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Mike Manley named CEO of FCA amid Sergio Marchionne health crisis

Mike Manley has been immediately granted "all the powers of CEO" of Fiat Chrysler Automobiles. In a statement, FCA said its Board of Directors made this decision "in order to provide for his full authority and operational continuity for the company." Manley, who has been at the helm of Jeep since 2009 and Ram since 2015, is expected to be named an executive director for FCA after the next shareholder's meeting. In a similar statement, Ferrari said it had "named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO." CNH Industrial, a company that makes trucks, agricultural, and industrial equipment and which Marchionne also chairs, named Suzanna Heywood, as his replacement. Sergio Marchionne, who had served as CEO of both FCA and Ferrari, suffered "unexpected complications" as he was recovering from surgery performed earlier this month. FCA's statement adds that these complications "have worsened significantly in recent hours." Marchionne, credited with rescuing Fiat and Chrysler from bankruptcy since taking the wheel at the Italian carmaker in 2004, had been due to step down as the head of Fiat Chrysler next April. His internal successor had yet to be named. Marchionne had previously said he planned to stay on as Ferrari Chairman and CEO until 2021.Reuters contributed to this report.Related Video: Image Credit: Mark Thompson/Getty Hirings/Firings/Layoffs Chrysler Ferrari Fiat Sergio Marchionne

Stellantis says its 2021 performance has been better than expected

MILAN — Stellantis softened up investors ahead of its electrification strategy event on Thursday by flagging that 2021 got off to a better-than-expected start despite a chip shortage that has hit automakers worldwide. Stellantis, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, faces an investor community keen to hear how it plans to come up with a range of electrified vehicles (EVs) to rival Tesla. At its "EV Day 2021" kicking off at 1230 GMT, Stellantis will disclose significant investments in electrification technology and connected software as it aims to be an industry frontrunner, it said in a statement. In April, Chief Executive Carlos Tavares said it would offer low-emission versions — either battery or hybrid electric — of almost all of its European models by 2025, and they should make up 70% of European sales and 35% of U.S. sales by 2030. Stellantis, the world's fourth-biggest automaker, has 14 brands in its stable, including Jeep, Ram, Opel, Fiat, Peugeot and Maserati.   Stellantis EV Day coverage: Dodge will launch the 'world's first electric muscle car' in 2024 Fully electric Ram 1500 will begin production in 2024 Jeep will have 4xe plug-in hybrid models across the lineup by 2025 Stellantis teases mystery electric Chrysler concept Stellantis previews 4 electric platforms: Here's how they'll be used Fiat says all Abarth models to be electric from 2024 Opel Manta E will be the electric revival of the classic German coupe Stellantis says its 2021 performance has been better than expected   At a similar EV strategy event last week, French rival Renault announced that 90% of its main brand models would be all-electric by 2030, whereas previously it had included hybrids in its target. Germany's Volkswagen, the world's second-biggest automaker after Toyota, expects all-electric vehicles to make up 55% of its total sales in Europe by 2030, and more than 70% of sales at its Volkswagen brand. Stellantis said its margins on adjusted operating profits in the first half of 2021 were expected to exceed an annual target of between 5.5% and 7.5%, despite production losses due to a global shortage of semiconductor supplies. Stellantis shares listed in Milan were down 2.6% at 0920 GMT, underperforming the broader European car index. Bestinver analyst Marco Opipari said Thursday's news was positive but that the stock was suffering from profit taking as it had moved up about 20% since the end of April.

White Christmas: Miami Vice Ferrari Testarossa on eBay for $1.75M

Were the eighties responsible for more iconic television cars than any other decade? Without even thinking about it we can reel off B.A. Baracus' GMC van, the Knight Industries Two Thousand and General Lee, Hardcastle and McCormick's Coyote, Magnum P.I.'s Ferrari 308. That's before we dip into personal favorites like The Fall Guy's GMC and the Dodge Ram Power Wagon from Simon and Simon, or hop over to cartoons like Transformers, the GoBots and MASK. And then there was this, among the top rung of eighties memorabilia, a 1986 Ferrari Testarossa claimed to be one of two used in Miami Vice. You'll remember that the show began with James "Sonny" Crockett driving a black Daytona Coupe, but it was a replica built on C3 Corvette running gear. The story is that Ferrari sued the replica maker and made the show's producers an offer: blow up the replica on the show in return for two Testarossas to use. And that, it's said, is how Crockett's convertible got hit by a missile during an undercover assignment with an arms dealer. The original cars were Carbon Black, but the show's cameras couldn't keep up with them at night, so director Michael Mann had them painted white. For sale on eBay with a Buy It Now price of $1.75M, the seller says he has the all of the service history paperwork and documentation from Ferrari North America. According to the seller, he bought it about three years ago; before that, it was last sold in 1991 and sat in a Miami garage for years, so it has 16,000 miles on the odometer. The Hagerty Price Guide Report shows Testarossa values have nearly doubled in four years, but a pristine find should still only fetch about $93,500, just to make sure you're clear on the seller's Hollywood premium. Nostalgia awaits you in the gallery, and perhaps a new car at the link. Featured Gallery 1986 Ferrari Testarossa from Miami Vice View 12 Photos News Source: eBay via Car and Driver TV/Movies Ferrari Auctions Coupe Luxury Performance eBay ferrari testarossa