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Fiat gives outgoing Ferrari chairman $35M severance package

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.
The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.

Fiat to return to rallying with 124 Spider?

It may sound strange at first, but you might see an Abarth-tuned Fiat 124 Spider caked in dirt and sliding around rally stages in just a few years. The Scorpion-emblazoned company will reportedly enter the World Rally Championship with a version of the recently unveiled, Miata-based convertible, according to PistonHeads citing "a source close to the tuning company." The racecar will allegedly arrive in 2017 in time for a new sports car class in the WRC. Spy shots already show a road-going Abarth 124 Spider likely under development. According to PistonHeads, the company would offer the model with multiple tunes of the 1.4-liter turbo four-cylinder, including 160 horsepower (like the US example), 190 hp, and over 200 hp for a special rally-inspired version. In a nod to high-performance 124 convertibles from the '70s, it would sell the new examples with an optional matte black hood and hardtop. Maria Conti from Fiat's press department in Turin told Autoblog that a WRC entry is "just speculation" for now. "There are no plans for Fiat 124 Spider in motorsport," she said. We'll take PistonHeads' claim with a gargantuan grain of salt for now, but it might not be entirely preposterous. Abarth-branded rally cars already exist for lower competition classes, and rumors from 2009 and 2011 indicate the earlier possibility of a WRC entry from the company. The series also has an influx of new vehicles in 2017 like the Toyota Yaris and an upcoming Citroen model. Related Video:

FCA's Pentastar V6 gets more power, efficiency for 2016

Already a vital member of FCA's powertrain lineup, the 3.6-liter Pentastar V6 is receiving major efficiency improvements for 2016. Thanks to a massive amount of new tech attached to the mill, fuel economy is up six percent, and torque below 3,000 rpm jumps nearly 15 percent. The updates arrive first in the 2016 Jeep Grand Cherokee, but they should proliferate to other models eventually. At least in the Grand Cherokee, the tweaks push power up five horsepower to 295 ponies. FCA's engineers went through the Pentastar from top to bottom to eke out as much efficiency as possible. For example, there's now a two-speed variable-valve lift system that can run in low- or high-lift modes. This upgrade is responsible for 2.7-percent better economy, the company claims. A new intake manifold with longer runners and updated variable-valve times also helps boost the torque output. Further improvements come from pushing the compression ratio to 11.3:1, from 10.2:1 before. Perhaps most impressive is that despite all of the innovations, the latest Pentastar actually weighs four pounds less than the current version. Beyond the Pentastar improvements, all of the FCA US gasoline engines, except for the Viper's 8.4-liter V10, will be E15-compatible for 2016. The company says that it wants to be ready for the higher ethanol content fuel's greater use in the near future.