Not suitably impressed by the recent 446,000 mile Neon? How about a 1980 Fiat Brava with a half-million miles, on its original engine no less! It just goes to show that anything can be kept going forever, with the right attitude, perseverance and a (full time?) dedicated mechanic. 818now.com has the full story on Gil Cormaci (is chauvinism at work here?) and his stereotype defying Fiat that recently rolled over its odometer for the fifth time. Read More >
Bloomberg reports that Ferrari workers walked off the job for four hours yesterday, in protest of planned job cuts and production idling. Ferrari has announced that it plans to eliminate 120 office jobs and 150 production jobs, or nearly ten percent of its workforce. The Italian sportscar firm has also said it will put 600 workers on a week-long furlough next week, as it idles production of engines for its sister brand Maserati at a Maranello plant. Last year, Ferrari built about 4,500 engines for Maserati, about half of the 2008 number, as sales of the brand fell.
Fiat has released photos of its new super-mini Uno, which will initially be produced in Brazil, and may, or may not, eventually be sold in Europe as well. The emphasis is on room and a “crossover look”, not unlike Toyota’s Urban Cruiser (Scion xD). It certainly isn’t on the handsome good looks Fiats were once known for. Times change. Read More >
Alfa-Romeo is turning 100 this year, and to celebrate, all the famous Italian design houses are showing their own conceptual expressions of Alfa-ness. And strangely, from Pininfarina’s buttoned-up (and bizarrely-named) 2uettottanta, to Bertone’s over-the-top Pandion, the entries thus far have felt a little… lackluster. Have Alfa’s recent problems killed the mystique? As it turns out, Pinin and Bertone were just getting us warmed up for Zagato’s stab at an Alfa tribute, this stunning TZ3 Corsa. Loosely based on 8C running gear, the TZ3 Corsa is not only an Alfa tribute, it’s also a racing special commissioned by German collector Martin Knapp, and homologated to FIA GT2 spec. Which means it doesn’t just look good. You know, TTAC’s birthday is coming up too…
Let's carry out the five year plan in 4 years! Picture courtesy nhikmetran at flickr.com
Today is the day. Today, Sergio Marchionne will present his 5 year plan for Fiat. 5 year plans are usually reserved for a reunion of unreformed communist party elders. But Fiat respects traditional values.
In his opening remarks, Marchionne took a shot at the mongers of gloom and doom. He had two words for analyst reports that dissed Chrysler’s operating profits: “Boulevard press.” This is Euro-slang for tabloids, or the business section of the National Enquirer.
“As we all know,” said Sergio, “in business it is ultimately only facts that prevail.”
Then, the facts were presented. Read More >
Be extra careful when you read Bloomberg this morning. It will make you think you had one too many last night. The financial news service reports that Chrysler posted a $143 million operating profit in the first quarter,“after cutting costs and introducing a big pickup.” It’s a miracle alright. Read More >
Analysts will have a lot of uncomfortable questions tomorrow when Chrysler reports post-bankruptcy financial results, while Fiat unveils “la strategia grande” domani in Italy. They will finally unveil their long-awaited 5 year plan.
According to Reuters, “more questions than answers could still remain about Chief Executive Sergio Marchionne’s turnaround strategy.” The most uncomforting question will be: “Are you sure?” Read More >
If there’s anything “wrong” with the Ferrari 599 GTO, it’s that they’re only building 599 of them. Which in turn guarantees that it will end up being more of a “my oil well’s proven reserves are bigger than yours” trophy than the road warrior it’s allegedly supposed to be. Otherwise it’s just 670 HP of 208 MPH, heritage-named goodness. A regular 599 starts at around $335,000 new, provided you’ve already bought a used Fezza and given Luca DiMontezemolo a sensual massage within the last six months… any guesses what the GTO’s premium will run? It’s looking like it could hit $100k, which is mighty healthy for a .35 second improvement in 0-60 time.
