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Marchionne says no offers are on the table for Fiat Chrysler

MONZA, Italy (Reuters) - Fiat Chrysler (FCA) has not received any offer for the company nor is the world's seventh-largest carmaker working on any "big deal", Chief Executive Sergio Marchionne said on Saturday. Speaking on the sidelines of the Italian Formula One Grand Prix, Marchionne said the focus remained on executing the company's business plan to 2018. Asked whether FCA had been approached by someone or whether there was an offer on the table, he simply said: "No." The company's share price jumped to record highs last month after reports of interest for the group or some of its brands from China. China's Great Wall Motor Co Ltd openly said it was interested in FCA, but had not held talks or signed a deal with executives at the Italian-American automaker. The stock move was also helped by expectations that the company might separate from some of its units. Marchionne reiterated on Saturday that FCA was working on a plan to "purify" its portfolio and that units, such as the components businesses, would be separated from the group. He hopes to complete that process by the end of 2018. "There are activities within the group that do not belong to a car manufacturer, for example the components businesses. The group needs to be cleared of those things," he told journalists. Asked whether an announcement could come this year, Marchionne said it was up to the board to decide and that it would next meet at the end of September. He said the time was not right for a spin-off of luxury brand Maserati and premium Alfa Romeo and the two brands needed to become self-sustainable entities first and "have the muscle to stand on their feet, make sufficient cash". "The way we see it now, it's almost impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati, these are two entities that are immature and in a development phase," he said. "It's the wrong moment, we are not in a condition to do it." He said the concept of separating the two brands from FCA's mass market business made sense and did not rule out this happening in future, but not under his tenure, which lasts until April 2019. "If there is an opportunity in future, it would certainly happen after I'm gone. It won't happen while Marchionne is around," he said.

Land Rover Defender V8 vs. Jeep Wrangler Rubicon 392 | V8 4x4s square off on paper

Land Rover pulled the sheet off its 2022 Defender on Wednesday, introducing another high-performance V8 to the off-road segment. This time, it's a 5.0-liter, supercharged V8 boasting 518 horsepower. It will be available in both the Defender 90 and 110 models. In the former, Land Rover says it can crack off a 0-60 run in just 4.9 seconds on its way to a top speed of 149 mph. The long-wheelbase 110 will be a bit slower, but "slow" probably isn't the right adjective to use here at all.  But Land Rover isn't the only automaker offering a high-performance variant of its off-road SUV. While Jeep may have been sneered at for presenting the 2021 Wrangler Rubicon 392 on the heels of the 2021 Ford Bronco's introduction, it starts to make a lot more sense in this context. There's reportedly a high-output Bronco on the way, too, so call Jeep the dinosaur of the group all you want, but you can't put a price on being first. Well, you can, actually, but that's not the point.  Thankfully, both Land Rover and Jeep have provided enough specs for us to rough out a comparison chart. Since the Rubicon 392 is offered only in four-door guise, we're looking at the long-wheelbase Defender 110 as its direct competitor here. Have a look: There are a few caveats to mention off the top. For starters, we don't have an official curb weight for the V8-powered Defender yet, as Land Rover has not finalized its U.S. specs. We used the European figures (as provided by a spokesperson), which we expect to be accurate within about 50 pounds. The 0-60 time provided by Land Rover was for the Defender 90, which is smaller and somewhat lighter than the 110. When equipped with the inline-6, the Defender 110 is about a tenth of a second slower to 60 than the Defender 90, so we figure it should be roughly the same for the V8.  While the Defender has nearly 50 horsepower on the Wrangler, that advantage disappears thanks to the Land Rover V8's monster weight penalty, which will fall somewhere between 600 and 700 pounds depending on equipment. Yikes. On the flip side, however, the Land Rover has the edge in top speed, and it's not even close. Chalk that up to the tires, we suspect. We know for a fact that the Rubicon 392's all-terrains dictate its speed limiter; Jeep's own engineers told us as much. This could make for a (hypothetically) interesting drag race, as the Jeep's advantage off the line may evaporate once triple digits come into play.

Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.