Fiat Chrysler Automobiles N.V., often abbreviated as FCA, is an Italian-American multinational corporation and is the world's eighth largest auto maker. The group was established in October 2014 by merging Fiat and Chrysler into a new holding company. Fiat Chrysler Automobiles' main headquarters are located in the Netherlands, and the financial headquarters are in London for tax purposes. The holding company is listed on the New York Stock Exchange and Borsa Italiana in Milan. Exor N.V., an Italian investment group controlled by the Agnelli family, owns 29.19% of FCA and controls 44.31% through a loyalty voting mechanism.
FCA's mass-market brands operate through two main subsidiaries: FCA Italy (previously Fiat Group Automobiles SpA) headquartered in Turin; and FCA US (previously Chrysler Group LLC) headquartered in Detroit. The company's portfolio includes automotive brands Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Maserati, and Ram Trucks. Ferrari was spun off from the group in 2016. Today FCA operates in four global markets (NAFTA, LATAM, APAC, EMEA).
|Fiat Chrysler Automobiles N.V.|
(public limited company)
|Traded as||BIT: FCA|
FTSE MIB Component
|Predecessors||Fiat S.p.A. and Chrysler Group|
|Founded||12 October 2014|
|Headquarters||Amsterdam, Netherlands (Head office) |
London, United Kingdom (Financial office)
|John Elkann (Chairman)|
Mike Manley (CEO)
|Revenue||€110.41 billion (2018)|
|€4.10 billion (2018)|
|€3.63 billion (2018)|
|Total assets||€96.87 billion (2018)|
|Total equity||€24.90 billion (2018)|
|Owner||Exor N.V. (29.4%)|
Number of employees
The CEO and executive management including twenty-two employees work between Auburn Hills, Michigan and Turin, Italy. The other operating activities of the new group remained unchanged, with manufacturing, design and engineering facilities remaining in Turin, Italy, Auburn Hills, Michigan, United States and other locations worldwide, including Canada, India, Mexico, Brazil, Argentina, Poland, and China.
Executive members of the FCA Board of Directors as of October 2018 are John Elkann (Chairman) and Mike Manley (Chief Executive Officer), with non-executive directors Ronald L. Thompson, Andrea Agnelli, Tiberto Brandolini d'Adda, Glenn Earle, Valerie A. Mars, Ruth J. Simmons, Patience Wheatcroft, Stephen Wolf and Ermenegildo Zegna, CEO of Ermenegildo Zegna.
FCA carries out its mass-market automotive operations through two main subsidiaries: FCA Italy (previously Fiat Group Automobiles) and FCA US (previously Chrysler Group). Both name changes were announced in December 2014.
Other companies include luxury car (Maserati) as well as firms working on production automation (Comau) and metal foundry (Teksid, 84.8% share). Other joint ventures and subsidiaries are undertaken via the FCA Italy and FCA US companies.
The integration between Fiat and Chrysler dates back to 2009 after Chrysler filed for Chapter 11 bankruptcy reorganization on 30 April 2009. On 10 June 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat, and the U.S. and Canadian governments as principal owners. Fiat's initial purchase was a 20% stake in the company. By January 2012, Fiat's equity stake in Chrysler grew to 58.5%. On 21 January 2014 Fiat completed the acquisition of the remaining 41.5% from the United Auto Workers, making Chrysler Group a wholly owned subsidiary. On February 2, 2014, Fiat Chrysler began trading on the NYSE under the ticker symbol "FCAU". Overall, to acquire Chrysler cost Fiat US$4.9 billion, with an additional US$5.5 billion pension liability.
On 29 January 2014 Fiat announced a reorganization and intended merger into a new holding company.
Fiat S.p.A. and Chrysler Group LLC merged into FCA on 12 October 2014 following approval of the board on 15 June 2014 and shareholders on 1 August 2014.
On July 14, 2015, Fiat Chrysler Automobiles NV chief executive Sergio Marchionne and Dennis Williams, President of the United Auto Workers (UAW) entered into negotiations on July 14, 2015. As negotiations between the UAW and "Detroit Three automakers" began, "Marchionne leaned in to embrace Williams in a hug seen "round the world," shocking some union members. When Marchionne made the announcement on January 8, 2017 that Chrysler planned to add 2,000 jobs and invest $1 billion to manufacture the Jeep Wagoneer and Grand Wagoneer at the Warren Truck Assembly and to make a new Jeep Wrangler pickup at its Toledo Assembly South plant in Toledo, Ohio by 2020, Marchionne credited the decision to the negotiations with Williams that began in 2015.
