Ferrari taps European chip-maker executive as new CEO
MILAN — (AP) — Luxury sports carmaker Ferrari has tapped Benedetto Vigna, an Italian executive at Europe’s largest semiconductor chipmaker, as its new CEO, the company announced Wednesday. Ferrari has announced that its first fully electric supercar will be launched in 2025. Chairman John Elkann was been running the company, based in the northern Italian city of Maranello in Emilia-Romagna, on an interim basis. Like the rest of the car industry, Ferrari has been hit by the coronavirus pandemic, which temporarily shut production in spring 2020. Ferrari announced last month that it won’t hit 2022 financial targets due to the pandemic’s impact, despite a strong first-quarter rebound.wftv.com
Ferrari 1Q profits rebound, postpones 2022 targets
MILAN — (AP) — Italian luxury sportscar maker Ferrari announced Tuesday that it won’t hit 2022 financial targets due to the impact of the coronavirus pandemic, despite a strong rebound in the first quarter of 2021. The carmaker based in the northern Italian city of Maranello said net profit for the first three months of the year rose by 24% to 206 million euros, compared with 166 million euros in the same period of 2020. Deliveries were slightly up at 2,771, while revenues rose 8% to just over 1 billion euros. Chairman and acting CEO John Elkann called it a strong start and “testimony to the resilience of our business model.”At the same time, the company postponed by one-year financial targets set out in a 2018-2022 business plan, including revenues close to 5 billion euros and adjusted earnings before interest and tax over 1.2 billion euros. Ferrari set 2021 guidance at revenues around 4.3 billion euros and adjusted earnings before interest and tax at 970 million euros to 1.02 billion euros.wftv.com
Stellantis CEO: New car company will protect jobs and brands
Stellantis shares start trading in New York in the new auto giant created by the merger of Fiat Chrysler and PSA Peugeot. But Tavares was confident that brands would be boosted, factories would be filled and no jobs would be lost, at least initially. “Our commitment on this merger is that we will not shut down plants as a consequence of the merger,’’ Tavares said. “I think that there’s many more things to do in our car company than just cutting costs,” he said. The PSA Group merger with Fiat Chrysler was completed on Saturday, creating the world's fourth largest car manufacturer.
Carmaker Stellantis shares jump in Milan, Paris on first day
Stellantis, the car company combining PSA Peugeot and Fiat Chrysler, was launched Monday on the Milan and Paris stock exchanges, giving life to the fourth-largest car company in the world. (AP Photo/Peter Dejong)MILAN – Stellantis, the car company combining PSA Peugeot and Fiat Chrysler, was launched Monday on the Milan and Paris stock exchanges, giving life to the fourth-largest auto company in the world. Stellantis shares rallied 7.6% in Milan to 13.53 euros ($16.32). CEO Carlos Tavares said during a virtual bell-ringing ceremony that the merger creates 25 billion euros in shareholder value. Its closing market capitalization was under 20 billion euros, far off its 2018 highs of more than 30 billion euros.
Fiat Chrysler, Peugeot shareholders approve merger
Fiat Chrysler Shareholders of Fiat Chrysler and France's PSA Group are meeting Monday, Jan. 4, 2021 to vote on a merger that will create the world's fourth-largest automaker. Fiat Chrysler shares were up 0.2% in New York on Monday at $18.13, while Peugeot rose 1.7% to 22.75 euros. Fiat Chrysler announced Monday that its stockholders as of Jan. 15 will get a special cash payment worth 1.84 euros ($2.26) per common share after the merger closes. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Fiat Chrysler said there are no plans to close any plants.
Fiat Chrysler CEO Manley to run Americas after PSA merger
FILE - In this Jan. 14, 2019 file photo, Fiat Chrysler's new CEO, Mike Manley, is interviewed at the North American International Auto Show in Detroit. Manley will run operations in the Americas when his company merges with Frances PSA Peugeot early next year. FCA Chairman John Elkann announced Manleys new post on Friday, Dec. 18, 2020 in a letter to employees. (AP Photo/Carlos Osorio)DETROIT – Fiat Chrysler CEO Mike Manley will run operations in the Americas when his company merges with France’s PSA Peugeot early next year. PSA CEO Carlos Tavares will run the overall company, to be named Stellantis.
