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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.

Maserati Project24 is a custom, limited-edition, track-day special

Maserati joins the parade of limited-run, track-only cars designed to a set of specs instead of a set of established racing regulations. The entry is known by the codename Project24 at the moment, and Maserati says it will build just 62 examples. We don't know the significance of 24 nor of the production run. When the automaker launched the MC20, it said it planned to get return to heritage values founded at Formula 1 and sports car tracks around the world. While we wait on an MC20 developed for FIA GT racing, Project24 will be automaker's second outlet for racing aspirations, the Italians planning on entering Formula E next season. It's possible the Project24 is an offshoot of Maserati's reportedly dead GT3 program for the MC20. In December 2020, Daily Sports Car reported that a GT3 challenger "was said to be under development" when Maserati debuted the MC20, but perhaps due to ramifications of Covid, the circuit version was "shelved for the time being." The automaker hasn't divulged performance targets for the Project24, only a weight target: Below 1,250 kilograms, or 2,756 pounds. If achieved, the racer would be 552 pounds less than Maserati's claimed weight for the MC20. Part of the weight loss comes courtesy of carbon fiber bodywork that's two inches wider than on the MC20, Lexan windows, and making the passenger's seat optional. The gains should be felt everywhere around a track, especially because Project24's 3.0-liter V6 engine sports a larger pair of turbos that boost output by 119 horsepower, to 740 hp. The road car's eight-speed automatic is replaced by a six-speed sequential auto with paddle shifters, from there sending power to the rear wheels through a mechanical limited slip differential instead of the electric LSD in the MC20. Brembo CCMR racing brakes hang off a double wishbone suspension with anti-roll bars front and rear and adjustable dampers, just behind custom, forged 18-spoke center lock wheels on racing slicks. An adjustable front splitter and rear wing fine tune aero performance, on-board air jacks help pit crews put in the best performance.   The cabin offers an adjustable, multifunction carbon fiber steering wheel and pedal box. The wheel contains a digital display working alongside a dash and data acquisition system, but a driving performance optimization display is extra.

Singapore car salesman jailed for gambling away $280k Maserati deposit

Kenny Rogers' country classic The Gambler is right about two things: you gotta know when to hold'em and know when to fold'em. A former Maserati salesman in Singapore is learning that lesson about when to step away from the table, after being sentenced to 33 months in prison for allegedly gambling away a customer's deposit of 350,000 Singapore dollars ($280,800).
According to Asia One, Allan Tan Buan Yuen was selling a Maserati in 2011. He told the customer that the car would take six months to arrive and cost 650,000 Singapore dollars ($522,000). While that may sound high, cars in the Asian country are notoriously expensive.
Yuen asked for a deposit of 150,000 Singapore dollars ($120,400), but instead of handing the money to the dealer, he placed the funds in his own account. Apparently, the customer didn't notice, and over the next few months Yuen received an additional 200,000 Singapore dollars ($160,400) towards the car from him. Clearly, this ruse couldn't last forever, though. When the buyer eventually inquired about his Maserati months later, Yuen admitted that he had already gambled away the entire fortune.