On January 13, 2017, the company came under investigation by the U.S. Justice Department due to allegedly failing to disclose software that violated emissions standards and allowed vehicles to exceed pollution limits. On May 23, 2017, the Justice Department filed a civil lawsuit alleging that FCA "used a 'defeat device' to circumvent emission controls" in more than 100,000 vehicles between 2014 and 2016.
In January 2016, Ferrari became a separate investment of Exor, siding with FCA and CNH, after FCA listed 10% of the company on the NYSE in October 2015, and then distributed their remaining 80% stake in Ferrari to FCA shareholders. Ferrari now trades on the NYSE under the ticker symbol "RACE".
FCA also operated in the print media and advertising fields through its Italiana Editrice subsidiary (publisher of the Italian La Stampa and Il Secolo XIX newspapers) and an interest in RCS Media Group. In March 2017, FCA was a stakeholder in the creation of Italy's largest media group GEDI Gruppo Editoriale, created by the merger of Gruppo Editoriale L'Espresso publishing L'espresso and La Repubblica with Italiana Editrice (ITEDI), of which FCA held 77% of the shares and which publishes the Torino daily La Stampa and Il Secolo XIX. Subsequently, FCA divested from publishing by distributing their shares to its own shareholders, again mainly Exor, so to concentrate on automobile business. Exor sold their shares in GEDI right after getting them.
On July 21, 2018, FCA's chief executive Marchionne was suddenly replaced in all of his positions at FCA, Ferrari, SGS and CNH following emergency meetings of each respective company's board of directors the day before. Marchionne last appeared in public on June 26 in Italy, where he appeared to be quite lethargic and fatigued. FCA stated on July 5 that he had taken medical leave to undergo surgery to his right shoulder and on the day of his replacement stated that he would not be able to return to work due to post-surgical complications. It was later reported that his health had deteriorated "suddenly and sharply" and that Marchionne had lapsed into a coma. Sergio Marchionne died on July 25, 2018, aged 66. In July 2018, Fiat Chrysler Automobiles NV's European chief Alfredo Altavilla resigned after being passed over to replace Marchionne.
In January 2019, Fiat Chrysler agreed to pay $800 million to settle lawsuits related to diesel emissions.
In February 2019, Fiat Chrysler announced to invest $4.5 Billion in Manufacturing in Michigan. The plant is estimated to create nearly 6,500 jobs. Plans include $1.6 billion to build a Jeep factory in Detroit.
On May 6, 2014, Fiat Chrysler Automobiles announced its 5-year business plan. The company expects that sales will increase to 7 million units, revenues to €132 billion, net income to €5 billion and industrial debt will peak at €11 billion in 2015, and then reduce to €0.5-1 billion by end of 2018. The Group updated its business plan targets in January 2016 at the time FY 2015 were announced.
Much of the global growth will be focused around Jeep, due to its high visibility globally as well as the growing SUV market in developing markets. Chrysler will be re-positioned as the company's mainstream North American brand to compete with Ford, Chevrolet, Toyota, and Volkswagen, while Dodge will focus on performance-based vehicles. Alfa Romeo will become the company's premium marque to compete with Mercedes-Benz, BMW, and Audi, while Maserati will be the company's ultra-luxury brand to compete with Bentley and Rolls-Royce. Fiat (which will remain the company's mainstream brand outside North America) and Ram Trucks will remain largely unchanged, while SRT was merged back into Dodge. Conspicuously absent in the announcement was Lancia, which was later confirmed to be withdrawing from all markets outside Italy .
In 2014, Alfa Romeo launched the 4C and 4C Spider in North America. In 2015, the new Giulia was announced. Additional vehicles such as an SUV named Stelvio were launched in 2016 and more are planned for the subsequent years.
In 2014, Chrysler released a refreshed 300/300C, set by FCA to debut at the Los Angeles Auto Show. A new Chrysler Pacifica In 2017, the Chrysler 200 will be discontinued. In 2018, an all-new 300/300C will launch, along with an all-new mid-size crossover.
The first announcement was that the SRT brand was to be put back into Dodge. In 2015, the refreshed Charger launched along with the refreshed Challenger (and equivalent SRT version). The Dodge Charger SRT Hellcat and Challenger SRT Hellcat were also launched. 2014 was also the last model year for the Dodge Avenger. In 2016, the new Dodge Dart (and Dodge Dart SRT) was to be launched, along with a new Dodge Journey. The two models have since been either slated for discontinuation (Dodge Dart, 2016), or the date for the redesigned version was pushed back (Dodge Journey, 2018). In speculation, in 2017, a new Dodge Journey SRT will arrive, along with a refreshed Dodge Durango. In 2018, a new sedan and hatchback will launch, a new Challenger (and SRT version) will be unveiled, along with a new Charger (and SRT version). In April 2017, Dodge announced the release of the brand-new 2018 Dodge Demon. The Demon comes equipped with a 6.2L V8 HEMI mated to a 2.7L supercharger, which allows the Demon to produce 840 horsepower and 770 lb-ft of torque at the crank, which makes the Dodge Demon the world's quickest production vehicle. The Demon's excessive torque causes the front axle to lift off of the ground during launch. The Demon is also equipped with many other industry-first features, including a Transbrake, launch control systems, 5 point harness occupant restraints, and an HVAC system that actually produces additional horsepower by further cooling intake air.
Update: New Charger,Challenger, and 300 replacements will begin in production in late 2020, as 2021 models. They will remain RWD or AWD, with 6 and 8 cylinder engines. The Charger Pursuit will continue on as America's only Pursuit-rated sedan. The 300 replacement is rumored to be not a CUV or an SUV, but a new wagon.
In 2015, Fiat launched the new Fiat 500X (produced in Melfi, Italy) and the Fiat Aegea (produced in Turkey by JV partner Tofas and sold in Europe under the Fiat Tipo nameplate and Mexico as the Dodge Neon).
Lancia is an historic brand of Italian luxury cars.
In 2014, the Maserati GranTurismo and GranCabrio will see the end of the nameplate (until 2018). In 2016, the new Maserati Levante SUV was launched. In 2018, a new GranTurismo will be launched with a 560-horsepower V8 and rear wheel drive. Between 2014-2018, the top of the line Maserati Quattroporte GTS will be receiving a 560-horsepower V8 with all-wheel drive to replace the current 523 horsepower V8 with rear wheel drive in the GTS model. The top of the line Ghiblis and Levantes will be receiving the same setup as the Quattroporte. In 2020, the Maserati Alfieri will be launched. The car was originally going to be released in 2016, but was postponed to allow the Levante to be launched for 2016. The year after in 2021, a convertible variant of the Alfieri will be launched. The top of the line Alfieri will be receiving a 520-horsepower V6 with all-wheel drive.
In 2014, the Jeep Renegade was launched. After a long absence, Jeep returned to Malaysia, where DRB-Hicom distributes the brand's vehicles. In 2015, the Jeep Grand Cherokee was refreshed, with celebrities Fan Bingbing, Tina Fey, Sandra Bullock, Julia Roberts and Cate Blanchett promoted as brand ambassadors. 2016 marked the 75th anniversary of Jeep, and the Jeep Compass and Jeep Patriot had their last model year while a refreshed Jeep Cherokee was introduced. In 2017, the Jeep Renegade was refreshed. In 2018, a new Jeep Wrangler is being launched, as well as a new Grand Cherokee. Later, a luxury Grand Wagoneer SUV model will be launched to compete with the likes of Mercedes-Benz G-Class and Range Rover.
Fiat Chrysler plans to add more factory capacity over the next few years to support building two new Jeep models, including a return of the Jeep Grand Wagoneer. Though it is not sure as to how many jobs Fiat Chrysler might add or how much time it may take for the new assembly lines to be up and running.
In 2014, a ProMaster van was launched, along with the smaller ProMaster City, derived from Fiat Ducato and Fiat Doblò respectively. In 2017, a new Ram 1500 was launched, and a commercial light-duty truck was refreshed. In 2018, a new Ram HD was launched, along with a commercial heavy-duty truck, and Ram chassis cab received a major update.
In 2015 worldwide shipments were 4.6 million units, revenues totaled €113.2 billion, up 18% (+6% at constant exchange rates, or CER), adjusted EBIT was €5.3 billion, up 40% and Adjusted net profit was €2.0 billion, up 91%.
The Alfa Romeo Giulia (Type 952) is a compact executive car produced by the Italian automobile manufacturer Alfa Romeo. It was unveiled in June 2015, with market launch scheduled for February 2016, and it is the first saloon offered by Alfa Romeo after the production of the 159 ended in 2011. The Giulia is also the first mass-market Alfa Romeo vehicle in over two decades to use a longitudinal rear-wheel drive platform, since the 75 which was discontinued in 1992. The Giulia was second in 2017 European Car of the Year voting and was named Motor Trend Car of the Year for 2018.Alfa Romeo Stelvio
The Alfa Romeo Stelvio (Tipo 949) is a front engine, all wheel drive, five door, compact luxury crossover SUV manufactured and marketed by the Alfa Romeo subdivision of FCA since debuting at the 2016 Los Angeles Auto Show and entering production at the Cassino Plant at the end of 2016. It is current top Alfa sales with about 43,000 samples per year (2018).
Sharing the platform of the mid-size Giulia sedan, the Stelvio uses FCA's Giorgio platform, ultimately to be shared with Maserati, Dodge and Jeep. The name Stelvio derives from the Stelvio Pass, Italy's highest mountain pass, noted for its 48 circuitous switchbacks.Chrysler
Chrysler (; officially FCA US LLC, and colloquially Fiat Chrysler Automobiles) is one of the "Big Three" automobile manufacturers in the United States, headquartered in Auburn Hills, Michigan. The original Chrysler Corporation was founded in 1925 by Walter Chrysler from the remains of the Maxwell Motor Company. In 1998, it was acquired by Daimler-Benz, and the holding company was renamed DaimlerChrysler. After Daimler divested Chrysler in 2007, the company existed as Chrysler LLC (2007-2009) and Chrysler Group LLC (2009-2014) before merging in 2014 with Italian holding company Fiat S.p.A. and becoming a subsidiary of its successor Fiat Chrysler Automobiles. In addition to the Chrysler brand, FCA sells vehicles worldwide under the Dodge, Jeep, and Ram nameplates. Furthermore, the subsidiary includes Mopar, its automotive parts and accessories division, and SRT, its performance automobile division.
After founding the company, Walter Chrysler used the General Motors brand diversification and hierarchy strategy that he had seen working for Buick, and acquired Fargo Trucks and Dodge Brothers, and created the Plymouth and DeSoto brands in 1928. Facing postwar declines in market share, productivity, and profitability, as GM and Ford were growing, Chrysler borrowed $250 million in 1954 from Prudential Insurance to pay for expansion and updated car designs.Chrysler expanded into Europe by taking control of French, British and Spanish auto companies in the 1960s; Chrysler Europe was sold in 1978 to PSA Peugeot Citroën for $1. The company struggled to adapt to changing markets, increased U.S. import competition, and safety and environmental regulation in the 1970s. It began an engineering partnership with Mitsubishi Motors, and began selling Mitsubishi vehicles branded as Dodge and Plymouth in North America. On the verge of bankruptcy in the late 1970s, it was saved by $1.5 billion in loan guarantees from the U.S. government. New CEO Lee Iacocca was credited with returning the company to profitability in the 1980s. In 1985, Diamond-Star Motors was created, further expanding the Chrysler-Mitsubishi relationship. In 1987, Chrysler acquired American Motors Corporation (AMC), which brought the profitable Jeep brand under the Chrysler umbrella. In 1998, Chrysler merged with German automaker Daimler-Benz to form DaimlerChrysler AG; the merger proved contentious with investors. As a result, Chrysler was sold to Cerberus Capital Management and renamed Chrysler LLC in 2007.
Like the other Big Three automobile manufacturers, Chrysler was impacted by the automotive industry crisis of 2008–2010. The company remained in business through a combination of negotiations with creditors, filing for Chapter 11 bankruptcy reorganization on April 30, 2009, and participating in a bailout from the U.S. government through the Troubled Asset Relief Program. On June 10, 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat S.p.A., and the U.S. and Canadian governments as principal owners. The bankruptcy resulted in Chrysler defaulting on over $4 billion in debts. By May 24, 2011, Chrysler finished repaying its obligations to the U.S. government five years early, although the cost to the American taxpayer was $1.3 billion. Over the next few years, Fiat gradually acquired the other parties' shares while removing much of the weight of the loans (which carried a 21% interest rate) in a short period.
On January 1, 2014, Fiat S.p.A announced a deal to purchase the rest of Chrysler from the United Auto Workers retiree health trust. The deal was completed on January 21, 2014, making Chrysler Group a subsidiary of Fiat S.p.A. In May 2014, Fiat Chrysler Automobiles was established by merging Fiat S.p.A. into the company. This was completed in August 2014. Chrysler Group LLC remained a subsidiary until December 15, 2014, when it was renamed FCA US LLC, to reflect the Fiat-Chrysler merger.Exor (company)
Exor N.V. is a holding company, incorporated in the Netherlands and controlled by the Italian Agnelli family. It has a capitalization of nearly $24 billion USD, with a history of investments running over a century. Its most important investments include Fiat Chrysler Automobiles, PartnerRe, Ferrari, CNH Industrial, Juventus and The Economist. It is the 19th largest group in the world, according to the 2017 Fortune Global 500 List.FCA Italy
FCA Italy S.p.A. (formerly Fiat Group Automobiles S.p.A.) is the Italian subsidiary of the Italian-American automaker Fiat Chrysler Automobiles, dedicated to the production and selling of passenger cars and light commercial vehicles and headquartered in Turin, Italy.FCA Poland
FCA Poland SA (until April 1, 2015 Fiat Auto Poland SA) is an automobile factory belonging to Fiat Chrysler Automobiles formed on May 28, 1992 after Fiat acquired Fabryka Samochodów Małolitrażowych (FSM) in Bielsko-Biała and Tychy. At that time, Fiat Auto took over 90% of the company's shares. Until today, the takeover of FSM by Fiat is considered hostile and controversial.FCA Srbija
Fiat Chrysler Automobiles Serbia (Serbian: FIAT Krajsler Automobili Srbija; abbr. FCAS) or FCA Srbija, is a Serbian automotive manufacturing company based in Kragujevac, Serbia — a joint venture (JV) between Fiat Chrysler Automobiles (FCA) which owns 67% of the operation and the Republic of Serbia, which owns the remainder.
The FCAS headquarters and assembly plant are located on the former site of Zastava Automobiles (1953-2008) — 70 miles south of Belgrade on the Lepenica river in the country's central Šumadija region. Heavily damaged during the collapse of Yugoslavia, the factory was completely renovated and modernized, reopening in April 2012 as one of Europe's state of the art car factories.The operation currently has roughly 2,000 employees and works closely with 15 other companies and component suppliers, many located at the adjacent Grosnica Supplier Park — with a combined workforce of roughly 6,000 tied to production at FCAS. The factory has a daily output of roughly 400 cars.The JV is the largest foreign industrial investment in Serbia and as the country's largest exporter, with exports valued at 1 billion euro ($1.1 billion) in 2016.The plant manufactures the Fiat 500L, a five-door, five passenger, front-engine, front-wheel drive, high-roof B-segment MPV, which FCA markets globally in more than 100 countries — with the notable exception of Russia. By early 2018, production surpassed 500,000 units.Fiat 500X
The Fiat 500X (Type 334) is a subcompact crossover SUV manufactured and marketed by Fiat Chrysler Automobiles, since its debut at the 2014 Paris Motor Show. As Fiat's second four door hatchback, following the 500L (introduced for model year 2014), the 500X is closely related to the Jeep Renegade. Both are manufactured at FCA's SATA Plant in Melfi, Italy.Fiat Automobiles
Fiat Automobiles S.p.A. (UK: , US: ; originally FIAT, Italian: Fabbrica Italiana Automobili Torino, lit. 'Italian Automobiles Factory, Turin') is an Italian automobile manufacturer, a subsidiary of FCA Italy S.p.A., which is part of Fiat Chrysler Automobiles (previously Fiat S.p.A.). Fiat Automobiles was formed in January 2007 when Fiat reorganized its automobile business, and traces its history back to 1899 when the first Fiat automobile, the Fiat 4 HP, was produced.
