Archive for June, 2014
Fiat will sell holdings worth 602 million euros to fund upscale shift for Alfa Romeo, Maserati brands
June 20, 2014 11:25 CET
LONDON (Bloomberg) — Fiat Chrysler plans to sell holdings valued at about 602 million euros ($820 million), freeing up cash to invest in an expansion of its upscale brands.
The automaker will sell 3.5 percent of Fiat’s shares as well as 2.5 percent of truck and tractor maker CNH Industrial to American investors, CEO Sergio Marchionne told reporters on Thursday in Basildon, England.
The effort would help build relations on Wall Street as the carmaker prepares to establish its primary listing in New York in the first two weeks of October following the creation of Fiat Chrysler Automobiles NV. The merged company is aiming to more than double profit and lifting annual deliveries 61 percent over the next five years.
Those targets are underpinned by a 55 billion euro investment plan that calls for expanding the upscale Maserati and Alfa Romeo brands as well as making Jeep a global nameplate.
June 16, 2014 – 12:01 am ET
DETROIT — Newly minted Alfa Romeo dealerships in the United States and Canada are about to receive their first cars.
Many of the vehicles are already spoken for.
Dealers who were granted Alfa Romeo franchises last week are holding scores of cash deposits for the 4C coupe, the first new Alfa Romeo sold in the United States since 1995.
“We’ve already got deposits on eight of those 4C coupes,” said Jim Benson, a longtime Chrysler Group dealer in Greer, S.C. His Fiat dealership was awarded one of 86 Alfa franchises last week. “Alfa Romeo has a lot of followers out there.”
The deposits were placed as long as two years ago, dealers said. They conclude that demand should be strong when Alfa finally returns to U.S. showrooms.
Automotive News spoke last week with five of the Alfa franchise recipients. All said they were holding customer deposits of hundreds or thousands of dollars for yet-to-be delivered 4Cs.
For the full report, go to: http://www.autonews.com/article/20140616/RETAIL07/306169947/new-alfa-dealers-lots-of-orders
June 10, 2014 – 9:48 am ET — UPDATED: 6/10/14 1:03 pm ET – adds map, reactions
DETROIT — Chrysler Group has awarded 86 Alfa Romeo franchises in the United States and Canada ahead of the Italian brand’s return to the United States later this year.
The franchises are in 33 states, with concentrations in California, Texas and Florida, the automaker said today. Of the initial 82 franchises in the United States, 79 were given to existing Fiat dealers.
TRENTO, Italy (Reuters) — Fiat Chrysler Automobiles CEO Sergio Marchionne said a good performance by its U.S. operations will be crucial for the success of the company’s recently announced business plan.
The automaker launched a breakneck global growth effort last month built around its Jeep, Alfa Romeo and Maserati brands. The business plan aims to boost sales by 60 percent and increase net profit five-fold by 2018.
May 12, 2014 – 12:01 am ET
TURIN, Italy — In the next five years, Fiat Chrysler will try to sell a lot more vehicles with pricey stickers.
CEO Sergio Marchionne, seeking strong profit margins, plans to lavish money on upscale Alfa Romeo, Maserati and Jeep.
At the same time, spending on new products will be modest for the mass-market Fiat brand.
Marchionne’s vision for Alfa is particularly audacious. Now, the brand is slumbering in Europe and not on sale in the United States.