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Fiat gives outgoing Ferrari chairman $35M severance package

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.
The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.

Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall

Order a real color, Fiat says — it's eliminating gray paint

For Fiat aficionados around the world, it’s the dawn of a new dolce vita: The Italians will no longer build gray-colored cars.  ItÂ’s a rather bold move, but one you may expect from “the brand of joy, colors and optimism,” declared Olivier Francois, Fiat chief executive officer and global chief marketing officer at Stellantis.“We broke the rules: We decided to stop the production of Fiat gray cars ... Fiat wants to inspire people to live with optimism and positivity, and this will also be one of the missions of the new Fiat 600e, the electric for families and friends." The first Fiat model to delete gray from its palette is the new 600e electric, which is about to debut.   But there remains a colorful antipasto of choices, inspired by “the New Dolce Vita values and the Italian DNA embodied by the Brand.” The current Fiat range — New 500, 500 Hybrid, 500X, Panda and Tipo — will be rendered in Gelato white, Sicilia orange, Paprika orange, Passione red, Blu Dipinto di Blu, Italia blue, Venezia blue, Rugiada green, Foresta green, Rose gold and Cinema black. “All with an evocative name that reminds of Italian beautiful landscapes and dolce vita mood,” says Francois.  Gray has historically been a popular shade — Fiat says it's the most popular color for new cars in the UK. It represents more than one in four new cars sold in the UK in 2022, the company says. In the U.S., it's nearly one in every five cars, and automakers have rolled out a new generation of grays that are attempting to be more interesting.