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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.

Chrysler Recalling 870,000 SUVs For Brake Defect

Chrysler is recalling nearly 870,000 SUVs because corrosion may make the vehicles' brakes harder to use. Jeep Grand Cherokee and Dodge Durango SUVs from the 2011 through 2014 model years are involved. Chrysler says crimp joints in the brake boosters can corrode if they're exposed to water. If the water freezes, the boosters won't aid braking as they usually do. Chrysler began investigating after some customers said their brakes felt too firm when pressed down. The company knows of one accident, but no injuries, due to the defect. Dealers will install a shield to protect the boosters for free and replace boosters that aren't working properly. Chrysler has since changed the design to make the boosters more corrosion resistant. Chrysler will notify owners of the recall, which involves 867,795 vehicles. Related Gallery Safest Crossovers For The Budget-Conscious Family View 10 Photos Recalls Chrysler Dodge

2019 Dodge Challenger SRT Hellcat Redeye is the Demon spawn

The Demon has passed from us, but the Demon's spawn are here, so please allow them to introduce themselves. A new demi-Demon trim level has been anointed as the 2019 Dodge Challenger SRT Hellcat Redeye. Plus there's an updated Challenger SRT Hellcat and new Challenger R/T Scat Pack Widebody. Like with the Charger introduced this morning, they have inherited some of the best parts from the Demon. The Hellcat Redeye is possessed by the Demon's howling supercharged 6.2-liter Hemi, making 797 horsepower and 707 pound-feet of torque. Dodge proclaims it the "most powerful production V8" and "quickest production muscle car," with a 0-60 time of 3.4 seconds and quarter-mile time of 10.8 seconds at 131 mph. Top speed: 203 mph. Dodge can claim these superlatives, of course, because the 840-horsepower Demon's limited production run has ended. The Hellcat Redeye's Hemi is paired with an eight-speed automatic. Dodge says the powerplant gets 25 major component upgrades, including a larger supercharger (2.7 liters, up from 2.4) with higher boost pressure (14.5 psi, up from 11.6), strengthened connecting rods, pistons and valve train, high-capacity fuel injection system and improved lubrication. It gets a second fuel pump and a higher redline of 6,500 rpm. Theoretically, if you were someplace where you could operate at full throttle without letting up, Dodge says the Hemi would drain the fuel tank in under 11 minutes. Yet the car gets a 22 mpg highway rating from the EPA. View 30 Photos It also has the Torque Reserve system that starts building boost before launching, as well as the air conditioned intercooler to provide extra cool intake air. Both of these were features in the Demon. Furthermore, if the standard 2.62:1 final ratio isn't quick enough for you, Dodge offers a 3.09:1 rear axle. The Challenger SRT Hellcat Redeye also comes with the Demon and Hellcat Widebody's fat fender flares. It's an unsurprising inclusion, since you'll want as much tire as possible for all that power. Now, a mere clear-eyed Challenger SRT Hellcat gets a 10-horse boost for 2019 to 717 horsepower, and a smidge more torque at 656 pound feet. A six-speed manual transmission is standard, and an eight-speed automatic is an option. Both Hellcat models get the new dual-snorkel hood we've seen in spy shots. It's meant to evoke 1970s Dodge muscle cars. Dodge says the airflow from the hood alone reduces engine temperature by 4 degrees Fahrenheit.