Archive for the ‘FCA’ Category

Uber’s Estimated Valuation in IPO Pegged at $120 Billion

Lyft is looking to doing an offering as well next spring.

by on Oct.18, 2018

Uber CEO Dara Khosrowshahi has been making substantive changes to the company since his arrival.

Uber could raise as much as much as $120 billion, dwarfing the market capitalization of General Motors, Ford and Fiat Chrysler, when it launches an initial public offering next summer, according to a report in the Wall Street Journal.

Uber is already in discussions with bankers about an initial public offering in early 2019, the Journal reported. At the same time, Uber’s principal Lyft raised $15 billion during a round of fund raising and has indicated it is preparing go public next spring, raising the prospect the two ride-sharing companies could collide in the race for cash.

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Uber’s potential valuation could be greater than the combined current valuation of the U.S. automakers, the Journal reported. The comparison has been the subject of some fierce debate with some critics suggesting that for “game changing” technology companies like Uber it is not a relevant. (more…)

Jeep to Launch Renegade Plug-In Hybrid in 2020

Automaker set to have 12 electrified models in productions by 2022.

by on Oct.09, 2018

In 2020, Fiat Chrysler will offer a plug-in hybrid version of the Jeep Renegade to kick off its electrification program.

After a slow start, Fiat Chrysler Automobiles is plugging into battery power in a big way, the Euro-American automaker confirming plans to introduce a plug-in hybrid version of the Jeep Renegade in early 2020.

That follows the launch of a so-called “mild” hybrid system on the all-new Jeep Wrangler launched last year. The system, known as eTorque, is also being used on the completely overhauled 2019 Ram 1500 pickup just now rolling into U.S. showrooms.

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The Jeep Renegade PHEV will mark a major push into battery power for FCA, the company recently announcing that its various brands will introduce a dozen more advanced electrified models by 2022, ranging from conventional “full” hybrids to plug-ins to all-electric offerings. They will cover a wide spectrum of models and price segments, including the all-new plug-in supercar being developed by the Alfa Romeo brand. (more…)

VW Back in the Global Sales Lead, But Toyota Returns to #2

Final months of 2018 could bring an epic battle.

by on Oct.08, 2018

Volkswagen appears to be the top selling automaker in the world with less than three months left in the year.

With 2018 quickly drawing to a close, Volkswagen appears to have cemented the global sales crown to its corporate head, rapidly gaining ground from its two closest competitors.

But rivals Toyota and the Renault-Nissan-Mitsubishi Alliance are facing a classic, neck-and-neck battle that could see them fighting it out until the last sale is counted, according to data compiled by research firm Focus2Move, for second place.

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One long-time contender, meanwhile, has dropped out of the race entirely. General Motors, which led the global auto industry for more than seven decades, is well out of the running after selling off its European Opel subsidiary and shuttering operations in several other markets, including Russia and India. (more…)

Fiat Chrysler Outsells Ford in September

Makers struggle to overcome Hurricane Harvey-led sales from last year.

by on Oct.02, 2018

Fiat Chrysler outsold rival Ford Motor Co. in September, led by strong sales of its Ram pickup truck.

In a dramatic reversal of fortune, Fiat Chrysler Automobiles outsold Ford Motor Co. during the month of September and moved with striking distance of Toyota, the leading Japanese automaker.

FCA US reported U.S. sales of 199,819 vehicles, a 15% increase compared with sales in September 2017 of 174,266 vehicles.

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Meanwhile, Ford Motor’s September U.S. sales declined 11.2% on total sales of 197,404 units. Sales by Toyota Motor North America declined by more 10% with on sales of 203,095 Toyota and Lexus units. (more…)

Fiat Chrysler Chief Manley Shuffles Executive Team

Gorlier takes over supervision of European operations.

by on Oct.01, 2018

FCA CEO Mike Manley handed out new assignments to his executive team including naming Pietro Gorlier to COO with oversight of European operations.

After just about six weeks as CEO, Fiat Chrysler’s Mike Manley has shuffled the company’s top managers to his liking, with one appointment in particular drawing attention.

He announced the changes in an email sent to employees.

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“The next five years will continue to be extremely challenging for our industry, with tougher regulations, intense competition and probably slower industry growth around the world,” he wrote.  (more…)

FCA Readying for Ratings Upgrade from Moody’s

Agency assigns automaker a "positive outlook."

by on Sep.26, 2018

Fiat Chrysler's future finances were given a positive outlook by Moody's.

