Alpha Romeo Spider 1978, 28,500 Miles, New Paint Job, Mechanically In Excellent on 2040-cars

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Share price falls on skepticism of Chrysler-Fiat five-year plan

Following this week's Fiat Chrysler extravaganza, where the Italian-American manufacturer announced its plans for the next five years, the Autoblog staff was cautiously optimistic of the company's future. Investors? Not so much.
Fiat saw its shares tumble 12 percent in Wednesday's trading, falling from 8.67 euros ($12.06 at today's rates) to 7.44 euros ($10.35) as of this writing, with blame partly going to the Italian half of the FCA marriage, which recorded a pretty significant drop in profits during the first quarter of this year.
The plan, which will cost around $77 billion over the next several years, is facing criticism from investors thanks in part to a 1.4-percent drop in Fiat's first-quarter profits, to 622 million euros ($862 million). That figure is also short of Bloomberg analysts' projections, which predicted $1.18 billion in profits before taxes, interest and one-time items.

Alfa Romeo scales back electrification offensive as it rethinks turn-around

Alfa Romeo stopped developing a pair of two-door sports cars to focus on high-volume crossovers as part of its ongoing restructuring. The Italian firm has also scaled back its green ambitions, though it hasn't deep-sixed them completely, and a recent report sheds light on what to expect. The Fiat-owned automaker needs to release electrified models to keep up with its German and Japanese rivals, to satisfy demand from buyers, and to remain on the right side of government regulations. While it originally announced plans to electrify six of seven nameplates, its updated product road map outlines two plug-ins out of four models; they're the two we haven't seen yet. With the 4C allegedly out of the picture, and a direct replacement not expected to arrive, the Alfa Romeo range currently consists of the Giulia sedan (pictured), the Stelvio crossover, and a city-friendly, front-wheel drive hatchback named Giulietta sold in Europe, among other global markets. The latter will retire next year as it celebrates its 10th birthday, so the Giulia and the Stelvio will represent the Milan-based brand on their own until they're joined by two crossovers. One is the Tonale, which was previewed by an eponymous concept car at the 2019 Geneva auto show, and leaked online several weeks later. It will take Alfa Romeo into the plug-in hybrid segment for the first time. The other is a yet-unnamed entry-level soft-roader which will offer an electric powertrain. Both will also come with non-electrified drivetrains. The Giulia and the Stelvio are no longer in line to receive hybrid technology, interestingly. Alfa Romeo has a proven history of changing its product plan on a regular basis, so seeing a plug-in hybrid variant of either nameplate is not entirely out of the question. Fiat-Chrysler Automobiles (FCA) boss Mike Manley hinted the rear-wheel drive Giorgio platform on which both cars are built was recently updated to accommodate an array of tech features, including alternative powertrains. "We have changed the suspension. We have updated all of the electrical architecture in that so that it can take the next-generation infotainment as well as very, very advanced high-tech features," he explained, according to Automotive News. He didn't go into more specific details, but the publication believes the updated platform could also find its way into the research and development department of sister company Maserati, which is also planning a major range extension during the 2020s.

Junkyard Gem: 1979 Alfa Romeo Spider Veloce

During the middle-to-late 1970s, things got pretty grim for American car shoppers wishing to drive a (non-exotic) new European two-seat convertible. British Leyland would sell you a 1979 MGB, Spitfire, or TR7 at a good price, but you got only 67.5, 52.5, or 88.5 horsepower, respectively, in those cars (yes, BL claimed the half-horse in official ratings, because that's how the Malaise Era was) plus the Prince of Darkness riding shotgun. Fiat offered the 124 Sport Spider for a bit more than those British machines in '79, but that car had a mere 86 horses under the hood. That's where the Alfa Romeo Spider Veloce came in; for a bit more money, you got 111 fuel-injected horsepower and a car that still looked futuristic more than a decade after its introduction. Alfa Spider prices have gone way up in the last decade, so I don't see many of these cars in the self-service car graveyards I frequent. That makes today's Junkyard Gem, found in a yard near Denver, a fairly rare find. Someone yanked the cylinder head off, probably years ago, and then never finished whatever engine work had been planned. This is a common sight with vintage sports cars in junkyards. The 1994 Colorado State Parks pass shows that at least this Alfa was running 28 years back. Inside, there are many receipts for extensive mechanical work done during the 1980s. These cars were better-built than their British Leyland and Fiat rivals, but that doesn't mean they were easy to work on. How about getting a head-gasket job plus a bunch of other work done for just over 500 bucks? Even with inflation, that's a deal! At some point, someone sliced up the factory radio faceplate to install this 1980s Blaupunkt cassette deck. This looks like a CR-2001, which was high-end factory equipment in Porsches and BMWs around the time this Spider was new. The interior has some parts that look nice enough to be worth buying, so let's hope that some Front Range Alfa Romeo enthusiasts show up and score some nice pieces for their project cars. The MSRP on this car was $11,195, or about $45,700 today. The Fiat 124 Sport Spider went for $7,090, while the TR7 convertible cost $9,235. Meanwhile, a new 1979 Chevy Corvette with the optional L82 engine listed at $11,425 and had 225 horsepower; it also weighed 917 pounds more than the Alfa and had much more ponderous handling.