaps Alfa Romeo or Maserati. At the moment, Maserati seems like the best fit, as Marchionne just announced that the brand would electrify its entire lineup after 2019, with each car it sells having either a hybrid or electric powertrain. Fans would probably be excited to see Maserati return to racing, and Formula E would be a good test laboratory for the development of electric propulsion technology. Still, another brand could represent FCA in Formula E, and apply the knowledge learned there to its vehicles, as Marchionne says half of the FCA fleet will be electrified by the end of the company's five-year plan ending in 2022. Marchionne said that while Ferrari won't be directly involved, he doesn't know which FCA brand – Alfa Romeo, Dodge, Chrysler, Fiat, or Maserati – would enter. As interesting as an electric Dodge race car would be, it seems unlikely, especially because of, well, Maserati. We're hoping it's Jeep, though. Related Video: News Source: MotorsportImage Credit: ALBERTO PIZZOLI/AFP/Getty Images Green Alfa Romeo Ferrari Maserati Green Culture Electric Racing Vehicles Sergio Marchionne FCA Formula E