Chrysler: New Yorker 1968 on 2040-cars

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New Fiat Chrysler CEO picks management team to tackle industry in flux

MILAN/DETROIT — Fiat Chrysler's new boss unveiled his management team on Monday, seeking to revive the automaker in Europe, forge ahead in North America and keep the group in contention in the industry's race to develop self-driving and electric cars. Mike Manley took over in July after long-time chief Sergio Marchionne fell ill and later died after succumbing to complications from surgery. British-born Manley has since pledged to carry through a strategy Marchionne outlined in June to keep FCA "strong and independent." "The next five years will continue to be extremely challenging for our industry, with tougher regulations, intense competition and probably slower industry growth around the world," Manley said in a letter to employees on Monday. "Nevertheless, with a laser focus on execution and a continued flexibility that allows us to adjust as circumstances change ... we have a clear line of sight to achieving our five-year ambitions." Manley appointed Pietro Gorlier, thus far chief operating officer of FCA's components business, as FCA's next European chief to tackle a region where profitability is below that of peers, many workers are stuck in furloughs and various plants run at below capacity. The carmaker's previous European chief Alfredo Altavilla left after FCA appointed Manley as Marchionne's successor. As head of the components unit, Gorlier has also led Magneti Marelli, the parts unit that FCA may either spin off or sell. He will be succeeded at Magneti Marelli by the parts maker's lighting division head Ermanno Ferrari. Japan's Calsonic Kansei has been in talks with FCA about buying the unit, sources familiar with the matter have said, but no binding agreement has been reached and the deal could still fall apart. Choosing an Italian as head of Europe might soothe some fears in Italy that FCA could weaken its link to Fiat's roots. In his last strategy unveiled in June, Marchionne vowed to convert Italian plants to churn out Alfa Romeos, Jeeps and Maseratis instead of less profitable mass market vehicles to preserve jobs and boost margins. Europe will also become a big part of the company's electrification drive. FCA will copy in Europe what worked in the United States, where it retooled plants to build pricier SUVs and trucks in a move since emulated by bigger rivals Ford and GM. Manley also named new managers to succeed him at Jeep and RAM, the two brands which have been driving profits in recent years and remain at the core of growth plans.

Junkyard Gem: 1986 Plymouth Horizon

Chrysler imported quite a few Mitsubishis and sold them as Dodge and Plymouth Colts, but the Colts of the 1980s had to compete with the Plymouth Horizon and its Dodge Omni sibling. Based on a Chrysler Europe design, production of the Plymouth Horizon ran in virtually unchanged form from the 1979 through 1990 model years. A simple, cheap econobox, the Plymouth Horizon sold well enough, but was such a disposable car that very few remain today. Here's one that lasted long enough to end its days in a California wrecking yard at age 31. The genealogy of the Omnirizon gets a bit tangled when you go back far enough; the car is based on the chassis design of the 1975 Simca 1307, though by the time it got to Detroit it had evolved considerably. Chrysler was desperate for an American-built economy car during the late 1970s, and the Omnirizon got the job done. The 1978-1982 Horizons had 1.7-liter Volkswagen engines, while the 1983-1986 models came with a 1.6-liter Simca mill as the base engine. The Chrysler 2.2-liter four was an optional Horizon powerplant starting in 1981, and the only engine available from 1987 through the final Horizons built in 1990. This car has the 2.2, rated at 96 horses in 1986. The '86 Horizon weighed a mere 2,100 pounds (about the same as a 2017 Mitsubishi Mirage), and so 96 horsepower made it peppy enough by mid-1980s econo-commuter standards. The interior is right out of the Slippery Plastic With Fake Stitching™ playbook, but nobody bought an Omnirizon for the luxury. This car was basically identical to its Dodge Omni sibling, and both had MSRPs of $6,209 in 1986 (about $13,900 in inflation-adjusted 2017 bucks). You could get cheaper new cars in 1986— the $4,995 Hyundai Excel and $3,990 Yugo GV come to mind— but the Omnirizon five-doors were better-built and had the sales advantage of being known quantities. Even by 1986, the Omnirizon was showing its age (though not as much as the amusingly obsolete Chevrolet Chevette, which was sold through the 1987 model year). Still, it remained sufficiently relevant to sell in decent number for another four years. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The pride is back! Featured Gallery Junked 1986 Plymouth Horizon View 14 Photos Auto News Chrysler Hatchback Classics

Fiat To Pay $3.65 Billion For Remaining Chrysler Shares

Italian automaker Fiat SpA announced Wednesday that it reached an agreement to acquire the remaining shares of Chrysler for $3.65 billion in payments to a union-controlled trust fund. Fiat already owns 58.5 percent of Chrysler's shares, with the remaining 41.5 percent held by a United Auto Workers union trust fund that pays health care bills for retirees. Under the deal, Fiat will make an initial payment of $1.9 billion to the fund, plus an additional $1.75 billion upon closing the deal. Chrysler will also make additional payments totaling $700 million to the fund as part of an agreement with the UAW. The deal is expected to close on or before Jan. 20, according to a statement from Chrysler. Sergio Marchionne, CEO of both Fiat and Chrysler, has long sought to acquire the union's shares in order to combine the two companies. "The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization," Marchionne said in a statement issued by Turin, Italy-based Fiat. The deal eliminates the need for an initial public offering of the union fund's stake, which analysts had previously valued at $5.6 billion. Fiat went to court last year seeking a judgment on the price, but the trial date was set for next September. Marchionne can't spend Chrysler's cash on Fiat's operations unless the companies merge. In recent months he made it clear that he preferred to settle the dispute without an IPO, but filed the paperwork for the offering in September at the trust's request. Chrysler's profits have helped prop up Fiat on the balance sheet as the Italian automaker struggles in a down European market. The Auburn Hills, Mich., automaker earned $464 million in the third quarter on U.S. sales of the Ram pickup and Jeep Grand Cherokee, its ninth-straight profitable quarter. The results boosted Fiat, which earned $260 million in the quarter. Without Chrysler's contribution, Fiat would have lost $340 million. UAW/Unions Chrysler Fiat