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FCA's European boss quits after losing out as Marchionne's replacement

MILAN — Fiat Chrysler's European boss has quit, adding to the problems facing new CEO Mike Manley, who must deliver on promises to boost production of SUVs and catch up with rivals in electric cars. Jeep division head Manley was named on Saturday to succeed Chief Executive Sergio Marchionne, one of the auto industry's most tenacious and respected leaders, who fell seriously ill after suffering complications following surgery. It emerged on Monday that Alfredo Altavilla, head of Fiat Chrysler's business in the Europe, Middle East Africa had resigned, according to a source with knowledge of the matter. He had been a rival for the top job along with Manley and Chief Financial Officer Richard Palmer. It's another complication to new CEO Manley's task of executing his predecessor's plan to keep the world's seventh-largest carmaker competitive in the absence of a merger. Marchionne had been due to step down next April, so the market reaction was limited on Monday. The shares initially fell more than 5 percent, but then pared some losses and were down 2.4 percent by 0930 GMT. "The downside may be modest, at least in the next 12 months. But long-term concerns will build — Marchionne ran FCA in a command and control style, with constant firefighting measures," said Bernstein analyst Max Warburton. Fiat Chrysler Automobiles (FCA) said British-born Manley would pursue the strategy that Marchionne outlined last month. FCA has pledged to increase production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It also unveiled bold targets for Jeep, which has become FCA's ticket to creating a high-margin brand with global appeal. Reviving struggling brands Analysts said that choosing Manley, 54, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan. "Manley knows that his primary focus is on execution and that, already, he has a strategy into which his team has bought," said George Galliers, an analyst at Evercore ISI. "There is no reason the 2022 plan cannot be executed." Under Manley, the company is expected to sharpen its focus on revamping individual brands, including ailing Fiat in Europe, Chrysler in the United States and Alfa Romeo, which has yet to turn a profit despite multibillion-euro investments.

A fleet of classic Ferraris were left to rot in a field

A field full of abandoned, old Ferraris is not a common sight. But here are photos of a bunch of them sitting out in the elements. Silodrome originally found and published a story about these lonely looking Ferraris. According to the post, there's a Testarossa, a 308 Quattrovalvole, at least two 328s, at least three 348s and an unestablished number of Mondials. All of them reportedly belonged to one collector, and the story behind why they ended up in the field is rather sad. The owner (name unknown) was an attorney who acquired 13 Ferraris over the course of his successful career. Around 2011 or 2012 he was diagnosed with a serious illness, and he paid to have the cars put into a friend's secure warehouse. Unfortunately, he ended up missing some payments as his condition worsened, and the cars were removed from the warehouse. Their new storage spot? The field you see photographed here. Back payments were eventually made to the warehouse, but the Ferraris were never moved inside. Apparently, the Ferraris would remain in the field for nearly a decade until the family was able to take possession of them. No explanation was provided as to why they were unable to grab them sooner, but the article alludes to "legal proceedings" holding them up. Eleven Ferraris were found in the field, but records (titles, invoices) show that there should have been 13. Additionally, two Rolls-Royces are also unaccounted for. The family reportedly made a deal to sell nine of the Ferraris to a dealer, so they could be restored and sold to new owners. Interior photos of these Ferraris are a bit of a shock. Time sitting in a field hasn't served them well, but at least some folks are going to give them the care a classic Ferrari deserves now. You can check out the rest of the images on Silodrome's article.

Ferrari profits rise 46 percent in 2018

MILAN — Italian luxury sports car maker Ferrari says profits last year rose 46 percent, driven by a surge in V12 sales and vehicle personalization. Ferrari on Thursday reported 2018 net profit of 787 million euros ($904 million), up from 537 million euros the previous year. Shipments rose 10 percent to 9,251 vehicles, while net revenues were flat at 3.4 billion euros. Ferrari set a forecast for 3-percent revenue growth to over 3.5 billion euros. It did not provide a shipment forecast. Sales of 12-cylinder models surged 20 percent, led by the 812 Superfast, while sales of 8-cylinder models rose 8 percent. Sales rose across the globe, with double-digit increases posted in Europe and greater China. The carmaker said fourth-quarter profits rose 40 percent to 191 million euros.Related Video: