VW and Fiat are in talks regarding a possible sale of Alfa Romeo. The sale of Alfa Romeo to Audi would also include the Pomilgiano assembly plant in Naples, which once made Alfas, but currently produces the Fiat Panda. Magnetti Marelli, Fiat’s famed parts maker, may also be included in the deal, as Fiat looks to raise cash so it can buy the remaining shares of Chrysler off the UAW’s Voluntary Employee Benefits Association. (Read More…)
And on we go in our round-the-world-travels, exploring what the main car markets in the world looked like in 2012. We have gone through the Chinese, European, Russian, Indian and Israeli markets already, now let’s have a look at Italy…
Not really interested? That’s ok, you can check out the best-selling models and brands in 172 additional countries and territories on my blog. Enjoy!
Back to Italy. And for the first time since World War II… Well you’re going to have to jump to find out…
The next generation Fiat 500 will no longer be hecho en Mexico for the North American market. Faced with a modern plant and unused capacity, Fiat will consolidate all of its 500 production to its site in Tychy, Poland, in 2015. So what does this mean for Mexico?
Self-concious auto shoppers looking for a cheap, Italian-made vehicle need look no further than Jeep; Fiat announced plans for a $1.3 billion investment in an Italian plant to build a subcompact crossover for Fiat and Jeep.
With the exception of France, European governments offer very little help to their ailing car industries. Fiat hoped that Italy would follow the French example. Today, it received a cold shower instead. Italy’s prime minister Mario Monti “offers car makers sympathy, but no aid,” says Reuters.
Italy has not intervened with financial support for Fiat because its European losses are more than covered by revenue from its Chrysler unit in the United States, the report says.
Aston Martin won’t be sold to the Indians, nor will it be sold to the Chinese. The low-intensity bidding war for the British boutique sports car maker was won by the Italian private equity group Investindustrial. It is buying 37.5 percent for $241 million via a capital increase agreed with majority Kuwaiti owner Investment Dar, Reuters reports after having received confirmation by Aston Martin. (Read More…)
Last year, our esteemed Ed in Chief Niedermeyer did intensive research into what was left of then Libyan ruler Muammar Gaddafi’s share holdings in Fiat. Fiat denied that the Colonel had any financial interest in Fiat, but he did. The holdings were seized by the Italian government. (Read More…)
“Whenever Sergio Marchionne, chief executive of carmakers Fiat and Chrysler, appears in public, television crews jostle to beam his words around the globe. Amid the push and shove it’s easy to miss the tall, curly-headed young man who often looks on from the sidelines.
He’s John Elkann. And he’s Marchionne’s boss.” (Read More…)
Fiat and Chrysler CEO Sergio Marchionne repeated its pleas that European governments should do something about the overcapacity in the region. Being in Shanghai when he said that, he recommended that the Chinese government does the same. The governments likely won’t be enthusiastic about Sergio’s advice.
For the first time, I am worried that gasoline is at the end of its life cycle. Gas pumps already have landed in the museum. (Read More…)
It looks like Fiat and Chrysler CEO Sergio Marchionne does not want to be head of the European automakers association ACEA much longer. Today, he called for a massive EU rescue package for the ailing European car industry, with coordinated capacity cuts as the centerpiece. He also called for a stop of free trade agreements. “Let the European car industry make its adjustments… This is not the time to embrace free trade,” Marchionne said while Reuters was taking notes.
Carmakers do get hurt when someone calls their cars junk. When Moody’s calls your credit rating junk, then this hurts a lot: It makes financing more expensive, or possibly impossible. Moody’s lowered the credit rating of Fiat and PSA Citroen Peugeot to Ba3 with negative outlook. Translation: This is serious junk, and it might get worse. (Read More…)
Fiat says it sits on a 22.7 billion euro cash pile. CONSOB, the Italian equivalent of the SEC, told Fiat to explain “size and purpose” of its cash position, says Il Messagero in Rome. Fiat says it is not aware of an alleged probe, and that any suggestion that its cash pile was lower than reported in its statements was false, and will be dealt with. (Read More…)
Italy once had one of the highest rates of car ownership in the world, with 60 cars for every 100 people. But in 2011, bicycles outsold cars for the first time in decades.
With a CAW labor contract expected to be announced today, Fiat has confirmed that cars built in Italy will be exported to markets like the United States, as Fiat looks beyond its ailing home market for growth.