Moody’s Ratings has given a “positive outlook” to Fiat Chrysler Automobiles based on its expectation the automaker will continue to improve its overall financial position.

Continuing improvement in FCA’s financial “metrics” in the current fiscal year to help trigger a possible upgrade from the ratings agency to Ba1. FCA’s current rating is considered investment grade but the upgrade would help lower the interest rates the company pays on the money it needs to borrow for continuing business operations.

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“The positive outlook also assumes that FCA’s financial policy is to remain conservative with no excessive dividend payouts, a more moderate gross leverage than in the past, a solid liquidity profile and some operational resilience in case of a weakening of FCA’s markets,” reads the Moody’s report. (more…)

Marchionne Memorialized in Turin

“Life doesn’t stop.”

by on Sep.14, 2018

FCA Chairman John Elkann, (c), is shown entering the Turin Cathedral for the Marchionne memorial.

An overflow crowd filled the Turin Cathedral on Friday morning marking the first of two planned memorials for Sergio Marchionne, the CEO of Fiat Chrysler Automobiles who died unexpectedly at the age of 66 nearly two months ago.

The ceremony brought out a mix of political and industrial elites, including FCA Chairman John Elkann and two former Italian prime ministers, as well as company workers and many local residents, according to Italian news reports.

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“Never take a break or a deep breath because life doesn’t stop,” said Elkann, the heir to the founders of the Fiat side of FCA, recalling Marchionne’s always-on-the-go work ethic.

(more…)

FCA Upgrades Proving Grounds for Self-Driving Vehicle Testing

Late to the game, FCA races to make up lost time with $30 mil project.

by on Sep.05, 2018

A Waymo-modified Chrysler Pacifica Hybrid.

Fiat Chrysler Automobiles has invested $30 million to upgrade its sprawling Chelsea Proving Grounds, an hour west of Detroit to expand its ability to develop and test both autonomous vehicles advanced driver assist system technologies.

The automaker has been slow to embrace self-driving vehicle technology, though it has been able to leapfrog some of its competitors with an expanding tie-up with Waymo, the self-driving spin-off of Google. The new project will allow FCA to test technology from Waymo and other potential partners, as well as systems it may develop in-house.

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“The all-new facility at Chelsea Proving Grounds will help support and enable the successful rollout of the company’s five-year plan laid out earlier this year,” said Mike Manley, who took over as FCA’s CEO just two months ago. “Our ability to test for autonomous and advanced safety technologies enables FCA to offer our customers the features they want across our brand portfolio.”

(more…)

Proposed Class-Action Suit Against FCA, UAW Dismissed

Judge says plaintiffs haven't exhausted contractual remedies yet.

by on Aug.30, 2018

Former UAW President Dennis Williams maintained that the collective bargaining process between the UAW and FCA wasn't tainted.

A U.S. District Court has dismissed a proposed class action by autoworkers against car maker Fiat Chrysler and the United Automobile Workers that claimed the company and union colluded to sacrifice workers’ interests during collective bargaining.

The judge, following a long line of precedents, ruled that the workers who brought the suit have not exhausted contractual remedies and internal procedures to address their grievances against the company and the union.

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The lawsuit, filed by three UAW members, claims the union’s FCA contract was skewed in the automaker’s favor by the corruption of two top negotiators and alleges millions of dollars in dues collected from union members were “wasted on tainted bargaining.” (more…)

Lexus, Volvo Tie for Top Spot in New Brand Survey

Overall, consumers slightly happier with ownership experience.

by on Aug.30, 2018

Volvo tied with Lexus for the top brand honors in the latest ACSI survey, receiving its highest score ever.

Vehicle owners in the U.S. are slightly happier with their ownership experience this year than last year, according to the latest American Customer Satisfaction Index.

The index, which is the result of surveys of car owners on their overall service and product experience with specific auto brands, creates a score between 1 to 100. According to the latest edition, the industry-wide score for 2018 is 82, up from 81 in 2017.

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“Car owners are often highly satisfied—they’ve kicked the tires enough times that they’re happy with their decision when they buy,” said David VanAmburg, managing director at ACSI.  (more…)

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