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China-FCA merger could be a win-win for everyone but politicians

NEW YORK — Fiat Chrysler boss Sergio Marchionne has said the car industry needs to come together, cut costs and stop incinerating capital. So far, his words have mostly fallen on deaf ears among competitors in Europe and North America. But it appears Marchionne has finally found a receptive audience — in China. FCA shares soared Monday after trade publication Automotive News reported the $18 billion Italian-American conglomerate controlled by the Agnelli family rebuffed a takeover from an unidentified carmaker from the Chinese mainland. As ugly as the politics of such a combination may appear at first blush, a transaction could stack up industrially, and perhaps even financially. A Sino-U.S.-European merger would create the first truly global auto group. That could push consolidation to the next level elsewhere. Moreover, China is the world's top market for the SUVs that Jeep effectively invented, so it might benefit FCA financially. A combo would certainly help upgrade the domestic manufacturer; Chinese carmakers have gotten better at making cars, but struggle to build global brands, and they need to develop export markets. Though frivolous overseas shopping excursions by Chinese enterprises are being reined in by Beijing, acquisitions that support the modernization and transformation of strategic industries still receive support, and the government considers the automotive industry to be strategic. A purchase of FCA by Guangzhou Automobile, Great Wall or Dongfeng Motors would probably get the same stamp of approval ChemChina was given for its $43 billion takeover of Syngenta. What's standing in the way? Apart from price (Automotive News said FCA's board deemed the offer insufficient) there's the not-insignificant matter of politics. Even as FCA shares soared, President Donald Trump interrupted his vacation to instruct the U.S. Trade Representative to look into whether to investigate China's trade policies on intellectual property. Seeing storied Detroit brands like Jeep, Chrysler, Ram and Dodge handed off to a Chinese company would provoke howls among Trump's economic-nationalist supporters. It might not play well in Italy, either, to see Alfa Romeo and Maserati answering to Wuhan instead of Turin — though Automotive News said they might be spun off separately. Yet, as Morgan Stanley observes, "cars don't ship across oceans easily," and political considerations increasingly demand local manufacture of valuable products.

2023 Alfa Romeo Giulia Estrema bridges the Quadrifoglio gap

Alfa Romeo is expanding the 2023 Giulia range with a model named Estrema that was developed for driving enthusiasts. Also available on the 2023 Stelvio, the Estrema trim level bridges the gap between the Veloce variants of both cars and the high-performance Quadrifoglio. "Estrema" is Italian for "extreme," and in this case it denotes a car that — in Alfa Romeo's words — was designed for "a connoisseur of driving." The list of standard features grows with the addition of a limited-slip rear differential and the adaptive Alfa Active Suspension system for both comfort and performance. These updates may not sound major, but they should make a perceptible difference on the kind of twisty roads that the Estrema models were created for. Car-spotters will be able to pick out the Estrema versions in a crowded parking lot by looking for carbon fiber exterior accents (including the piece of trim that underlines the grille), specific wheels that measure 19 inches on the Giulia and 21 inches on the Stelvio, dark "Estrema" emblems and black brake calipers. Inside, there's more carbon fiber, red contrast stitching and a blend of leather and Alcantara upholstery.  The Estrema models aren't any more estrema under the hood than the versions that they're based on. The only engine available in the United States is a 2.0-liter four-cylinder turbocharged to deliver 280 horsepower and 306 pound-feet of torque. Rear-wheel-drive and an eight-speed automatic transmission come standard on the Giulia, though Alfa Romeo's Q4 all-wheel-drive system is available at an extra cost, and the Stelvio is exclusively offered with all-wheel-drive. With the Q4 system, the Giulia reaches 60 mph from a stop in 5.1 seconds. On sale now, Alfa Romeo's Estrema models are scheduled to reach dealers across the nation in the third quarter of 2022. Buyers have four colors to choose from: Alfa White, Alfa Rosso, Misano Blue, and Vulcano Black. Pricing is set at $56,685 for the rear-wheel-drive Giulia, $58,685 for the all-wheel-drive model, and $60,545 for the Stelvio. Note that these figures include a mandatory $1,595 destination charge. Related Video:

Maserati Grecale and Alfa Romeo Tonale delayed

MILAN — Maserati on Monday delayed the launch of its new Grecale SUV until the spring of 2022 from November this year due to a global chip shortage. The announcement by the luxury brand, part of Stellantis, comes as a shortage of semiconductors forces automakers around the world to slow or suspend production. Maserati said its decision stemmed from ongoing disruptions in the supply of parts. "In particular, due to a scarcity of semiconductors, production volumes would not adequately meet expected global demand," Maserati said in a statement. A global premiere for the Grecale, which will be produced in Cassino in central Italy, was initially scheduled for Nov. 16. Stellantis this month also confirmed it would present the Tonale, the new Alfa Romeo SUV, next March after it had been expected at the end of this year. Stellantis, formed this year though the merger of Fiat Chrysler and France's PSA, has halted production at several plants, including in Europe and Canada, due to the chip shortage. It has forecast it will produce 1.4 million fewer vehicles this year. The FIM-CISL union has said the impact of a semiconductor shortage on Stellantis' Italian production this year will be worse and longer-lasting than the damage to output caused by the COVID-19 pandemic in 2020. Related video: