Tag: FCA

ATS Automobili GT Launch Edition – final specification of the limited run Italian supercar

A special launch version of ATS Automobili’s new supercar, the GT, has been announced. This is the first production version of the carbonfibre Italian supercar and features the final production interior with CNS milled aluminum buttons and a gear selector with an open linkage. The GT Launch Edition will be limited to 12 cars and… Continue reading ATS Automobili GT Launch Edition – final specification of the limited run Italian supercar

Press Releases – Brexit: auto industry urges negotiators to avert worst-case scenario

Brussels, 17 October 2018 – Ahead of this evening’s Brexit summit, Europe’s auto manufacturers and suppliers have come together to issue a stark warning on the potentially far-reaching impacts of a no-deal scenario on their sector, which would threaten their very business model. Automobile production plants – be they in the EU27 or the UK… Continue reading Press Releases – Brexit: auto industry urges negotiators to avert worst-case scenario

Statement: Weld

October 16, 2018 , Auburn Hills, Mich. – FCA US LLC is voluntarily recalling an estimated 18,055 vehicles in the U.S. to perform a weld inspection, and repair as needed. Responding to a small number of complaints, FCA US launched an investigation that discovered certain vehicles built between early May and late August of this year… Continue reading Statement: Weld

Porsche denies speculation that it’s planning to go public

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Porsche 918 Spyder

The German luxury carmaker Porsche has denied speculation that it's planning to pursue an initial public offering (IPO).

On Friday, the company's chief financial officer suggested to reporters gathered at the firm's development center that such a listing could easily top the success of Ferrari's foray into public ownership. The Italian supercar maker has an estimated value of around $22 billion.

In comments not denied by Porsche to CNBC, Lutz Meschke said a listed car company led by Porsche and including Bentley, Bugatti and Lamborghini could merit a valuation worth more than three times that of Ferrari. Bentley, Bugatti and Lamborghini form part of the Volkswagen Group, alongside Porsche.

“A valuation of 60 billion to 70 billion euros certainly doesn't sound like a stretch,” he was reported as saying, before adding that analysts would value such a firm on the same metrics as a luxury stock.

Meschke is further quoted as saying: “Every company needs to think about whether it makes sense to create competitive divisions.”

In an emailed response to CNBC on Monday, Porsche flatly denied any suggestion it was moving toward public ownership.

“Porsche does not currently have any plans to pursue a (partial) initial public offering (IPO). The Stuttgart-based sports car manufacturer denies all reports to the contrary that claim an IPO is in progress,” it said.

Porsche also said Meschke's comments simply reflected on how the Ferrari listing was “a positive example of how an IPO can be a beneficial move during the automotive sector's current period of transformation.”

The German car maker further highlighted that during his presentation Meschke had said he had no authority on any Porsche IPO, with that decision ultimately resting with executives at the company's parent owner, Volkswagen.

What is an IPO?
8:24 AM ET Thu, 3 May 2018 | 03:58

Ferrari stock target raised by nearly 40 percent as SocGen says firm now has a better plan

CNBC

Ferrari's renewed focus on high-end clients is a “game changer” for its valuation said Societe Generale on Wednesday, as the French bank raised its price target for the stock by almost 40 percent.

Italy's most famous supercar maker first listed on the New York Stock exchange in October 2015 with an Initial Public Offering (IPO) price of $52. At Tuesday's close the stock was worth $128.95.

After long questioning the stock's value, the bank said they have now changed their mind, upping their price target for the luxury car manufacturer of $130 from $94 and shifting their recommendation from “Sell” to “Hold”.

“The facts have changed and so we have changed our mind on Ferrari,” read the note penned by equity analyst Stephen Reitman.

What's ahead for Ferrari under Louis Camilleri
11:36 AM ET Mon, 23 July 2018 | 01:52

Reitman argued that Ferrari's initial plan to reach its 2022 sales target by turning to the SUV market would be difficult because of widespread competition. He added that any “dash for growth” could risk damaging the brand's exclusivity.

That strategy was put in place by former CEO Sergio Marchionne who died in July this year following surgery. His successor, Louis Camilleri, updated markets in September with a new earnings target range for 2022 of between 1.8 and 2 billion euros ($2.1 -2.3bn).

That represented a slight pull back from Marchionne's 2-billion-euro figure, but Reitman said that while the target numbers were largely unaltered, the company strategy has now changed.

“The new mid-term plan broadly repeats the key financial objectives laid out in February, but the way Ferrari plans to achieve them appears to have fundamentally altered,” he said.

Ferrari unveiled two new car models on September 18 2018. They are titled the Monza SP1 and Monza SP2.

The analyst said Ferrari has doubled-down on high end customers after it debuted two brand new road cars, the Ferrari Monza SP1 and SP2 last month.

Ferrari have said that the latest models are part of a limited series called “Icona.” The name has been chosen to reference the firms famous racing cars of the 1950's. The cars will retail at a starting price of 1.6 million euros.

Ferrari said the limited edition would run to a maximum of 499 cars but that there will be further model releases as part of the Icona range.

On plans for an SUV release, Ferrari have now pushed back the release date by two years to 2022. Reitman described the change of strategy as a “game-changer” for the firm.

Societe Generale added that Ferrrai's fundamentals ought now to be valued somewhere between the weighted average of the European luxury goods sector and the French high fashion luxury goods manufacturer, Hermes.

Three more stops in Mirafiori: Fiom calls for joint actions with FIM and UILM and “calls” the institutions

Another three day stop on the horizon for Mirafiori Car body shop. They are those of 15, 16 and 17 October, which will see about 2500 workers abandon their normal duties to follow some vocational training activities. A stop that, however, comes a few days after the alarm that the trade unions, this time for… Continue reading Three more stops in Mirafiori: Fiom calls for joint actions with FIM and UILM and “calls” the institutions

Press Releases – Car and van CO2 targets: environment ministers adopt common position, auto industry reacts

Brussels, 10 October 2018 – Auto makers take note of the common position on future CO2 targets for cars and vans adopted by the 28 EU member states during a meeting of environment ministers in Luxembourg last night. “Further reducing CO2 emissions remains a top priority of the EU auto industry. All manufacturers are actively… Continue reading Press Releases – Car and van CO2 targets: environment ministers adopt common position, auto industry reacts

FCA announces production Jeep Renegade plug-in hybrid in Italy

2019 Jeep Renegade
Jeep said Monday that it laid the groundwork to begin production of a plug-in hybrid version of its small Renegade at the factory in southern Italy where it's produced alongside the Fiat 500X.

The model is expected to go on sale in early 2020, though it's not clear whether it is intended for the U.S. Jeep did not immediately respond for comment on where the Renegade would be sold.

Few technical details are available about the model, such as its battery size or potential electric range. This year, Jeep added an available 1.3-liter turbo-4 to the Renegade's powertrain menu. It's not clear if that engine will pair with a hybrid battery in the plug-in version.

CHECK OUT: Jeep Grand Commander EV leads FCA electrification push

The Renegade plug-in hybrid will be one of 30 different new models worldwide from Fiat Chrysler Automobiles to use electric, plug-in, or conventional hybrid drive systems.

Those will include a new plug-in hybrid version of the classic Jeep Wrangler, the new e-Torque mild-hybrid version of the Ram pickup, and the Chrysler Pacifica Hybrid minivan. It is also expected to include a replacement for the small Fiat 500e, which is now one of the oldest electric vehicles on the market, and the one with the shortest electric range.

In all, the company said at an investor meeting in June that it will invest $10.3 billion to ramp up its hybrid and electric-car portfolio, with 12 new powertrains, including battery electric vehicles, plug-in hybrids, and conventional hybrids.

READ MORE: Fiat Chrysler Automobiles CEO Sergio Marchionne dies suddenly

FCA's former CEO Sergio Marchionne, who died in July, called the investment to bring the company's products into line with upcoming emissions regulations in Europe, California, China and elsewhere “painful spending.”

In the June presentation, a new plug-in Renegade was announced for sometime before 2022, but it was unclear how soon it might appear. This announcement shows the Renegade plug-in hybrid will be among the first of this new crop of electrified vehicles from FCA.

Earlier this year FCA said it would stop selling diesel engines in its European passenger vehicles. This wouldn't preclude the introduction of new diesel versions of the Jeep Wrangler and Ram 1500 pickup in the U.S. that the company has previously announced.

Fiat Chrysler prepares to produce plug-in hybrid Jeep Renegade

MILAN (Reuters) – Fiat Chrysler (FCA) said on Monday it had kicked-off preparations for the production of a plug-in hybrid version of the Jeep Renegade as the carmaker pushes ahead with its electrification drive to meet tougher emissions rules. FILE PHOTO: A car with the Jeep logo badge is seen on display at the North… Continue reading Fiat Chrysler prepares to produce plug-in hybrid Jeep Renegade