Fiat Chrysler to spend $5.7B to revamp Italy car plantsFiat Chrysler Automobiles NV will spend 5 billion euros ($5.7 billion) through 2022 on the carmaker’s factories in Italy, stepping up the pace on making more in-demand sport utility vehicles and electric cars, people familiar with the plans said.
The increased outlay will finance Fiat’s plan to build a compact Alfa Romeo SUV at the Pomigliano plant, hometown of Italy Deputy Premier Luigi Di Maio, and a battery-powered Fiat 500 in Turin’s Mirafiori factory, the people said, declining to be named because the information isn’t public. The manufacturer’s Italian sites for years have struggled to run at full capacity, raising costs.
In addition, a second model under the Jeep brand will be manufactured in southern Italy to tap into burgeoning demand for SUVs. The investment will allocate more than 11 percent of Fiat’s average 8.7 billion-euro global expenditure through 2022 on product overhauls and electric cars to Italy.
A spokesman for Fiat declined to comment.
The Italian-American carmaker’s plans for Italy, set to be officially announced later Thursday, comes as the company grapples with an increasingly lopsided business that saw North America account for some 97 percent of profit during the third quarter. Earlier this week, General Motors Co. said it’s shuttering seven factories globally and shedding more than 14,000 jobs to cut unprofitable models and juggle unprecedented spending on new technologies with an uncertain payoff.
Fiat will keep all Italian factories open, the people said earlier. A third pillar of Fiat’s plan adds the compact Jeep Compass SUV to be made alongside the Renegade and the Fiat 500X in Melfi, southern Italy, they said. Deliveries for the brand surged 61 percent in the year through October in Europe, contrasting with a decline of 2 percent for the group.
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UPDATE 2-Fiat Chrysler to spend 5 bln euros in Italy to fill plants, keep jobs
TURIN, Italy (Reuters) – Fiat Chrysler plans to spend more than 5 billion euros ($5.7 billion) on new models and engines in Italy over the next three years to try to make better use of factories and boost jobs and margins. File photo: A Fiat Chrysler assembly worker works on the interior of a partially… Continue reading UPDATE 2-Fiat Chrysler to spend 5 bln euros in Italy to fill plants, keep jobs
UPDATE 1-Fiat Chrysler to spend 5 bln euros on new models, engines in Italy
File photo: A Fiat Chrysler assembly worker works on the interior of a partially assembled minivan at the Windsor Assembly Plant in Windsor, Ontario, February 9, 2015. REUTERS/Rebecca Cook TURIN, Italy (Reuters) – Fiat Chrysler pledged on Thursday to spend more than 5 billion euros ($5.7 billion) on new models and engines in Italy over… Continue reading UPDATE 1-Fiat Chrysler to spend 5 bln euros on new models, engines in Italy
Top Automotive Industry News for Week of October 29 – November 4, 2018
Here is the most important news associated with the automotive industry
identified by the AEA for the week October 29, 2018 -November 4, 2018.
We hope it helps you stay up to speed on the key developments in our
industry:
-Automotive Manufacturing News-
Every Mid-Size Luxury Crossover and SUV Ranked from Worst to Best
(Car and Driver)
Faraday Future's Rough Road: Funds Sought As Cofounders Depart, Workers
Furloughed
(Forbes)
Ford could provide a 40% return in the year ahead as restructuring
takes hold, Goldman says
(CNBC)
GM memo: We must cut costs, can't wait to see what happens in industry
(Detroit Free Press)
GM Throws Weight Behind Nationwide Electric-Car Quota
(Cars.com)
GM to offer buyout to some workers in cost-cutting move: DJ
(CNBC)
Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump
(autoblog)
Tesla electric vehicles will park themselves in 2019, Elon Musk says
(USA Today)
Tesla’s third-largest shareholder says it’s willing to pump more money
into the company
(CNBC)
The brutal and extreme tests Ram, Ford, Chevy run on trucks
(Detroit Free Press)
US regulators subpoenaed Tesla Model 3 production forecasts, data
(USA Today)
Volvo and Baidu join forces to mass produce self-driving electric cars
in China
(CNBC)
-Automotive Evolution News-
Cadillac cancels its car subscription program after just two years
(autoblog)
Ford, Volkswagen explore driverless venture to challenge Tesla, Waymo
(MarketWatch)
GM is making e-bikes as it expands beyond cars
(autoblog)
Hyundai, Kia Motors to develop new solar charging tech for vehicles
(Reuters)
Uber details why its driverless SUV killed a pedestrian and how it's
working to fix safety problems
(LA Times)
Uber says it's ready to start testing self-driving cars again
(Mashable)
