Uh-oh: The UAW has reached out to unions representing workers of Chrysler and Fiat in other countries. They want to form a “global network.” The group will not collectively bargain with the companies, King told reporters from Reuters. The group will be just an innocuous clearing-house for information. (Read More…)
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Tag: Italy
After the U.S. and Canadian government are out of the car business, at least as far as Chrysler is concerned, Fiat will own 52 percent. Who owns the rest? A large chunk, 45.7 percent, is owned by the UAW. By the UAW’s VEBA healthcare fund, to be exact. And the union is in no great hurry to change that. The UAW has a big “HOLD” on their share of Chrysler, hoping that the value goes up. That’s what “two people familiar with the fund’s strategy” told Reuters today. (Read More…)
Fiat has reached an agreement with the U.S. Government that will give Fiat 52 percent of the shares in Chrysler and therefore the final controlling majorioty. The Treasury said on Thursday it will sell its remaining 6 percent equity stake in Chrysler to Italy’s Fiat in a deal that will net Washington $560 million, Reuters reports. (Read More…)
Zagato’s 100 year birthday present to Alfa Romeo, the TZ3 Corsa, was originally designed around the Alfa 8C’s running gear. So when Sergio Marchionne started showing dealers a new Viper prototype that “resembled the 8C,” I suggested that the TZ3 Corsa’s long-nosed, kammback profile made it a good role model for a future Italian-influenced Viper. And now, as if to explore that very possibility, Zagato has come out with a street-going TZ3 Stradale which drops the 8C underpinnings for a Viper ACR chassis and V10. Is this a look at the high-performance future of the Fiat-Chrysler alliance?
In a few months, Fiat will own 46 percent of Chrysler, Fiat announced today in Turin. With another 5 percent milestone reached by the end of the year, Fiat will have the 51 percent majority in Chrysler. According to Germany’s Automobilwoche [sub], the 46 percent level will be reached after Chrysler has paid back the government loans. Payment of the loans is expected for the second quarter of 2011. (Read More…)
We recently asked our Best And Brightest to help Chevrolet look back through its past and find the designs that should inform the brand’s future design direction, an assignment that touched off a number of fascinating conversations. Now, with news of Alfa’s US launch being delayed at least in part due to problems with the design of its all-important D-segment sedan, we reckon it’s time to help Alfa navigate its current design crossroads. Only this time, it’s even more important. Though once-famous for its crackling V6s and flat-fours, Alfa’s have become increasingly dependent on their non-mechanical attributes: style, flair, and Italian-ness. And unlike Chevrolet, the brand has more recent design heritage to draw on as it approaches a US launch just as automotive designs are becoming increasingly emotive. But whereas Chevrolet lacks design identity, Alfa suffers from too much identity: though the 8C is a gorgeous car and a sublime halo, its design cues are becoming something of a crutch for Alfa’s designers.
And so we ask: if Alfa is looking for a new design direction to help launch it as a global premium/sporty brand, what past designs should it turn to? My personal top choice, the Alfetta GTV6, may not be the most beloved design amongst true Alfisti, but it’s a distinctive design at the crossroads between old- and new-school Italian brio. If Alfa is to succeed, it needs designs that reference both heritage and modernity, and to my eyes, the GTV does just that. But that still leaves nine more choices…
In a few weeks, Fiat will be handed another 5 percent of Chrysler as brownie points for meeting another milestone in its agreement with the U.S. and Canadian governments. Another milestone will be reached in the fourth quarter, Sergio Marchionne told Reuters today. That will bring Fiat’s ownership in Chrysler to 35 percent. But Fiat and Marchionne want more: Majority control, i.e. 51 percent. That needs a bigger milestone: Repay a $7 billion government debt. Marchionne thinks he can do it. (Read More…)
A news brief from the Agenzia Giornalistica Italia notes
AGI) Turin – FIAT CEO Sergio Marchionne has said that it is not true that FIAT is Americanizing its models, on the contrary, more than 50% of Chrysler parts “start off from a European basis”. Speaking at a press conference, Marchionne also emphasized that the “internationalization process has began, and is making progress and our engineering is too.” The CEO also said that, “it is totally absurd to say that an American car is not a Fiat product.”
Oops!
