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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.

Stellantis won't race to split electric vehicles from fossil fuel cars

MILAN - Stellantis is not considering splitting its electric vehicle (EV) business from its legacy combustion engine operation, its finance chief said on Thursday, as the carmaker presented above-expectation revenue data for the first quarter. Chief Financial Officer Richard Palmer told analysts he did not see huge benefits in the kind of separations pursued by rivals such as France's Renault and U.S. Ford. "We need to manage the company and the assets we have through this transition," he said. "There are benefits to having the cash flow being generated by the internal combustion business for the investments we need to make." Palmer said the group, formed by a merger last year of Fiat Chrysler and Peugeot maker PSA, was not averse to considering adjusting its structure "but we aren't anticipating any big changes." Palmer's comments came after the world's fourth largest carmaker said its net revenue rose 12% to 41.5 billion euros ($44.1 billion) in the January-March period, as strong pricing and the type of vehicles sold helped offset the impact of the semiconductor shortage on volumes. That topped analyst expectations of 36.9 billion euros, according to a Reuters poll. Milan-listed shares were up 0.5% by 1415 GMT, in line with Italy's blue-chip index. The impact of the chip crunch was evident in the decline in shipment figures which fell 12% in the quarter to 1.374 million vehicles. It was a similar story for Germany's BMW which posted higher revenues on Thursday and a decline in car sales. Riding the Recovery Stellantis, whose brands also include Citroen, Jeep and Maserati, confirmed its 2022 forecasts for a double-digit adjusted operating income margin, after 11.8% last year, and a positive cash-flow despite supply and inflationary headwinds. Morgan Stanley analysts said after the results that Stellantis had better management than many peers and benefited from its significant exposure to a stronger U.S. economy and a European recovery from the COVID-19 pandemic. They also said it was less affected by a slowing Chinese economy. Palmer said it was important for the group to maintain double-digit margins and keep delivering positive cash flows. "A 12% increase in revenue with a 12% decrease in volumes indicates a very strong performance on price and mix, which augurs well for our margin performance," he said. He said semiconductor supply problems were expected to ease this year with continued improvements in 2023.

Alfa Romeo Stelvio goes on sale this summer for $42,990

The wait is nearly over for the most practical Alfa Romeo yet. The mainstream versions of the new Stelvio crossover SUV go on sale this summer, with pricing and availability for the 505-horsepower Quadrifoglio coming later. The entry-level Stelvio will start at $42,990, and the higher-trim Ti will go for $44,990. This pricing, which includes destination charges, is nearly identical to key competitors in the small luxury crossover segment. The Jaguar F-Pace starts at just $70 more with a base price of $43,060. The BMW X3 starts a bit lower than both at $41,045. Each of those entry-level crossovers makes less power than the Stelvio, though. The Jaguar makes 247 horsepower, and the BMW makes 240. The Stelvio's turbo four-cylinder makes 280 horsepower and 306 pound-feet of torque. And unlike the BMW, the Alfa comes with standard all-wheel drive. Along with the standard eight-speed automatic, the Stelvio is capable of getting to 60 mph in an estimated 5.4 seconds on the way to a 144 mph top speed. Aside from the potent four-cylinder, Stelvios come standard with leather seats, keyless entry and starting, rearview camera, 7-inch infotainment display, and 18-inch wheels. Spending the extra $2,000 for the Ti trim level will add 19-inch wheels, real wood trim, an 8.8-inch infotainment screen, and heated seats and steering wheel. Sport packages are available on both the base model and Ti. Each package includes sportier suspension, a different steering wheel, black window trim and roof rails, and aluminum pedals and paddle shifters. On the base Stelvio, the package only costs $1,800 and also adds 19-inch wheels. On the Ti, the package costs $2,500, but includes 20-inch wheels and 12-way power sport seats. The Ti also offers a Lusso package for $2,500 that comes with 19-inch wheels, 12-way power seats with nicer leather upholstery, a leather-wrapped dashboard, and a "luxury" steering wheel. Related Video: