Weekly Recap: Despite merger, Fiat and Chrysler will maintain local roots as stock offering looms

Weekly Recap: Despite merger, Fiat and Chrysler will maintain local roots as stock offering looms

September 6, 2014 by · Leave a Comment 

Filed under: Chrysler , Infiniti , Mazda , Toyota , Earnings/Financials , Fiat Chrysler will still be largely run out of its headquarters in Auburn Hills, MI, and Fiat will be based in Turin, Italy. Americans and Italians worried that two of their nation’s industrial icons – Chrysler and Fiat – are merging into a British/Dutch corporation with a blurred identity can rest a bit easier, even as an initial public stock offering looms as early as October. Chrysler will still be run mostly out of its headquarters in Auburn Hills, MI, and Fiat will be based in Turin, Italy. “Operationally, day-to-day operations will sit where they sit today,” Fiat Chrysler Automobiles CEO Sergio Marchionne said during an earnings announcement earlier this summer. The company will be incorporated in the Netherlands for tax purposes, and the board will meet in London, where unspecified parts of the firm’s “decision-making process” will take place. “Operationally, London will hold nothing, other than the decision-making process of FCA, meetings of the group executive council and some of the senior leaders will be residing there,” Marchionne said. Specifically, Richard Palmer, FCA’s chief financial officer and a native of Bath, England, will move to London. Still, Marchionne stressed the company’s move to London is more than symbolic, even if some functions are still unclear. “It’s a pretty permanent rooting of the organization in London in order to make sure that the machine runs,” he said. Continue reading Weekly Recap: Despite merger, Fiat and Chrysler will maintain local roots as stock offering looms Weekly Recap: Despite merger, Fiat and Chrysler will maintain local roots as stock offering looms originally appeared on Autoblog on Sat, 06 Sep 2014 11:00:00 EST.

Aston CEO claims Cygnet cancelled because Toyota is dropping iQ in 2014

Aston CEO claims Cygnet cancelled because Toyota is dropping iQ in 2014

October 28, 2013 by · Leave a Comment 

Filed under: Hatchback , Aston Martin , Scion , Toyota While slow sales and a $50,000 price tag may have been contributing factors to the Aston Martin Cygnet being cancelled last month , Aston Martin CEO Ulrich Bez is pointing the finger at Toyota for the demise of this luxurious little city car. In a discussion with Autocar , Bez is quoted as saying that the ultimate reason the Cygnet was cut is because Toyota plans on dropping the iQ (on which the Cygnet is based) in 2014 – a claim denied by the Japanese automaker. Interestingly, the article also cites another publication reporting that a Toyota importer in the Netherlands heard the same news as Bez, and it has already stopped importing the cars. If the European Toyota iQ is cancelled, that would likely spell the end of the slow-selling Scion iQ in the US, which has sold just 3,365 units through September (a drop of 51 percent year over year). Regardless of why production of the Cygnet ended, Bez also says that a lack of support from Toyota on the project prevented it from being offered in the US or receiving a supercharged engine , which are two factors that likely would have made the car appealing to more buyers. Aston CEO claims Cygnet cancelled because Toyota is dropping iQ in 2014 originally appeared on Autoblog on Sun, 27 Oct 2013 13:01:00 EST. Please see our terms for use of feeds . Permalink

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