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Weekly Recap: Marchionne's Manifesto again calls for industry consolidation

Sergio Marchionne isn't taking no for an answer. Despite public rebuffs from General Motors and Ford, the leader of Fiat Chrysler Automobiles continues to push for consolidation within the auto industry. His latest assertion came Wednesday when he said a combination of FCA with another automaker could net savings of $5 billion or more annually. No, this isn't about selling his company, he claimed, it's about cutting costs. Put simply, the auto industry wastes money, Marchionne said during FCA's earnings conference call. Companies invest billions to develop basic components that all cars use, but many consumers don't care how they work or recognize the differences. "About half of this is really relevant in terms of positioning the car in the marketplace," he said. "The other half, in our view, is stuff which is neither visible to the consumer nor is it relevant to the consumer." In 2014, top automakers spent more than $100 million on product development, FCA estimated. Marchionne said consolidation could save up to $1 billion on powertrains alone, noting that almost every automaker offers four- and six-cylinder engines. Not everyone has to make their own, he contended. "The consumer could not give a flying leap whose engines we are using because they are irrelevant to the buying decision." That's pretty provocative for enthusiasts, but less so for average consumers. Still, there are major differences in power and efficiency ratings, even among similar engines. Skeptics could argue consolidation would also weaken competition and reduce choices for car buyers. Marchionne stressed his presentation, curiously entitled Confessions of a Capital Junkie, wouldn't require closing factories or dealerships. It's not his final "big deal" as CEO, intent to sell FCA, or a way to elevate his company up the automotive food chain. He claims he wants to fundamentally change the industry and its habit for burning cash. "The horrible part about this, and the thing that I find most offensive, is that the capital consumption rate is duplicative," he said. "It doesn't deliver real value to the consumer and it is in its purest form, economic waste." Other News & Notes Ford Profits dip in first quarter Ford profits fell $65 million to $924 million in the first quarter, hampered by slight dips in revenue and sales.

F1 redemption beckons for Vettel after miserable end at Ferrari

PARIS — Sebastian Vettel is feeling optimistic about his new Formula One career with Aston Martin after turning the page on a miserable last season with Ferrari. Things went from bad to awful for the four-time F1 champion in 2020. He had just one podium finish and ended 10 of 17 races outside the top 10 last season amid a tense atmosphere worsened by the fact Ferrari did not offer him a new contract. “The whole year was a challenge. IÂ’m obviously not happy with how last year went in terms of performance, in terms of my performance," he said. “There are things that didnÂ’t go well and things I would have liked to go differently. ItÂ’s not a secret that at stages I wasnÂ’t at my happiest." Last year was a huge fall from grace for Vettel, whose confidence was already shaken after he lost the 2017 and 2018 titles to Mercedes driver Lewis Hamilton, despite leading both championships at the halfway stage. A driver who still shares the F1 record with Michael Schumacher for most wins in a season — 13 with Red Bull in 2013 — and has 53 wins among his 121 podiums found himself outclassed by his junior teammate Charles Leclerc in 2019 and 2020. When Leclerc was given a lucrative new contract through 2024 — and Vettel wasn't even offered one —it became clear who was considered number one in the team. The frown lines grew deeper on Vettel's face as he finished the last three races of 2020 in 13th, 12th and 14th. “It hadnÂ’t been to my standards. IÂ’ve never really cared what people think or say, or write," Vettel said. “ThatÂ’s why itÂ’s important IÂ’m at peace with myself. (I have) very, very high expectations of myself.” He even considered retiring but a move to Aston Martin has rekindled the 33-year-old German driver's enthusiasm. “IÂ’m not too old, there are older drivers returning to the grid," he said, referring to 39-year-old Fernando Alonso. “I donÂ’t think itÂ’s an age thing, I think itÂ’s more a question of (whether) you have the team and the car around you.” The Aston Martin team runs on Mercedes engines and is owned by Canadian billionaire Lawrence Stroll, whose son Lance Stroll is the team's other driver. The plan is to make Aston Martin a title contender within three to five years. Vettel suggested the atmosphere at Aston Martin is less stuffy than it was at powerhouse Ferrari. The Italian manufacturer with its bright red car remains the most iconic name in F1 history.

Mercedes to offer SL, GL platforms to Aston Martin?

The agonizingly slow courtship between Aston Martin and Mercedes-Benz has been a regular topic of conversation ever since the 2009 Lagonda Concept debuted, riding on a Mercedes GL chassis. Beyond that one polarizing concept, though, nearly every other attempt to pair the two brands up in a major way has fallen through. Only the technical partnership between Mercedes and Aston for certain components from AMG, which was negotiated back in July, has held up so far.
That may finally be set to change, according to an excellent profile of the two brands' relationship from Automobile, which claims that two platforms will unite the Germans and Brits. The first tie up is, not surprisingly, a sports car.
As Aston Martin's VH platform - which underpins every car that comes out of Gaydon - continues to age, the pressure will well and truly be on Aston to find a next-gen replacement to underpin the successors to the Vantage, Vanquish, DB9 and Rapide. Automobile claims Mercedes has just such an architecture, in the form its new modular sports car platform. This new platform is slated for the next-generation SLK and SL and is still in its design infancy.