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Marchionne says no offers are on the table for Fiat Chrysler

MONZA, Italy (Reuters) - Fiat Chrysler (FCA) has not received any offer for the company nor is the world's seventh-largest carmaker working on any "big deal", Chief Executive Sergio Marchionne said on Saturday. Speaking on the sidelines of the Italian Formula One Grand Prix, Marchionne said the focus remained on executing the company's business plan to 2018. Asked whether FCA had been approached by someone or whether there was an offer on the table, he simply said: "No." The company's share price jumped to record highs last month after reports of interest for the group or some of its brands from China. China's Great Wall Motor Co Ltd openly said it was interested in FCA, but had not held talks or signed a deal with executives at the Italian-American automaker. The stock move was also helped by expectations that the company might separate from some of its units. Marchionne reiterated on Saturday that FCA was working on a plan to "purify" its portfolio and that units, such as the components businesses, would be separated from the group. He hopes to complete that process by the end of 2018. "There are activities within the group that do not belong to a car manufacturer, for example the components businesses. The group needs to be cleared of those things," he told journalists. Asked whether an announcement could come this year, Marchionne said it was up to the board to decide and that it would next meet at the end of September. He said the time was not right for a spin-off of luxury brand Maserati and premium Alfa Romeo and the two brands needed to become self-sustainable entities first and "have the muscle to stand on their feet, make sufficient cash". "The way we see it now, it's almost impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati, these are two entities that are immature and in a development phase," he said. "It's the wrong moment, we are not in a condition to do it." He said the concept of separating the two brands from FCA's mass market business made sense and did not rule out this happening in future, but not under his tenure, which lasts until April 2019. "If there is an opportunity in future, it would certainly happen after I'm gone. It won't happen while Marchionne is around," he said.

Viper fans are at the Nurburgring to reclaim production-car speed record

With the outgoing generation of the Viper, Dodge missed a fabulous opportunity to set another Nurburgring lap record. The company did it, twice, with the previous-generation Viper ACR, but never went back with the latest ACR, and it definitely won't now that the car is being discontinued. This is why a group of Viper fans began fundraising back in January to take ACRs to the 'Ring for one more shot at glory. And, right now, that group is in Germany preparing for the attempt. The team made it thanks to support from GoFundMe donors, and sponsorship from Kumho Tires and Prefix, a design and prototype company based in Michigan. They're using two Viper ACR GTS-R commemorative-edition cars, which are appropriate for competing track cars since they have the same white-with-blue-stripes color scheme as Dodge's old Viper GTS-R racecars. The cars are supplied from ViperExchange and BJ Motors and equipped with Kumho Ecsta V720 tires. According to the group's Facebook page, the team has been practicing since Wednesday, July 19. A video posted today highlighted that the only mechanical issue so far has been an overheating problem that was solved with a new thermostat. Each car is running a different suspension setup for practice - one soft, the other hard - and they'll adjust them as needed. The plan is that both cars will use the same setup on the record attempt. To claim the record without any argument will require beating the 6:45.9 time set by the Nio EP9 electric car. Right behind it is the Radical SR8LM, which is technically street-legal, but not really a street car. It set a time of 6:48. As for true street cars with gasoline engines, the target the Viper team will really want to beat is the Lamborghini Huracan Performante, which pulled off a time of 6:52. You can track the team's progress at its Facebook page. Related Video: Image Credit: Dodge Auto News Motorsports Dodge Coupe Performance Supercars dodge viper acr nio ep9

Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.