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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.

Chrysler Recalling 870,000 SUVs For Brake Defect

Chrysler is recalling nearly 870,000 SUVs because corrosion may make the vehicles' brakes harder to use. Jeep Grand Cherokee and Dodge Durango SUVs from the 2011 through 2014 model years are involved. Chrysler says crimp joints in the brake boosters can corrode if they're exposed to water. If the water freezes, the boosters won't aid braking as they usually do. Chrysler began investigating after some customers said their brakes felt too firm when pressed down. The company knows of one accident, but no injuries, due to the defect. Dealers will install a shield to protect the boosters for free and replace boosters that aren't working properly. Chrysler has since changed the design to make the boosters more corrosion resistant. Chrysler will notify owners of the recall, which involves 867,795 vehicles. Related Gallery Safest Crossovers For The Budget-Conscious Family View 10 Photos Recalls Chrysler Dodge

How good would this look as a Dodge? New Peugeot 408 is a cool EV crossover coupe

Americans have long lusted after the forbidden fruits of the automotive markets: Vehicles offered elsewhere but not sold here in the United States. When Fiat Chrysler Automobiles, former parent to Jeep, Chrysler, Dodge, and others, joined forces with PSA (Peugeot and others), there was hope that Americans could get hold of some quirky French cars as part of the deal. That hasn’t happened, at least not yet. As it turns out, Europeans get just as many boring crossovers as we do, though Peugeot thinks it has a solution with the new 408, an aerodynamic compact crossover with style for days. While we seriously doubt a rebadged 408 would ever show up on our shores, it's easy to imagine how a vehicle looking something like this on the same electrified platform could spawn a viable product for the American market. Squint a bit and "new electric Dodge Intrepid" comes to mind.  Perhaps it shouldn't be surprising that France would come out with a new vehicle that seems well-matched to the American market. Utility vehicles made up 46% of new vehicle sales in France in May, matching the sales numbers of sedans in the country. PeugeotÂ’s banking on the fact that many people want the space and usability of a compact SUV but tire of the styling and ubiquity of the vehicle type. The fastback shape provides a more dramatic design look without completely sacrificing the characteristics that make SUVs so popular.  Peugeot offers a traditional SUV in the 3008, but the 408 is sleeker and more aerodynamic. The automaker says that the 408 “offers a feline stance and unique allure, engineering excellence focused on efficiency and intelligent electrification, as well as the emotions provided by cutting-edge technologies dedicated to driving pleasure and instinctive use." Two plug-in hybrid powertrains will be offered first, producing 180 and 225 horsepower. A standard gas model will also be available with a 130-horsepower engine. All variants get an eight-speed gearbox, and Peugeot says an electric model will come later. No Stellantis brand in the United States currently offers a purely electric vehicle.  Peugeot will build the 408 at its plant in Mulhouse, France, for the European market. The vehicle will go on sale early in 2023 and will later become available in China. Related video: Featured Gallery 2023 Peugeot 408 Green Green Dodge Citroen Crossover Future Vehicles