VW and Intel's Mobileye Will Launch Autonomous Ride-Hailing Service In
Israel Next Year
(Forbes)
Waymo Gets California's Okay For Human-Free Driving Tests As Robo-Car
Skepticism Rises
(Forbes)
-Automotive Retail News-
5 hottest-selling U.S. vehicles in October: Tesla, Toyota, Subaru make
the list
(USA Today)
FCA, Honda and VW Lead October Auto Sales
(The Detroit Bureau)
GM Financial: More Loans, Fewer Leases in Q3
(Auto Dealer Monthly)
Luxury car owners trade up for American pickups as Ford, GM and Dodge
trucks dominate market
(CNBC)
New Vehicle Prices Continue to Rise in Fourth Quarter
(The Detroit Bureau)
Rising interest rates and prices hurt October auto sales, with SUVs
still faring better than cars
(USA Today)
Rising interest rates pinch U.S. auto sales, consumer confidence
(Reuters)
Vehicle sales reached 11-month high in October
(MarketWatch)
-Automotive Wholesale News-
Car Depreciation Reaches 10-Month High
(Vehicle Remarketing)
Lane watch: Wintry chill hits wholesale prices
(Auto Remarketing)
-Automotive Ownership News-
A Comfortable Place to Spend 38,000 Hours Behind the Wheel
(The New York Times)
-Automotive Enthusiast News-
140-car collection headed to Mecum’s Las Vegas auction
(ClassicCars)
Here are the most Googled car brands of 2018
(autoblog)
-Automotive Servicing News-
AAA offers free Lyft rides to and from repair shops
(autoblog)
New car safety technology saves lives — but can double the cost of
repairs
(NBC)
Stalling prompts recall of 2019 Jeep Cherokees with 2.4-liter engines
(Detroit Free Press)
Subaru, Toyota recall 165,000 U.S. cars with defect that could lead to
engine stalling
(USA Today)
-General Business & Executive News-
Broadcom makes $1 billion patent claim against Volkswagen: Der Spiegel
(Reuters)
New Autotrader Experience Helps Car Shoppers Accelerate Their Deal, Buy
Faster From The Palm of Their Hands
(PR Newswire)
U.S. Auto Industry's October Surprise
(Forbes)
With $50M investment, AutoNation obtains 7% stake in Vroom
(Auto Remarketing)
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FCA, Gorlier: “Electric and hybrid for all our factories and full employment, a way to celebrate the 70th anniversary of the 500”
“We presented to the trade unions a part of our new industrial and strategic plan, the one concerning the Italian industrial system for the period 2019-2021 and is based on our current market forecast, which predicts a stable trend, but with a decline in 2020 with entry in force of the new rules on emissions… Continue reading FCA, Gorlier: “Electric and hybrid for all our factories and full employment, a way to celebrate the 70th anniversary of the 500”
The trade unions on the FCA plan: “We believe in full employment, even in Mirafiori”
“We were looking forward to this meeting and we received a detail on the 2019-2021 plan and we had confirmation of a very important amount of investments as regards Italy”, is the first comment of the unions at the end of the meeting with the top management FCA and in particular for voice of Rocco… Continue reading The trade unions on the FCA plan: “We believe in full employment, even in Mirafiori”
FCA, the future will be sustainable with the first all-electric Fiat 500 at Mirafiori
Electric and hybrid, with a 500 that will arrive at Mirafiori with the first installation of a “full BEV” platform, that is completely electric batteries. This is the core of a morning of comparisons at the table to finally know the future of FCA in Italy and in particular in Turin, now closely linked to… Continue reading FCA, the future will be sustainable with the first all-electric Fiat 500 at Mirafiori
Fiat Chrysler to spend 5 billion euros on new models, engines in Italy
File photo: A Fiat Chrysler assembly worker works on the interior of a partially assembled minivan at the Windsor Assembly Plant in Windsor, Ontario, February 9, 2015. REUTERS/Rebecca Cook TURIN, Italy (Reuters) – Fiat Chrysler pledged on Thursday to spend more than 5 billion euros ($5.7 billion) on new models and engines in Italy between… Continue reading Fiat Chrysler to spend 5 billion euros on new models, engines in Italy
Top Automotive Industry News for Week of November 5 – November 11, 2018
Here is the most important news associated with the automotive industry
identified by the AEA for the week of November 5, 2018 -November 11, 2018.
We hope it helps you stay up to speed on the key developments in our
industry:
-Automotive Manufacturing News-
First ex-UAW official sentenced in FCA-related scandal; gets 1 year
(Detroit Free Press)
Ford plans construction on Michigan Central Depot by year's end
(Detroit Free Press)
Former Tesla employee charged with embezzling $9.3 million from Elon
Musk's company
(MarketWatch)
Is Toyota Next to Pare Back its Passenger Car Line?
