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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.

FCA to idle Belvidere Jeep plant again for a week in February

Bloomberg reports that Fiat Chrysler will shut down the Belvidere, Ill., plant that assembles the Jeep Cherokee for a week this month, starting February 17. FCA has been tweaking the plant's headcount and production schedule for a while now, usually downward. The automaker laid off 1,371 workers last February and fired 32 more in May, the same month it eliminated the third production shift. In August, the automaker shut down the plant for one week, then did so again for two weeks last month. As in August and January, FCA explained this month's idling by saying it needs to get production in alignment with demand. Cherokee sales declined 20% in the U.S. last year, helping to account for Jeep's overall 5% domestic drop in 2019. On top of the shutdown, FCA is offering buyouts to certain plant workers among the 3,600 hourly and 300 salaried personnel. The choices are either taking a "separation package" that comes with a $60,000 lump sum payment, or accepting voluntary termination that pays a lump sum based on seniority. Employees that choose a buyout can't return to Chrysler, becoming no longer "eligible for recall, rehire or reemployment." Belvidere personnel have until March 11 to make their decisions. Bloomberg says the aim is to reduce the number of workers with more seniority and higher pay grades; a company spokesperson said the move would "create opportunities for those employees still on layoff," who were lesser-paid. Around 900 of those laid-off workers remain on standby for reassignment to another plant. Analysts predict a soft year for car sales, so FCA might not be the only automaker pruning the rolls. Early estimates have come in below 17 million, and if that comes true, 2020 will be the slowest year since 2014, when 16,531,070 units left lots. The new contract between FCA and the UAW made provisions for Belvidere, which has tempered talk of a total shutdown.The automaker will invest $55 million for "fresh models/features off of the current (KL) platform" that underpins the Cherokee as well as the Chinese-market Jeep Grand Commander (it was previously used for the Dodge Dart and Chrysler 200). Outside of that, some observers think the carmaker could be planning a three-row Chrysler crossover based on the KL platform, akin to the Grand Commander, for the United States. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2019 Jeep Cherokee Trailhawk Drivers' Notes Review | Capable, yet costly

The 2019 Jeep Cherokee Trailhawk is the refreshed version of a model that debuted back in 2014. It was a controversial model. Opinions were mixed on the styling — especially the front fascia — and some considered it an insult to the Cherokee name. Still, we liked that version so much we spent a full year with one. It proved to be a solid and reliable crossover that racked up more than 27,000 miles in just 12 months. This refreshed model occupies a strange place in Jeep's lineup. The Cherokee is positioned between both the Compass and Grand Cherokee, though it offers less interior space than either one of those. Pricing on the Cherokee falls right on top of those two models, too, meaning shoppers have to look hard to see what the best fit may be for them. The refreshed styling is certainly less polarizing, though it now means the Cherokee is less distinctive. This Trailhawk model is the midsize Cherokee's most rugged variant. It features a beefed-up suspension, more aggressive rubber, new front and rear bumpers, and an enhanced four-wheel drive system. Despite its car-based platform, the Cherokee Trailhawk is still plenty capable, but there is a price to pay for all that capability. Editor-in-chief Greg Migliore: I would not buy this Cherokee. With a sticker of more than 41 grand, it's too expensive. You can get pretty capable Wranglers and pretty nice Grand Cherokees for this price point. But, if you really love the Cherokee, this decked-out Trailhawk Elite is kinda awesome. You get all of the Trailhawk aesthetics and off-road prowess — you just have to pay for it. The Cherokee is in an interesting spot for Jeep. Even with the 2019 refresh, it's still fairly old, with most of the major elements dating to the 2014 relaunch of the Cherokee model. The Compass is arguably a better deal. It's newer in its lifecycle, starts at a lower price point and offers more cargo volume than the Cherokee. That being said, after rolling around town in the Cherokee for a couple nights, I'd probably buy one before I'd buy a Compass. It feels more substantial and more like a Jeep. I like the design. With the smoked grille and exterior trim, meaty wheels and flared fenders, this one looks especially sharp. Besides, the Compass' cargo volume advantage is less than 2 cubic feet. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.