In June 2009, Fiat was handed 20 percent of a washed and rinsed Chrysler for no cash, and despite protests, the deal was rammed through. The UAW was given 55 percent, the U.S. and Canadian governments controlled 8 and 2 percent, respectively. Often overlooked, or forgotten, the deal came with an option for Fiat to raise its stake to 35 and eventually as high as 51 percent if it meets some rather vague financial and developmental goals, hashed out with the U.S. government.
Sergio Marchionne thinks the goals are met. He plans to increase Fiat’s holdings in Chrysler to 35 percent within two years, says Reuters. Read More >
In the world of automobiles, it appears that China isn’t the only fruit ripe for the plucking. Brazil is buzzing. They’re weathering the current economic fragility very well, and companies are looking to invest in there. Down in Brazil, economically speaking, it’s car-naval time! Read More >
Media from Associated Press to The Business Standard of India are abuzz with reports that Fiat (the company) is planning to cut 5000 jobs and will be spinning off its car division this summer. The stock market seems to like the idea: Fiat’s shares rose 4.15 percent. Read More >
European new car sales have fallen back to crisis levels. With many of the incentive programs withdrawn or phasing out, it’s back to reality. Reality is quite rough. Basically, Europe is back where it was in the carmageddon days of early 2009. The few bright spots are caused by on-going life support measures. Without government generosity, the European market place would be a wasteland.
New passenger car registrations in the EU increased by a mere 3 percent in February. Compared to the pre-crisis levels of February 2008, new car registrations decreased by 16 percent, reports the European Automobile Manufacturers Association ACEA. Read More >
With all the drama surrounding Alfa Romeo’s future, it’s heartening to see that the brand is still taking the time to work on core competencies like the emotional drop-top two-seater. Nobody knows for sure if Alfa will survive past the end of this year, but if they do, this is probably how they should celebrate. Fiat CEO Sergio Marchionne has been urging Alfa to “find religion,” and soon… happily, the 2uettottanta Concept sure looks like the work of true believers. With just a little Pontiac Solstice thrown in for good measure.
Fiat is acknowledging a “a collapse in orders” as Italian scrappage rebates expire, and as a result, all six Italian Fiat plants will close for two weeks [via the BBC]. The move is being justified as a break from past overproduction, with Fiat spokesfolks claiming “we’re only building to demand.” Though that might help CEO Sergio Marchionne justify his $6.5m paycheck, it couldn’t come at a worse time. Fiat is putting 30,000 employees out of work for the next 14 days, just as it faces widespread protests over the closure of its Sicilian Termini Imerese plant. With the Italian government (and even the Pope) condemning Marchionne’s decision to cut the perpetually money-losing plant, this unplanned vacation will give workers plenty of time to agitate and organize further resistance. Not that Marchionne could have avoided it. Italy’s consumer subsidies for new cars were keeping demand artificially high, and the Italian government was hoping it could offer their renewal in exchange for a Fiat commitment to the Imerese plant. But as the Wall Street Journal [sub] opines, Europe’s scrappage-swollen market has to come down to earth at some point. Just as Fiat has to rid itself of some of its terminally underperforming Italian capacity, at some point. And, as usual, there’s no time like the present.
Alfa has rekindled its long lost love with a mature lady: Aunt America.
Last December, Cammy Corrigan reported on TTAC that there are “very important opportunities for Alfa Romeo in the United States.” At least in the eyes of Luca di Montezemolo, Chairman of Fiat. Despite being the object of unconditional admiration of Alfa-crazed owners, commonly known as “Alfisti,” Fiat’s sporty brand has reportedly lost €200m-€400m per year for the last decade. So something needs to be done.
“Andiamo a America,” appears to be la soluzione in Torino. Reuters reports that “Alfa Romeo is likely to return to North America by 2012 after a 15-year hiatus.” Alfas were last sold in America in 1995. Read More >
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