(The Detroit Bureau)
Tesla picks an insider to be chairwoman, fueling doubt Elon Musk will
be reined in
(LA Times)
The gas engine still has a long life to live, Aston Martin CEO says
(CNBC)
VW planning $21K EV to challenge Tesla
(The Detroit News)
VW takes another shot at compact pickup market
(The Detroit News)
White House, California to discuss vehicle emissions rules next week
(autoblog)
Why GM is moving 3,000 workers from Pontiac to Warren
(Detroit Free Press)
-Automotive Evolution News-
8 concept cars that show how technology will dominate the drive of the
future
(CNBC)
Autonomous Cars Face Big Hurdles; They Will Succeed, But When?
(Forbes)
Daimler And Bosch Choose San Jose For Their Silicon Valley Robo-Taxi
Service
(Forbes)
GM's future lineup will run on electricity, drive itself — and fly
(Detroit Free Press)
Mercedes-Benz, Bosch to offer self-driving car rides in San Jose,
California
(USA Today)
Tesla Drivers Report Autopilot Disengaging While Driving Due To
Software Bug
(Forbes)
This Robot Truck Startup May Have An Edge Over Waymo In Bad-Weather
Driving
(Forbes)
Uber rival Taxify says it can grow 100 times bigger in the scooter and
ride-hailing market
(CNBC)
Uber ups its driver perks with 'Pro' program, including free college
education
(USA Today)
-Automotive Retail News-
Better inventory listings, lead management anchor more sales
(Auto Remarketing)
CarGurus Helps Dealerships Solve for Attribution with More Insight
(PR Newswire)
Dealertrack Looks to Speed Car Buying Process
(Auto Finance News)
Jumpstart: Car Buyers Want to Negotiate
(Auto Dealer Monthly)
Lithia and Shift to operate separately and share technology
(Auto Remarketing)
Luxury car owners trade up for American pickups as Ford, GM and Ram
trucks dominate market
(CNBC)
Millennials Spending Big on Cars — With Auto Loans to Match
(The Detroit Bureau)
Used car payments hit record $400 per month as prices top $20,000
(USA Today)
Used-Car Prices Reach 13-Year High in Third Quarter
(Vehicle Remarketing)
Used Vehicle Prices Rising, Pushing Buyers to Look at Leasing
(The Detroit Bureau)
-Automotive Wholesale News-
Compact Van Values Dip at Start of November
(Vehicle Remarketing)
-Automotive Ownership News-
Where your car is most likely to be stolen in every state
(USA Today)
-Automotive Enthusiast News-
Inside the World's Most Valuable Hot Wheels Collection
(Car and Driver)
With millions at stake, car collectors scour Earth for lost classics
(Detroit Free Press)
-Automotive Servicing News-
Mazda to recall 640,000 vehicles globally over diesel engine issue
(Reuters)
Subaru recalls nearly 400K vehicles to fix stalling problems
(Detroit Free Press)
U.S. agency probes 1.7 million GM SUVs over wiper failures
(Reuters)
-General Business & Executive News-
CDK Global Names Brian Krzanich President and Chief Executive Officer
(CDK)
Ford buys electric scooter startup Spin, joining competitors Bird and
Lime
(USA Today)
Harley-Davidson's electric motorcycle signals a big change for the
legendary, but troubled, company
(CNBC)
Tesla’s Booming Model 3 Sales and More This Week In The Future Of Cars
(Wired)
Time Dealer Of The Year
(Automotive News)
VW Considers Investing in Ford-Backed Autonomous Unit Argo
(Bloomberg)
-AEA Reminder-
Did we miss something? Let us know via our
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to share with your fellow AEA Members, submit your
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AFL-CIO worries GM job cuts are a ‘smokescreen for offshoring’
AFL-CIO’s policy director on General Motor’s decision to lay off thousands
4 Hours Ago | 05:13
The AFL-CIO labor union is worried that General Motors' decision this week to halt production at several factories and cut thousands of jobs in the U.S. could be a pretext for sending work outside the country where labor costs are significantly cheaper.
“This situation is really about whether or not GM is going to put new work into these plants or whether this is a smoke screen for offshoring work,” AFL-CIO policy director, Damon Silvers said on CNBC's Power Lunch.
GM was not immediately available for comment. The automaker said Monday it will begin phasing out the production of several vehicles at a number of factories in the United States and Canada.
GM has said it is cutting production of these vehicles in part because they are slow-selling, but Silvers said GM recently decided to start making the Chevrolet Blazer SUV in Mexico, rather than the plant in Lordstown, Ohio that it plans to wind down.
GM has a “particularly bad history” compared with Ford and Chrysler of looking to move jobs off shore he said.
Successful auto companies worldwide pay decent wages and benefits to high-skilled workers, Silvers said.
“The bottom feeders do things like exploit $2-an-hour wages, which is what GM pays in some of its factories in Mexico,” he said. “What we want them to do is to be in a first tier strategy that really takes advantage of the skills and capacity … of America's workers and America's communities.”