Ferrari CEO resigns 2 years after replacing Marchionne
ROME – Luxury sports car maker Ferrari says its chief executive, Louis Camilleri, has resigned for personal reasons. Chairman John Elkann will take over until a successor is named, Ferrari said in a statement late Thursday. Camilleri, who took over as CEO in 2018 following the death of longtime CEO Sergio Marchionne, is also stepping down as chairman of Phillip Morris International, one of Ferrari’s main sponsors. When he took over as CEO, Camilleri unveiled a business plan that included reviving iconic models embedded with Formula One technology and expanding Ferrari’s electric-gasoline hybrid powertrain offerings. Net profits were 171 million euros ($200 million) in the quarter, compared with 169 million in the same period last year.
Carmakers FCA and PSA confirm progress toward full merger
FILE - In this Wednesday, Dec.18, 2019 file photo, he logo of the French car maker Peugeot is pictured in Paris. Fiat Chrysler and PSA Peugeot on Wednesday, Oct. 28, 2020 confirmed progress toward their full merger to create the globes fourth-largest carmaker, with completion expected by the end of March 2021. (AP Photo/Thibault Camus, file)MILAN – Fiat Chrysler and PSA Peugeot on Wednesday confirmed progress toward their full merger to create the globe’s fourth-largest carmaker, with completion expected by the end of March 2021. The completion date for the merger is in line with the original time frame, despite the impact of the coronavirus pandemic. PSA’s CEO Carlos Tavares will lead the group, with Fiat Chrysler chairman John Elkann head of the board.
Cesare Romiti, who steered Fiat in tense social times, dies
FILE -- May 31, 1988 file photo of Gianni Agnelli, right, chairman of Italy's auto giant FIAT, and chief operating officer Cesare Romiti, as they leave the Banca d'Italia (Bankitalia)in Rome. Romiti has died Tuesday, Aug. 18, 2020, in his house in Milan at the age of 97, according to Italian media. In 1975, during the global oil crisis that rocked the automobile industry, Romiti joined Fiat, going on to become CEO and eventually chairman. Romiti helped Fiat launch new car models and close the historic Lingotto factory in Turin to put the company solidly on the path to profits. Fiat Chrysler Chairman John Elkann, an Agnelli family member highlighted the significant role Romiti had played in the automaker's past.
Fiat Chrysler temporarily cuts pay by 20% for salaried workers amid coronavirus pandemic
Fiat Chrysler will temporarily defer the salaries of its white-collar workers by 20% for the next three months as the automaker attempts to save cash to weather the coronavirus crisis. The pay cuts, according to a Monday letter from CEO Mike Manley obtained by CNBC, will begin Wednesday. The salary cuts for the white-collar workers are expected to be repaid no later than next March 15. The salary deferments and cuts are in-line with actions taken by Fiat Chrysler's crosstown rivals, General Motors and Ford Motor. GM last week announced deferred payments of 20% for all of its white-collar workers, while Ford said the automaker's top 300 executives would defer 20% to 50% of their salaries for at least five months.cnbc.com
Fiat Chrysler reaches tentative labor deal with United Auto Workers
DETROIT (Reuters) - Fiat Chrysler Automobiles NV and the United Auto Workers (UAW) union on Saturday announced a tentative agreement for a four-year labor contract, a boost for the automaker as it works to merge with Frances Groupe PSA. REUTERS/Rebecca Cook/File PhotoItalian-American Fiat Chrysler and PSA, the maker of Peugeot and Citroen, last month announced a planned $50 billion merger to create the worlds fourth-largest automaker. The tentative agreement with Fiat Chrysler, which is subject to ratification by the union members, follows contracts that the UAW already concluded with Ford Motor Co and General Motors Co. Of the $9 billion, $4.5 billion was announced earlier this year, to be invested in five plants and creating 6,500 jobs. Both automakers also agreed to signing bonuses, with $9,000 for full-time Ford workers and $11,000 for workers at GM.feeds.reuters.com