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Marchionne offers belated apology for 'wop engine' comment

Automotive News reports Fiat-Chrysler CEO Sergio Marchionne has issued a written apology for his comments regarding his decision to stick with an Italian engine for the upcoming Alfa Romeo 4C. As you may recall, back in January, Marchionne was quoted as saying, "I cannot come up with a schlock product, I just won't. I won't put an American engine into that car. With all due respect to my American friends, it has to be a wop engine." The CEO penned an apology to the Italian American ONE VOICE Coalition for using the racial epithet, saying that he made the comment in jest. Marchionne also said he realizes his remarks were unacceptable.
ONE VOICE, an organization aimed at fighting discrimination and stereotyping of Italian Americans, thanked Marchionne, Chrysler and Fiat for the apology. Marchionne is an Italian-born Canadian citizen, and he's gotten in trouble for other comments in the past. In 2011, he called high interest rates Chrysler was paying to the Canadian government "shyster rates." He apologized a day later.

Hurricane Sandy cost automakers 15,000 vehicles, may have ruined up to 200k

Hurricane Sandy was the largest Atlantic storm in US history, and its total economic impact is just now coming into view. According to Automotive News, Toyota, Chrysler, Nissan and Honda are set to scrap around 15,000 new vehicles ruined by the storm. Nissan alone accounts for about 40 percent of those, with 6,000 Nissan and Infiniti models deeded "un-saleable" due to damage. The company saw 56 dealerships shuttered due to the storm, but 51 of those have since reopened.
Toyota, meanwhile, had some 4,000 vehicles at its Newark port facility, and of those, 3,000 may be scrapped. An additional 825 were dealer inventory when they were ruined. Honda and Acura dealers are reportedly sending 3,440 vehicles to the salvage yard. By comparison, Chrysler weathered the storm fairly well with 825 units destroyed, while Hyundai suffered only 400 lost units and Kia scrapped around 200.
As you may recall, Fisker also suffered some losses, and Automotive News reports the manufacturer saw 320 Karma models damaged beyond repair. Ford and General Motors have yet to come up with estimates, and no automaker has commented on the full cost of replacing the vehicles.

FCA chairman confirms Marchionne email to Barra

FCA CEO Sergio Marchionne is apparently backing up his talk about the need for consolidation in the auto industry with quite a bit of action. One recent report claimed that he even emailed General Motors CEO Mary Barra to make a deal. FCA chairman John Elkann has now confirmed that the correspondence actually happened, and that it wasn't a one-off occurrence. "It was not the only email, it was not the only conversation," Elkann (pictured above with Marchionne) said, according to Reuters. He is a member of the Agnelli family that has a controlling stake in FCA's stock and is supporting the idea of a merger. The automaker is willing to "act with determination if there are the prerequisites to do something that makes sense," Elkann said. Marchionne has been pushing for industry consolidation for months. While GM has been the main target of late, Ford was also rumored as a partner under consideration. In the past, there have also been reports of FCA negotiating with Volkswagen Group and PSA Peugeot Citroen for mergers, as well. According to Reuters, part of the reason for all of this effort might be as a way for Marchionne to ensure his legacy, though he's denied that. He's reportedly considering retiring after 2018. In his opinion, consolidation is needed because automakers are investing too much money to achieve the same goals. The situation would be better after mergers, and he predicts something to happen before 2018. Related Video: News Source: ReutersImage Credit: Massimo Pinca / AP Photo Earnings/Financials Chrysler Fiat Sergio Marchionne FCA merger John Elkann