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Marchionne says no offers are on the table for Fiat Chrysler

MONZA, Italy (Reuters) - Fiat Chrysler (FCA) has not received any offer for the company nor is the world's seventh-largest carmaker working on any "big deal", Chief Executive Sergio Marchionne said on Saturday. Speaking on the sidelines of the Italian Formula One Grand Prix, Marchionne said the focus remained on executing the company's business plan to 2018. Asked whether FCA had been approached by someone or whether there was an offer on the table, he simply said: "No." The company's share price jumped to record highs last month after reports of interest for the group or some of its brands from China. China's Great Wall Motor Co Ltd openly said it was interested in FCA, but had not held talks or signed a deal with executives at the Italian-American automaker. The stock move was also helped by expectations that the company might separate from some of its units. Marchionne reiterated on Saturday that FCA was working on a plan to "purify" its portfolio and that units, such as the components businesses, would be separated from the group. He hopes to complete that process by the end of 2018. "There are activities within the group that do not belong to a car manufacturer, for example the components businesses. The group needs to be cleared of those things," he told journalists. Asked whether an announcement could come this year, Marchionne said it was up to the board to decide and that it would next meet at the end of September. He said the time was not right for a spin-off of luxury brand Maserati and premium Alfa Romeo and the two brands needed to become self-sustainable entities first and "have the muscle to stand on their feet, make sufficient cash". "The way we see it now, it's almost impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati, these are two entities that are immature and in a development phase," he said. "It's the wrong moment, we are not in a condition to do it." He said the concept of separating the two brands from FCA's mass market business made sense and did not rule out this happening in future, but not under his tenure, which lasts until April 2019. "If there is an opportunity in future, it would certainly happen after I'm gone. It won't happen while Marchionne is around," he said.

Maserati's new North American CEO is Chrysler's dealer guru

There's been a bit of a shakeup among the executive ranks at Chrysler and Maserati, as the Italian sports car manufacturer has appointed Peter Grady as its new North American CEO. Grady, who we imagine is about to get a very nice upgrade to his company car, will retain his role as vice president of dealer network development for Chrysler and Chrysler Capital, and is replacing Bob Graczyk at Maserati.
"It is with pleasure and anticipation that I welcome Peter to Maserati. He brings to our company nearly 30 years of leadership and experience. His background and industry expertise will be a great basis for the continued expansion of Maserati in North America," said Maserati CEO Harald Wester in a statement.
Also joining the team at Maserati is Saad Chehab, who previously worked for the Chrysler and Lancia brands and will be the new head of marketing for the Italian brand. He'll be replaced by Al Gardner, the former boss of Chrysler's southeast business center, as the head of Chrysler brand, according to Automotive News.

Maserati MC20 Cabrio is a 621-horsepower Italian hair dryer

Winter is officially here, but Maserati is already looking forward to warmer temperatures and more driving-friendly weather. It released the first official photos of the MC20 Cabrio, which is exactly what it sounds like: a convertible version of the recently-launched MC20 coupe. Maserati likes having fun with the camouflage it uses to cover its pre-production prototypes, it notably dedicated an early MC20 test mule to Stirling Moss, and it designed a cloud-themed wrap specifically for the MC20 Cabrio. Unfortunately, whether it features clouds or swirls, the camouflage does an excellent job of hiding key details and the photos ask more questions than they answer. For example, we know that this is a convertible but there's no word yet on whether it will have a power-folding cloth soft top or if it will be fitted with a removable roof panel. Roof aside, the Cabrio looks nearly identical to the coupe, which isn't a bad thing; we think the MC20 is one of the best-looking cars that Maserati has released, and its exterior design will influence other additions to the company's range, including the Grecale crossover. Both the coupe and the convertible are built around the same carbon fiber monocoque, and we're guessing that there won't be major drivetrain differences between the two body styles. Power for the Cabrio will come from a mid-mounted, 3.0-liter V6 that's twin-turbocharged to develop 621 horsepower and 538 pound-feet of torque. Called Nettuno, it spins the rear wheels via an eight-speed automatic transmission. More details about the Maserati MC20 Cabrio will emerge in the coming months. Sales should start for the 2023 model year. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.