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Sergio Marchionne, Who Revived Fiat and Chrysler, Dies at 66
Keywords: Marchionne, Fiat, Chrysler, Fiat Chrysler,
Italian born Canadian Sergio Marchionne, a former tax consultant turned auto executive who joined Fiat in 2004, planned the acquisition of Fiat in 2009. GM's payout to Chrysler following a decision not to acquire Fiat, and the U.S. government's need to merge Chrysler with another auto company after a bailout, gave Marchionne the opportunity to acquire Chrysler on favorable terms. Hard bargaining with the government led to acquiring Chrysler for free, using the $2 billion from GM to show the government that it would make the needed investments to bring Chrysler back from bankruptcy. This decision, the bringing in of outside talent, and the revival of the auto industry following the bailout, has led to the success of Fiat Chrysler.
Sergio Marchionne had the right instincts to persuade the government that Fiat with its small cars including the Fiat 500 was the right company to run Chrysler, and supporting president Obama's fuel efficiency goals gave him the right credentials with the Obama administration.
A chain smoker of cigarettes who also gulped down espressos, her was a workaholic sometimes carrying 5 smartphones. He passed away at the age of 66 from health complications.
Ironically the Dodge Dart was presented as the car that would get 40 miles per gallon. Other efforts at fuel efficient automobiles have not happened in the way it was envisioned by the Obama administration. The Dart did not become popular. Only the redesigned Fiat made it as a hit in Europe. The plan to import small Fiats to the U.S. remained only on paper. As the auto industry revived Marchionne canceled plans to make nearly all of the Chrysler cars and shifted production to more popular Jeeps and Dodge Ram, a move followed by Ford and GM. Fuel efficiency issues from the bankruptcy period are still alive today with the decision to leave small car manufacturing to Japanese and German carmakers, and the efforts of the Trump administration to turn back the Obama administration fuel efficiency targets.
The Fiat 500- the focus of Fiat's strategy in Europe 2012-2015
06/11/2009
Marchionne and Fiat managers decide to focus on new models of the Fiat 500 to increase sales in Europe, Asia and Latin America. Marchionne says this is "not a strategy for the fainthearted," and Fiat will take up the fight. The eurozone crisis has led to declining auto sales in Europe and a shift to price sensitive cars. Italian factories are operating at only about 45% capacity on average and Fiat is now taking on the new challenge of exports. A similar strategy is being followed for the Jeep model made in the U.S. with a new focus on export markets.
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Marchionne outlines plans for the future of the new company- a new name, listing on the NYSE, and a new headquarters location possibly outside Italy. Strategies include taking Jeep global and making Alfa Romeo a global brand. Manufacturing decisions for new models and the minivan.
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Marchionne plans to take the new company- with full ownership under Fiat achieved in 2014- to the next level by creating global brands for Jeep and Alfa-Romeo. The new company is likely to get a new name, complete integration of the two companies, a new headquarters location outside Italy, and a listing on the NYSE.
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Fiat's turnaround of Chrysler under Marchionne gives Fiat a huge boost at a time when the European automobile market is declining. French car makers Peugeot Citroen and Detroit based Ford Motor and GM are struggling in the European market with steep decline in sales and operating well below capacity.
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Auto sales in 2014 reach 16.5 million units- returning to the levels seen in 2006, with Fiat Chrysler NV at over 2 million units
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Fiat Chrysler NV under Marchionne makes an astounding recovery with 2 million units sold in 2014, close to the 2.5 million units sold by Ford Motor and the 2.4 million units sold by Toyota. Sales shifted significantly to sports utility vehicles, pickup trucks and larger vehicles by December 2014, with the higher fuel efficiency of these vehicles and the price of gasoline dropping below $2.00. Sales in 2014 were 5.9% higher than 2013.
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Sergio Marchionne, Who Melded Chrysler and Fiat, Dies at Age 66
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Sergio Marchionne, Who Revived Fiat and Chrysler, Dies at 66
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