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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.

Wish you had a world-famous auto exec give your commencement speech? Watch this

We've seen some pretty great commencement speeches over the years. There was Steve Jobs' incredibly inspiring Stanford address in 2005, John Stewart's insightful speech to the graduating class of William and Mary in 2004 and Steven Colbert's hilarious 2011 address at Northwestern, but automotive executives aren't strangers to honorary degrees. Former General Motors CEO Rick Wagoner spoke at Virginia Commonwealth University in 2011, and Chrysler CEO Sergio Marchionne recently gave the keynote at Walsh College's 100th Commencement Ceremony. The executive knows a thing or two about success and following one's beliefs to fulfillment.
"I constantly encourage my co-workers at Fiat and Chrysler to go beyond the cliche and the conventional to try new approaches and change perspective each and every day," Marchionne said. "I exhort them not to repeat the same things, the same approaches, and I remind them they are indeed free. The freedom I am talking about is something inside you. It is determined by how open minded you remain, how receptive you are to the new and to the different, to the infinite possibilities that present themselves even if you don't go looking for them or could never have imagined. Being free means that you have the strength not to be conditioned by what others want you to do or by what may seem to be the easiest choice."
Amen to that. You can check out the brief press release on the address below as well as a video of a few highlights from the speech.

Junkyard Gem: 1981 Fiat Spider 2000

Fiat gave up on the American market after 1982, not returning until nearly three decades later, but dealers here still had brand-new 124 Sport Spiders available all the way to the end. Starting in the 1979 model year, this car became known as the Spider 2000; that's what we've got as today's Junkyard Gem, spotted in a Denver-area self-service yard last month. The 124 Sport Spider made its debut in 1966. Since it was built on the same platform as the 124 sedan, it is thus cousin to the original VAZ-2101 Lada. I've always liked the trunk lock that hides in the final zero of the engine-displacement badge. The 124 Sport Spider sold very well in the United States during the 1970s (in fact, this car was available only in the North American market during the latter half of that decade), and I've found quite a few examples during my junkyard travels over the years. After Fiat departed our shores in 1982, Malcolm Bricklin continued selling these cars (with Pininfarina Azzurra badging) through 1985. This one is in much nicer condition than any 124 Sport Spider I've seen in many years, maybe stretching back to the era when you could still buy these cars new. There's fairly recent body-straightening work, suggesting that someone undertook a restoration effort. This may even be a new-ish convertible top. Power came from this Fiat Twin Cam engine, rated at 102 horsepower in 1981. The 124 Sport Spider's long-term rival in the American market, the MGB, had its last model year in 1980, with the Triumph Spitfire departing at the same time. That left the much more expensive ($14,895 versus $9,899, or $49,500 and $32,895 in 2022 dollars) Alfa Romeo Spider Veloce as the Fiat Spider 2000's primary competitor for the ever-shrinking two-seat convertible market. A five-speed manual came as the default transmission in this car, though a GM-sourced three-speed automatic was available at a cost of 520 bucks (about $1,730 today). I have seen exactly one slushbox-equipped 124 Sport Spider in my life. This is one of the coolest-looking shift-pattern labels in automotive history. The EX. GAS SENSOR warning light was used to warn of an overheating catalytic converter. I like to use these Fiat indicator lights for various projects, though they have become rare in recent decades. At least I'll never run out of early-1970s FASTEN SEAT BELT lights! So, if you're looking for a vintage sports-car project, be sure to consider the Fiat 124 Sport Spider.