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Fiat Chrysler's Marchionne is done talking about alliances

AMSTERDAM (Reuters) - Fiat Chrysler Chief Executive Sergio Marchionne rowed back on his search for a merger on Friday, saying the car maker was not in a position to seek deals for now and would focus instead on following its business plan. Marchionne had repeatedly called for mergers in the car industry and a tie-up has long been seen as the ultimate aim of his relaunch of Fiat Chrysler, which he is due to leave in early 2019 after 15 years at the helm. He sought a merger with General Motors two years ago but was rebuffed. Only last month he said Volkswagen - the market leader in Europe - may agree to discuss a tie-up with FCA in reaction to rival PSA Group's acquisition of Opel. Marchionne told the annual general meeting in Amsterdam he still saw the need for car companies to merge to better shoulder the large investments needed, but said Fiat Chrysler was not talking to Volkswagen. "On the Volkswagen issue, on the question if there are ongoing discussions, the answer is no," he said. He added, without elaborating, that Fiat Chrysler was not at a stage where it could discuss any alliances. "The primary focus is the execution of the plan," he said. FCA has pledged to swing to a 5 billion euro net cash position by 2018, from net debt of 4.6 billion euros at the end of 2016 - an achievement that Marchionne has said would put it in a better position to strike a deal in the future. Volkswagen, which is still reeling from an emissions scandal that hurt its profits, initially spurned FCA's approach. However, CEO Matthias Mueller said last month the group had become more open on the issue of tie-ups and invited Marchionne to speak to him directly rather than with the press. Fiat Chrysler Chairman John Elkann underlined the message that finding a merger partner was not a priority. "I'm not interested in a big merger deal," he said. "Historically, deals are struck at times of difficulty ... we don't want to be in trouble." Elkann is the scion of Fiat's founder and top shareholder the Agnelli family. He has said in the past he was prepared to have the Agnelli's stake severely diluted in exchange for a minority holding in a larger auto group. "I believe the priority for FCA is to press ahead with this ambitious (business) plan despite the difficult environment," he said. FCA pledged in January to nearly halve net debt this year, as part of the 2018 plan. Doubts remain about its exposure to a peaking U.S.

Gio Ponti's '50s-era Linea Diamante is a brand new old car

Art Basel has grown to expansive levels in the past decade. The historic global modern and contemporary art tour has integrated itself in automotive culture through various initiatives such as its partnership with BMW. But for those who are interested strictly in the relationship between automobiles and art and design, there is a different Basel: Grand Basel, a new show launched this year in Switzerland. There, alongside automobiles of timeless importance, a never-realized car design from the '50s debuted for the first time. That car is the Linea Diamante, which roughly translates to Diamond Line. The design was originally conceptualized in 1952 by Gio Ponti and Alberto Rosselli for Carrozzeria Touring. It was intended for an Alfa Romeo 1900 chassis, yet looked nothing like any Alfa, or any other vehicle, of the time. Grand Basel describes itself as a place where "the finest automobiles of the past, present, and future are discussed in the cultural context of art, design, architecture, and lifestyle." In that vein, the Linea Diamante is now viewed as a design far ahead of its time. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. With a shape similar to that of a Saab 900, which didn't debut until the late '70s, the Linea looked nothing like the over-stylized bubbly curvaceous designs of the '50s. Hoping to oppose the less practical car bodies that created large cavernous interiors, Ponti set out to craft a suit that isolated passengers from the outside less. The result is a boxy vehicle with a wide-open cabin. The panels are flat, the nose is low, the greenhouse is upright and tall, and the rear angles straight down like a hatchback. Though it was an eyesore to many at the time, the design created better visibility, an airy-feeling cabin, and maintained practical space. The rear seats are even adjustable, an unheard-of feature for the period. It is also on this car that Ponti formed a relationship with Pirelli (he later designed the Pirelli Tower in Milan). Furthering the futuristic premise of the vehicle, the Linea had a wrap-around rubber bumper with spring-mounted pieces at the front and rear for extra safety in the event of an accident. As a nod to this collaboration, Pirelli provided the tires for the modern replica. When Carrozzeria Touring turned the wild concept down, Ponti turned to Fiat, but the design was thought to be too outrageous.

Recharge Wrap-up: Fiat 500X emissions, Japan EV sales down

The Fiat 500X exceeds EU emissions limits, according to environmental lobby group DUH. In dyno tests, DUH found NOx emissions in the diesel-powered 500X to be 11 to 20 times the limit with a warm engine, but closer to the limit with a cold engine. Testing of vehicles from Fiat and other automakers "point towards defeat devices," says DUH campaigner Axel Friedrich. Fiat Chrysler Automobiles (FCA) offered no comment in response to the accusations. Read more from Reuters. A UK study finds that about 20 percent of the benefits from fuel efficient vehicles are negated by a tendency for people to drive them more. The study, which covers the years 1970 to 2011, finds a significant "rebound effect," when consumers use more of a cheaper energy source. It suggests these drivers drive more not because of the fuel efficiency, but because of the lower operating costs. "Until now, we didn't know the size of this effect for British motoring," says Dr. Lee Stapleton, Research Fellow for the University of Sussex Centre on Innovation and Energy Demand. "We found evidence of a significant, long-term rebound and expect our results to be of interest for public policy." Read more at Green Car Congress. Japanese EV sales have declined for the first time ever. Sales of electric vehicles slid 22 percent in 2015, leaving them at the same levels as 2012. Low gasoline prices are to blame, as well as the late arrival of the updated Nissan Leaf, which caused potential customers to hold off on their purchase. This allowed the Mitsubishi Outlander PHEV to take the lead as Japan's best selling EV. The Toyota Prius Plug-In came in third place in EV sales, with the BMW i3 close on its heels. Read more from EV Sales. Featured Gallery 2016 Fiat 500X: First Drive View 34 Photos Related Gallery Mitsubishi Outlander PHEV Concept-S: Paris 2014 View 12 Photos News Source: Reuters, Green Car Congress, EV SalesImage Credit: Copyright 2016 Drew Phillips / AOL Green Fiat Mitsubishi Nissan Emissions Fuel Efficiency Electric recharge wrapup