Fiat Chrysler Automobiles N.V. (abbreviated as FCA) is an Italian and American multinational corporation and is the world's eighth largest auto maker. The group was established in late 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) and FCA US (previously Chrysler Group LLC). The company's portfolio includes automotive brands Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Ram Trucks. Ferrari was spun off from the group in 2016. Today FCA operates in four global markets (NAFTA, LATAM, APAC, EMEA).
FCA also owns industrial subsidiaries Comau, Magneti Marelli, Mopar and Teksid.
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Corporate governance
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.
Board of Directors
Executive members of the FCA Board of Directors as of October 2014 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.
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Subsidiaries
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.
FCA Italy includes the Italian-based brands that include Abarth, Alfa Romeo, Fiat, Fiat Professional, Lancia and the engine manufacturing subsidiary VM Motori.
FCA US includes the American-based brands that include Chrysler, Dodge, Jeep, and Ram, plus the Mopar service and parts organization.
Other companies include luxury car (Maserati) and components (Magneti Marelli, Automotive Lighting) manufacturers 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.
History
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 29 October 2014 the group announced the intention to separate Ferrari S.p.A. from FCA. The transaction was completed on 3 January 2016.
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.
Marchionne's death
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 he was "gravely ill" at the University Hospital of Zürich in Switzerland.
Exor chairman and Agnelli family heir John Elkann issued a statement saying, "I am profoundly saddened to learn of Sergio's state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice. My first thoughts go to Sergio and his family." Italian media sources reported the move was triggered because Marchionne had lapsed into a coma and later contradicted FCA's statement, reporting that his surgery was actually a much more invasive procedure meant to combat an unspecified but aggressively infectious disease that had recently been diagnosed. It was later reported that Marchionne had long had trouble with chronic pain in his shoulders that made arm movement difficult, which he was treating with cortisone. He was subsequently diagnosed as having an invasive shoulder sarcoma, the severity of which he concealed from Elkann and his colleagues while he underwent treatment. His shoulder surgery was part of this treatment, and was reported to have been a high-risk operation that Marchionne was initially apprehensive about. During the operation he suffered a stroke triggered by a cerebral embolism which sent him into a coma. Marchionne reportedly suffered permanent brain damage and was being kept alive by life support machines, with doctors saying there was no hope for recovery. Sergio Marchionne eventually 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.
Five-year plan (2014-2018)
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 EUR132 billion, net income to EUR5 billion and industrial debt will peak at EUR11 billion in 2015, and then reduce to EUR0.5-1 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 .
Alfa Romeo
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.
Chrysler
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.
Dodge
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 fastest 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.
Fiat
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).
Maserati
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.
Jeep
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.
Ram
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 will be launched, and a commercial light-duty truck will be refreshed. In 2018, a new Ram HD will be launched, along with a commercial heavy-duty truck, and Ram chassis cab will receive a major update.
Financial results
In 2015 worldwide shipments were 4.6 million units, revenues totaled EUR113.2 billion, up 18% (+6% at constant exchange rates, or CER), adjusted EBIT was EUR5.3 billion, up 40% and Adjusted net profit was EUR2.0 billion, up 91%.
Logo
The new FCA logo was created by the Italian branding company Robilant Associati, ending the use of the Fiat S.p.A. logo and Chrysler Pentastar logo for group branding.
References
External links
- Official website
Source of article : Wikipedia
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