Fiat Automobiles is the largest automobile manufacturer in Italy. During its more than century-long history, it remained the largest automobile manufacturer in Europe and the third in the world after General Motors and Ford for over twenty years, until the car industry crisis in the late 1980s. In 2013, Fiat S.p.A. was the second largest European automaker by volumes produced and the seventh in the world, while currently FCA is the world's eighth largest auto maker.
In 1970, Fiat Automobiles employed more than 100,000 in Italy when its production reached the highest number, 1.4 million cars, in that country. As of 2002, it built more than 1 million vehicles at six plants in Italy and the country accounted for more than a third of the company's revenue. Fiat has also manufactured railway engines, military vehicles, farm tractors, aircraft, and weapons such as the Fiat–Revelli Modello 1914.
Fiat-brand cars are built in several locations around the world. Outside Italy, the largest country of production is Brazil, where the Fiat brand is the market leader. The group also has factories in Argentina, Poland and Mexico (where Fiat-brand vehicles are manufactured at plants owned and operated by FCA US for export to the United States, Brazil, Italy and other markets) and a long history of licensing manufacture of its products in other countries.
Fiat Automobiles has received many international awards for its vehicles, including nine European Car of the Year awards, the most of any other manufacturer, and it ranked many times as the lowest level of CO2 emissions by vehicles sold in Europe.Fiat Professional
Fiat Professional is the brand name and subsidiary for FCA Italy's (formerly Fiat Group Automobiles) light commercial vehicles and their passenger variants. It was launched on 17 April 2007 and replaced the Fiat Veicoli Commerciali division. Fiat Professional is only present in the EMEA and Asia-Pacific regions; the Fiat Automobiles brand is used in the Latin America region. The Fiat Ducato and the Fiat Doblò are rebadged as the Ram ProMaster and Ram ProMaster City respectively for sale in Canada and the US.GAC Fiat Chrysler
GAC Fiat Chrysler Automobiles Co., Ltd. is an automobile manufacturing company headquartered in Changsha, China and a 50:50 joint-venture between GAC Group and Fiat Chrysler Automobiles. The company was founded on 9 March 2010. Fiat agreed to invest an initial US$559 million in the venture.Michael Manley (CEO)
Michael Manley, often known as Mike Manley, (born March 9, 1964) is an English businessman. He was appointed as CEO of Fiat Chrysler Automobiles (FCA) on July 21, 2018, following the announcement that Sergio Marchionne would step down due to health reasons. Prior to being named CEO, Manley had served as head of FCA's Jeep division since 2009.Mopar
Mopar is the parts, service and customer care organization within Fiat Chrysler Automobiles. The name is a portmanteau of the words "MOtor" and "PARts".Mopar also designs and builds a small number of customized vehicles.Ram Trucks
Ram Trucks, stylized as RAM and formally known as the Ram Truck Division, is an American brand of light to mid-weight commercial vehicles established in 2010 as a division of FCA US LLC, a wholly owned subsidiary of the Italian-American corporation Fiat Chrysler Automobiles. It was spun-off from Dodge marque, using the name of the Ram Pickup line of trucks. Ram Trucks' logo was originally used as Dodge's logo.
Ram "Classic" are made at the Warren Truck Plant in Warren Michigan and at the Saltillo plant in Saltillo Mexico. New series Ram pickups are made at Sterling Heights Assembly in Sterling Heights, Michigan.SRT Tomahawk
The SRT Tomahawk Vision Gran Turismo is a fictional concept car created by Street & Racing Technology, a sub-division of Fiat Chrysler Automobiles. It was developed as part of the Vision Gran Turismo project, where real-life automakers partner with video game developer Polyphony Digital to create car models for their Gran Turismo driving simulation series. The vehicle was released as downloadable content for Gran Turismo 6 in 2015. While the car's advanced design makes it impossible to functionally create with 2015 technology, the company has discussed creating it a few decades in the future, when technology has caught up with the car's design.
