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Marchionne holds Maranello talks amid Ferrari's struggles

Ferrari president Sergio Marchionne has been in Maranello this week holding key meetings with staff to work out what needs to be done to rescue its season. With the Formula 1 campaign approaching its halfway point, Ferrari is still without the victory that it has been targeting since the first race in Australia. And worse than that, it appears to have fallen behind in the development stakes against Mercedes and Red Bull – leaving it now facing a challenge to finish second in the constructors' standings. On the back of a deeply disappointing British Grand Prix, where the team struggled for pace all weekend, Marchionne has elected to spend the last few days in Maranello to try to get to the bottom of what has gone wrong. For although its early season progress was impacted by the tragedy surrounding technical director James Allison, whose wife died just after the Australian Grand Prix, progress more recently has not been good enough. While Mercedes has been pushing on with upgrades at each race to keep improving its speed, Ferrari is still struggling to understand why its car has such a sensitive set-up that allows it to be competitive only in a very narrow performance window. Rather than sitting back and simply hoping for answers, Marchionne has taken it upon himself to push things forward. Motorsport.com has learned that he has held a series of key meetings at Maranello with the chassis and aerodynamic departments – with a particular focus on speaking to those who report to department heads as well as their juniors. Marchionne is determined to find out whether or not there is a belief from the shop floor that more potential can be extracted from the SF16-H, and if the true state of progress of the car is as he has been led to believe by senior management. It is possible that Marchionne could take action after these meetings to tidy up internal structures – moving around those staff who he believes have not been exploited to their best, and moving aside those whom he believes have been holding things back. It could be this action plan that team principal Maurizio Arrivabene was referring to after Silverstone, when he said that the situation at Maranello was now getting more serious – and that the potential for big change was coming if things did not improve. "After Hungary we cannot fool around any more," said Arrivabene.

Ferrari looking to become even more exclusive

While most automakers are clawing and scratching for every possible sale, it sounds like Ferrari is content in losing a few potential customers in the name of better exclusivity and higher profits. Autocar reports that Ferrari chairman Luca di Montezemolo recently stated that the Italian automaker hopes to sell fewer than 7,000 units globally in 2013 compared to last year's tally of 7,318.
As a part of this plan, Ferrari will be slowing its production lines and trying to create a balanced market for its cars in the US, the Middle East, Europe and China - the latter two being the automaker's biggest markets. Montezemolo also said that Ferrari would not be expanding its model lineup with SUVs, sedans or small cars.

Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.