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Fiat sells part of its historic Lingotto factory in Turin

Stellantis-owned Fiat is selling part of its historic Lingotto factory in Turin, Italy, in a bid to downsize its real estate assets. Inaugurated in 1923, the facility built numerous Fiat models until it closed in 1982, and a test track built on its roof made it famous all around the world. Italian website Motori Online reported that digital services specialist Reply purchased a roughly 215,000-square-foot chunk of the complex with plans to turn it into an office building. There's no word yet on how much Fiat sold the space for, but most sources agree that the firm will retain ownership of the test track. And, the building itself isn't going anywhere: Reply will move in, but it won't knock it down and rebuild it. The test track that made Lingotto famous wasn't merely a gimmick: it was an important part of the production process for several decades. Raw materials entered the building on the ground floor and cars made their way through several stations scattered across the five floors before ending up (in one piece) on the roof. They were then driven for about half a mile before being sent out of the complex. This sped up the production process because road testers could put new cars through their paces without having to leave Turin, and it allowed Fiat to test prototypes without worrying about getting spotted by spy photographers. The track was also featured in the 1969 movie The Italian Job.  This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Fiat isn't the first Stellantis brand to leave its historic home. Peugeot left its headquarters in downtown Paris for the same reasons in 2017. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Auto News Plants/Manufacturing Fiat

Fiat Chrysler Automobiles has new name, logo

The question of what we'll call the new, combined empire of Fiat and Chrysler has been answered - the new entity will be known as Fiat Chrysler Automobiles. Initialized down to FCA, the new company will be organized in the Netherlands, meaning its full name is Fiat Chrysler Automobiles N.V. For those interested in such things, shares will be traded in the new company on both the New York and Milan stock exchanges.
Sergio Marchionne, one of the masterminds behind combining the two manufacturers, had this to say in an official statement:
"Today is one of the most important days in my career at Fiat and Chrysler. Five years ago we began to cultivate a vision that went beyond industrial cooperation to include full cultural integration at all levels. We have worked tenaciously and single-mindedly to transform differences into strengths and break down barriers of nationalistic or cultural resistance. Today we can say that we have succeeded in creating solid foundations for a global automaker with a mix of experience and know-how on a level with the best of our competitors. An international governance structure and listings will complete this vision and improve the Group's access to global markets bringing obvious financial benefits."

Fiat and PSA predicted to be Europe's biggest losers in 2013

Industry observers are expecting Europe's new vehicle sales to fall to lows not seen in decades, with Fiat and PSA/Peugeot-Citroën sitting in the lead car of the plummeting coaster. Both of those automakers traditionally count on the southern part of the continent for sales, yet consumers in that region have slowed spending due to the financial crisis.
Compounding the problem for Fiat is a lack of new product, as CEO Sergio Marchionne has stalled development to conserve cash during the downturn. PSA has invested in new vehicles, but aggressive price wars have forced it to sell its product with steep discounts. Making matters even more difficult, both companies may have their credit ratings cut this year. That would raise borrowing costs and only deepen the wounds.
The news isn't just bad for Fiat and PSA. Analysts are predicting that volume automakers in Europe lost 8 billion euros (about $10.68 billion in today's rates) overall in 2012, and they won't break even until mid-decade.