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2020 Fiat 500X Sport expands lineup and color palette

Fiat trotted out the new and improved 500X at the 2018 LA Auto Show. This year the Italian carmaker follows up at Automobility LA with the new 500X Sport trim intended to bestow a "youthful, sporty appearance" on the 500X lineup. That starts with the Rovente Red hue added to the color palette, "rovente" being Italian for "scorching." The Sport gets a new front fascia that omits the rugged-looking moldings on the Trekking trims, puts fog lights in discrete housings at the lower corners, and paints the lower lip in body color. Along the sides, the normally dark wheel arch liners and side moldings are swapped for body color as well, while the mirrors and door handles get dark-finish accents to go with a Sport badge on the front fender. In back, dark-finish trim across the tailgate and twin, chrome-finish tailpipes let the Fiat clan know this one is the feisty one. Standard fit is a set of 18-inch wheels in a new design. For the first time on the 500X model, 19-inch wheels are an option, wrapped here in Michelin CrossClimate all-season tires. Up top, buyers can take advantage of another new option, a black roof. The interior goes dark top and bottom. Instead of the light-colored upper space, the headliner and pillars have been finished in deep gray materials while the new Sport seats wear black fabric with vinyl inserts and a gray "500" logo. Bright flashes come in the aluminum pedal trim covers and instrument panel bezel finish. The steering wheel invites grip with "techno-leather" and Alcantara, plus proper paddle shifters. Alcantara also adorns the brow over the gauge cluster, the gauges themselves done up with tweaked graphics. Motivation comes from the same 1.3-liter turbocharged four-cylinder found in the rest of the 500X lineup in the U.S., putting out 177 horsepower and 210 pound-feet of torque through a nine-speed automatic to all four wheels with on-demand all-wheel drive.  When the 500X Sport goes on sale in early 2020, dealers will ask $26,895 plus a $1,495 destination charge, for a total of $29,390. Pricing puts the Sport above the $27,740 Trekking while the top trim remains the $30,990 Trekking Plus.

As it did with Ferrari, Fiat Chrysler spinning off Magneti Marelli

MILAN — Fiat Chrysler said on Thursday its board had tasked management to proceed with spinning off Magneti Marelli and distributing shares in a new holding for the 99-year old parts business to FCA investors. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli, which sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid, and which analysts say could be worth between 3.6 and 5 billion euros ($4.4-6.1 billion). "The separation will deliver value to FCA shareholders, while providing the operational flexibility necessary for Magneti Marelli's strategic growth in the coming years," Marchionne said in a statement. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics, and its spinoff is part of a five-year business plan FCA is due to present on June 1. "The spinoff will also allow FCA to further focus on its core portfolio while at the same time improving its capital position," Marchionne added. Marchionne has a long history of such moves. The 65-year-old was behind the spinoff and listing of trucks and tractor maker CNH Industrial and supercar brand Ferrari. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, with shares in the company expected to be listed on the Milan stock exchange. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family - FCA's main shareholder - were put off by low industry valuations and did not want their stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters last month. Magneti Marelli has often been touted as a takeover target and FCA has fielded interest from various rivals and private equity firms over the years. South Korea's Samsung Electronics made a bid approach in 2016 but negotiations fell through as it was only interested in parts of the business, other sources have said. The spinoff is subject to regulatory approvals, tax and legal considerations and a final approval by the FCA board. The carmaker may modify or call off the transaction at any time and for any reason, it added.

Marchionne's pay as Fiat CEO falls to $5M

Sergio Marchionne will be buying fewer of his iconic sweaters, as his 2013 pay from Fiat took a dip from $6.24 million to an even $5 million. Marchionne, who was also CEO of Chrysler, made $307,989 thanks to some stocks and benefits from the American company, although he didn't take a salary. Of that $5 million paid by Fiat, $3.19 million came from Marchionne's fixed salary while the remaining $1.8 million was paid for hitting unspecified performance targets.
The news comes from Fiat's compensation reports, which also showed that the 61-year-old, who already owned three million shares in Fiat at the end of 2013, was able to receive an additional 2.3 million shares through a stock incentive program. According to Automotive News Europe, the additional shares would be worth about $25 million at today's prices, although so far, Marchionne has declined to claim the extra shares.
According to ANE, Fiat reported a 2013 trading profit of $4.7 billion.