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Fiat Chrysler denies rumors that Ferrari SpA is moving to London

It seems that reports of Ferrari's relocation to London have been somewhat exaggerated. The past few days have seen more than a few stories on the legendary Italian brand's decision to move its tax base out of Italy, and now Fiat Chrysler is speaking out against the scuttlebutt. "These rumors have no grounds," FCA said in a statement obtained by Reuters. "There is no intention to move the tax residence of Ferrari SpA outside Italy, nor is there any project to delocalize its Italian operations, which will continue to be subject to Italian tax jurisdiction." Ferrari's move to London was based on two beliefs. First, that the company would benefit from being located nearer the investor community, should it be listed on a European exchange. FCA, though, said a European listing was only a "possibility," according to Reuters. Instead, the company will be listed on an American market. Aside from the move to benefit investors, it was believed Ferrari was looking to relocate to escape Italy's more oppressive corporate tax rate, which sits around at 31.4 percent, compared to the UK's 20 percent, Bloomberg reports. This denial by Fiat Chrysler, though, should be enough to close the book on Ferrari leaving Italy, no matter how much sense it might make. Related Video:

How to polish car paint | Autoblog Details

Here's how to quickly and properly polish your car's paint to increase the depth and shine of your clear coat with a dual action polisher. Watch all our Autoblog Details videos for more quick car care tips from professional detailer Larry Kosilla. Show full video transcript text [00:00:00] Polishing paint properly is not only a skill, but it's what I consider an art especially on this 1964 Ferrari GTE. And like any art form, it takes years of practice to perfect. Today we're gonna discuss how to quickly and safely polish or paint to increase the depth and shine of your clear coat with dual action polishers. Coming up on this episode of Details. My name is Larry Kosilla and I'm a professional detailer. Together with Autoblog, we're creating [00:00:30] the ultimate collection of quick car care videos. This is Autoblog Details. Here are the items you'll need for this task. If your car has clear coat, and in most cases, any car manufactured after the mid 1980s, or repainted like this one here, will come standard with clear coat, and you'll need to use a machine. Polishing clear coat by hand is not recommended due to the hardness of the paint. [00:01:00] Polishing paint is typically done for two main purposes. First is to remove any remaining swirls left over from a previous compounding step, or to simply increase the gloss of the paint that has no scratches that lacks a deep rich shine like this one here. First, attach a foam polishing pad to a machine. In this case, I'm using a Meguiars foam yellow pad on a Rupes LHR 21ES polisher. Spread your polish of choice around the pad, covering all pores evenly by massaging the product in [00:01:30] by hand and of course, wearing gloves. Make sure to add a bit more in some areas that remain uncoated. Now that the pad is primed, add three small dots of polish and place the pad directly on the paint prior to engaging the machine. Speed settings will vary by machine and the type of pad used but a setting of three to four is a good place to start. Take note on small orbit polishing machines if the polishing pad is not rotating, little to no polishing work is being done to the paint. Adjustments to speed, pressure, [00:02:00] and machine angle may be needed. Apply light to medium pressure to the machine so that the foam pad compresses slightly. Arm speed is moderate to slow. But keep in mind, the slower your arm speed, the more work is being done to the paint.

Stellantis ready to kill brands and fix U.S. problems, CEO Tavares says

  MILAN — Stellantis is taking steps to fix weak margins and high inventory at its U.S. operations and will not hesitate to axe underperforming brands in its sprawling portfolio, its chief executive Carlos Tavares said on Thursday. The warning for lossmaking brands is a turnaround for Tavares, who has maintained since Stellantis was created in 2021 from the merger of Italian-American automaker Fiat Chrysler and France's PSA that all of its 14 brands including Maserati, Fiat, Peugeot and Jeep have a future. "If they don't make money, we'll shut them down," Carlos Tavares told reporters after the world's No. 4 automaker delivered worse-than-expected first-half results, sending its shares down as much as 10%. "We cannot afford to have brands that do not make money." The automaker now also considers China's Leapmotor as its 15th brand, after it agreed to a broad cooperation with the group. Stellantis does not release figures for individual brands, except for Maserati which reported an 82 million euro adjusted operating loss in the first half. Some analysts say Maserati could possibly be a target for a sale by Stellantis, while other brands such as Lancia or DS might be at risk of being scrapped given their marginal contribution to the group's overall sales. Stellantis' Milan-listed shares were down as much as 12.5% on Thursday, hitting their lowest since August 2023. That brings the loss for the year so far to 22%, making them the worst performer among the major European automakers. Few automotive brands have been killed off since General Motors ditched the unprofitable Saturn and Pontiac during a U.S. government-led bankruptcy in the global financial crisis in 2008. Tavares is under pressure to revive flagging margins and sales and cut inventory in the United States as Stellantis bets on the launch of 20 new models this year which it hopes will boost profitability. Recent poor results from global carmakers have heightened worries about a weakening outlook for sales across major markets such as the U.S., whilst they also juggle an expensive transition to electric vehicles and growing competition from cheaper Chinese rivals. Japan's Nissan Motor saw first-quarter profit almost completely wiped out on Thursday and slashed its annual outlook, as deep discounting in the United States shredded its margins. Tavares said he would be working through the summer with his U.S. team on how to improve performance and cut inventory.