In Polyphony Digital's newest Gran Turismo game, Gran Turismo Sport, all of the Tomahawks are sold under the Dodge name to acknowledge the fact that SRT was absorbed back into Fiat Chrysler Automobiles' Dodge brand.Sergio Marchionne
Sergio Marchionne (Italian: [ˈsɛrdʒo marˈkjɔnne]; June 17, 1952 – July 25, 2018) was an Italian-Canadian businessman, widely known for his turnarounds of the automakers Fiat and Chrysler, his business acumen and his outspoken and often frank approach, especially when dealing with unpalatable issues related to his companies and the automotive industry.
Marchionne was the chairman of CNH Industrial, the chief executive officer (CEO) of Fiat Chrysler Automobiles, the chairman and CEO of FCA US LLC, the chairman and CEO of Ferrari, and the chairman of Maserati. He was the chairman of Swiss-based SGS and vice chairman of UBS from 2008 to 2010, as well as the chairman of the European Automobile Manufacturers Association for 2012 (first elected in January 2006). He was a member of the Peterson Institute for International Economics, and the chairman of the Italian branch of the Council for the United States and Italy.
Noted for his keen observations of the automotive industry, Marchionne's insights ranged from frank criticism of his company's own products to a highly-regarded 2015 presentation titled Confessions of a Capital Junkie, extolling the benefits of industry consolidation.Marchionne was widely recognized for turning around Fiat Group to become one of the fastest growing companies in the auto industry, in less than two years. In 2009, he was instrumental in Fiat Group forming a strategic alliance with the ailing US automaker Chrysler, with the support of the U.S. and Canadian governments and trade unions. Less than two years later, following its emergence from Chapter 11, Chrysler returned to profitability, repaying all government loans. In 2014, Fiat and Chrysler merged into a new holding company, Fiat Chrysler Automobiles, now the seventh-largest automobile manufacturer in the world.Following complications from surgery, Marchionne resigned from all of his positions in July 2018 and died a few days later. The American business channel CNBC described Marchionne as a "legend of automotive industry", while the British newspaper Financial Times considered him as having been "one of the boldest business leaders of his generation".Sevel
Sevel S.p.A. (acronym of "Società Europea Veicoli Leggeri" - European Light Vehicle Company) is an Italian company which produces light commercial vehicles. It was established in 1978 and founded by Fiat Chrysler Automobiles and Groupe PSA. Formerly, Alfa Romeo, Lancia and Talbot were also part of the joint venture. Sevel Argentina was its subsidiary. Sevel Sud in Italy began manufacturing in 1981. Sevel Nord in France started in 1993. Fiat sold its share of Sevel Nord to PSA in 2012. A joint venture extension for Sevel Sud sees joint manufacturing remaining there until 2023.Teksid
Teksid (Teksid S.p.A.) is an Italian company based in Carmagnola which specialises in the production of iron and castings for the automotive industry. Originally known as Ferriere Piemontesi, Teksid is owned by Fiat Chrysler Automobiles, and was owned its predecessor Fiat S.p.A. since 1917. The company was renamed Teksid in January 1978.In 1998, the French car manufacturer Renault merged its foundry business with Teksid, creating a change of ownership with a share 66.5%/33.5% to Fiat and Renault respectively.
By 2013 Fiat grew its share to 84.8% and Renault retains 15.2%.The company owns seven plants (four in Europe, and one each in South America, Central America and China), and employs 7,000 persons. Teksid produces engine blocks, cylinder heads, engine components, transmission parts, gearboxes and suspensions. In 2012 the company reported total revenues of €780 million, down 15% over 2011.Teksid's products are used by various FCA companies, and also sold to third party companies including Cummins, Ford and General Motors.
The company is chaired by Sergio Marchionne and the subsidiary is managed at group level by COO Riccardo Tarantini, alongside fellow subsidiary Comau as part of the Systems and Castingsoperating sector of FCA.Variable valve lift
Variable valve lift (VVL) is an automotive piston engine technology which varies the height a valve opens in order to improve performance, fuel economy or emissions. There are two main types of VVL: discrete, which employs fixed valve lift amounts, and continuous, which is able to vary the amount of lift. Continuous valve lift systems typically allow for the elimination of the throttle valve.When used in conjunction with variable valve timing (VVT), variable valve lift can potentially offer infinite control over the intake and exhaust valve timing.
Fiat Chrysler Automobiles
|Joint ventures and|
FTSE MIB companies of Italy
with US operations
|Concept and pre-production|
|Auto component makers and |
performance car modders
|Defunct and former (2)|