1989 Ferrari Testarossa Base Coupe 2-door 4.9l on 2040-cars

Auto blog

FCA's European boss quits after losing out as Marchionne's replacement

MILAN — Fiat Chrysler's European boss has quit, adding to the problems facing new CEO Mike Manley, who must deliver on promises to boost production of SUVs and catch up with rivals in electric cars. Jeep division head Manley was named on Saturday to succeed Chief Executive Sergio Marchionne, one of the auto industry's most tenacious and respected leaders, who fell seriously ill after suffering complications following surgery. It emerged on Monday that Alfredo Altavilla, head of Fiat Chrysler's business in the Europe, Middle East Africa had resigned, according to a source with knowledge of the matter. He had been a rival for the top job along with Manley and Chief Financial Officer Richard Palmer. It's another complication to new CEO Manley's task of executing his predecessor's plan to keep the world's seventh-largest carmaker competitive in the absence of a merger. Marchionne had been due to step down next April, so the market reaction was limited on Monday. The shares initially fell more than 5 percent, but then pared some losses and were down 2.4 percent by 0930 GMT. "The downside may be modest, at least in the next 12 months. But long-term concerns will build — Marchionne ran FCA in a command and control style, with constant firefighting measures," said Bernstein analyst Max Warburton. Fiat Chrysler Automobiles (FCA) said British-born Manley would pursue the strategy that Marchionne outlined last month. FCA has pledged to increase production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It also unveiled bold targets for Jeep, which has become FCA's ticket to creating a high-margin brand with global appeal. Reviving struggling brands Analysts said that choosing Manley, 54, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan. "Manley knows that his primary focus is on execution and that, already, he has a strategy into which his team has bought," said George Galliers, an analyst at Evercore ISI. "There is no reason the 2022 plan cannot be executed." Under Manley, the company is expected to sharpen its focus on revamping individual brands, including ailing Fiat in Europe, Chrysler in the United States and Alfa Romeo, which has yet to turn a profit despite multibillion-euro investments.

The Prancing IPO

Owning a Ferrari is something that a lot of car nuts hope to achieve. If you cringe every time you see some celebrity put massive rims on a 458, or paint an F430 neon purple, then you are the kind of person that appreciates what a Ferrari is. It's not a status symbol that will somehow make everyone love you and think you the most amazing person. Rather it is a medium with which to connect yourself to the history and heritage that exists in Modena. The sights, sounds, and smells of the car are worth more than any "thumbs up" you might get driving down the street. The exclusivity of the brand is one of the mechanisms that helps preserve that absolute care it takes to create a Ferrari. Now I don't own a Ferrari, but I appreciate that the Mr. Enzo Ferrari had a very significant part in molding car culture and motorsports. That tradition was carried on by a lot of people after Enzo himself. During my formative years that person was Luca Di Montezemolo. Every time he stepped in front of the camera in his distinctively Italian suit and shoes, I knew Ferrari was in good hands. Just the attitude he had made me feel safe that this very significant part of car culture was in safe hands. He could be giving an interview in Italian and without understanding a single word (well maybe one word, Ferrari) knew he was going to keep the Ferrari in Ferrari. Enter Sergio Marchionne. Now I am a huge Sergio fan. This guy is not your typical auto exec. His office isn't in the highest part of the tallest tower in Auburn Hills, and he doesn't wear a hand-crafted suit made of million thread count cloth. Not dogging in the man's style (his wardrobe is for sure worth more than mine and most others), but basically he is normal guy that doesn't conform to what might be considered the norm. He is his own man. On top of all that, he is a financial wizard. I was skeptical when he took over the reins at Ferrari only because he seemed to have so much on his plate to begin with. In the end I knew a car-guy, albeit one with a CPA/MBA, was in charge. So now when I heard he wanted to spin off Ferrari, I started trying to guess how long it was going to be before the geniuses of Wall Street started pushing Ferrari to pump volume. I saw a horrible future where there was now some entry-level Ferrari with a turbo-six, and four doors...just so every 30 yr-old analyst could flash their Ferrari key at the bar. Then I started thinking about another thing, the value. What is it worth?

Germans, Brits and Ferrari's new V12 SUV | Autoblog Podcast #748

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd. With the Detroit Auto Show now in the rearview, focus shifts to news that crept up outside of the North American spotlight. The two talk about the new Ferrari Purosangue SUV, then pivot to a discussion about the future of the Dodge Charger and Challenger based on rumors of a new assembly facility. Next, they discuss what they've been driving recently. Byron leads off with anecdotes from his trip to Spain to drive the 2023 Range Rover Sport and his weekend with the VW GTI SE. Next, Greg talks about the ups and downs of the BMW X3 M Competition and Mercedes-Benz GLE450 Coupe. After that, they spend your money; this week's is a whopper.   Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #748 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Ferrari Purosangue SUV revealed: V12 power, big price tag, surprisingly pretty Dodge Charger/Challenger production moving to Windsor? Cars we're driving 2023 Land Rover Range Rover Sport 2022 Volkswagen GTI SE 2022 Mercedes-Benz GLE 450 2022 BMW X3 M Competition Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Ferrari Purosangue revealed