Back in 1976, the Italian automaker Fiat had been badly battered by a global energy crisis and the resulting malaise infecting the global auto industry. In what Time Magazine described at the time as “a devastatingly ironic example of petropower,” Col. Muammar Gaddafi instructed his Libyan Arab Foreign Bank to invest some $415m into the Italian automaker, giving it a stake that would eventually grow to some 14 percent of the firm’s equity.
By 1986, Fiat’s Libyan stakeholders were becoming more trouble than they were worth. In the wake of the Lockerbie bombings, the US introduced sanctions on Libya, and Fiat’s Libyan connection left its attempts to bid for US military contracts (particularly those related to Ronald Reagan’s Strategic Defense Initiative) dead on arrival. As a result, Fiat and its shareholders bought back the entire 14 percent Libyan stake in the firm, presenting the Libyan Arab Foreign Bank-controlled Banca UBAE with a $3.1b check. And, according to what a Fiat spokesperson told us yesterday, that is where the story ends. But thanks to the now-ubiquitous Wikileaks, we have found that this story may in fact go farther than that. In fact, as the evidence stands right now, either the US State Department is working with bad information (which major news sources have yet to correct), or Fiat is lying about its ties to the embattled Gaddafi regime.
Italy’s financial police, the Guardia di Finanza, announced in Brescia last week the indictment of five individuals suspected of a 13 million euro (US $18 million) scheme involving tax fraud and rigged speed cameras. Diego Barosi, 60, the head of the Garda Segnale Srl photo enforcement firm would bid on municipal automated ticketing machine contracts against shell companies run by his co-conspirators. They would ensure that Garda ended up landing the lucrative deal.
Ford and Ferrari finally settled their differences over the alleged trademark infringement by Ferrari. In cases like these, one lawyer usually tells the other: “What does it take for this to go away?” In this case, Ford’s lawyer must have answered: “Lose the F, or lose the case.” And that’s what happened. (Read More…)
Sergio Marchionne is a multitasker: He has been knighted in Italy in 2006, and is CEO of two carmakers, Fiat and Chrysler. Money-wise, he’s just getting by. A 300-page filing with the SEC revealed that his pay as CEO of Chrysler equals what he draws from his knighthood: Niente. Marchionne received no cash salary from the company. He didn’t work entirely for nothing though. (Read More…)
The owner of a family van was surprised to receive a ticket in the mail from police in the southern Italian town of Oria accusing him of driving 1230 km/h (764 MPH). The Lizzanello resident had been driving his Fiat Doblo on the SS7 in the province of Brindisi on November 6 and weeks later received a letter demanding that he pay 165 euros (US $223).
Italian tickets allow a five percent tolerance to account for the possibility of error. At 1230 km/h, the motorist exceeded the 90 km/h (56 MPH) speed limit with an adjusted velocity of 1078 km/h (669 MPH), according to the notice signed by two officers (view ticket). Oria police insist that the camera managed by the private firm Sodi Scientifica SpA is perfectly accurate. Officials blamed the incident “clerical error” in a statement issued Thursday.
In the brouhaha over Ferrari’s alleged trademark violation, Ferrari did the smart thing and surrendered. Ferrari withdrew the “F150” name for its new Formula One race car. Ford had brought suit in federal court, alleging that “Ferrari has misappropriated the F-150 trademark in naming its new racing vehicle the ‘F150′ in order to capitalize on and profit from the substantial goodwill that Ford has developed in the F-150 trademark.” (Read More…)
Chrysler and Fiat CEO Sergio Marchionne has given Forbes’ Joann Muller what I believe to be one of his best interviews since arriving on the US scene. In it, Sergio dishes on everything from the bailout (“I risked everything – I got 35 percent of something that was worth nothing”), to Chrysler’s 2011 sales target (“a very, very tough uphill battle”), to its new product
I couldn’t have done more from a product standpoint than I’ve done. I mean you know, I tried every trick in the book that I knew and I invented some, but you know, 16 products in 12 months – at least that part of it was a record. The rest of it is to be proven.
But the strangest revelation from Sergio is that Alfa Romeo’s future success will be, in a manner of speaking, “Imported from Detroit.” Read the whole thing over at Forbes, or hit the jump for Sergio’s vision for his red-blooded Italian brand.
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