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Weekly Recap: Marchionne's Manifesto again calls for industry consolidation

Sergio Marchionne isn't taking no for an answer. Despite public rebuffs from General Motors and Ford, the leader of Fiat Chrysler Automobiles continues to push for consolidation within the auto industry. His latest assertion came Wednesday when he said a combination of FCA with another automaker could net savings of $5 billion or more annually. No, this isn't about selling his company, he claimed, it's about cutting costs. Put simply, the auto industry wastes money, Marchionne said during FCA's earnings conference call. Companies invest billions to develop basic components that all cars use, but many consumers don't care how they work or recognize the differences. "About half of this is really relevant in terms of positioning the car in the marketplace," he said. "The other half, in our view, is stuff which is neither visible to the consumer nor is it relevant to the consumer." In 2014, top automakers spent more than $100 million on product development, FCA estimated. Marchionne said consolidation could save up to $1 billion on powertrains alone, noting that almost every automaker offers four- and six-cylinder engines. Not everyone has to make their own, he contended. "The consumer could not give a flying leap whose engines we are using because they are irrelevant to the buying decision." That's pretty provocative for enthusiasts, but less so for average consumers. Still, there are major differences in power and efficiency ratings, even among similar engines. Skeptics could argue consolidation would also weaken competition and reduce choices for car buyers. Marchionne stressed his presentation, curiously entitled Confessions of a Capital Junkie, wouldn't require closing factories or dealerships. It's not his final "big deal" as CEO, intent to sell FCA, or a way to elevate his company up the automotive food chain. He claims he wants to fundamentally change the industry and its habit for burning cash. "The horrible part about this, and the thing that I find most offensive, is that the capital consumption rate is duplicative," he said. "It doesn't deliver real value to the consumer and it is in its purest form, economic waste." Other News & Notes Ford Profits dip in first quarter Ford profits fell $65 million to $924 million in the first quarter, hampered by slight dips in revenue and sales.

2020 Ford Escape plug-in vs. Toyota RAV4 Prime, Mitsubishi Outlander PHEV: How they compare on paper

This year is when the entry-level plug-in crossover market really starts to heat up. Both Ford and Toyota have new models in the 2020 Ford Escape and the 2021 Toyota RAV4 Prime. They join the segment veteran Mitsubishi Outlander PHEV, which has been available in the U.S. since the 2018 model year. And of course that means it's time to look at how the numbers add up while we wait for our chance to drive the new competitors. You can find a chart with all the details immediately below, followed by more detailed analysis. Powertrain One of the key factors for any hybrid, particularly plug-in models, is how little fuel they use. Overall, the Ford Escape is the winner with 100 mpg-e, the fuel economy equivalency for the vehicle when assessing it with a full battery. The Toyota is close behind with 94 mpg-e. We're expecting the Escape to also be a bit more efficient when running only on gas, as it reportedly gets 41 mpg. The RAV4 will likely get 40 mpg, or possibly slightly less, since the non-plug-in RAV4 Hybrid achieves 40 mpg combined. Running solely on electric power, though, the RAV4 edges out the Escape with 42 miles of range versus 37. Behind both of them is the Mitsubishi with just 22 miles of range, 25 mpg on gasoline only, and 74 mpg-e with a full battery. One unique feature the Mitsubishi claims is DC fast charging capability, meaning 80% of its electric range can be restored in just 25 minutes, possibly allowing for more electric use depending on where you're driving it. While fuel economy is a priority for hybrids, customers won't want to compromise on other features. The Toyota is easily the least compromising, as it returns impressive range and efficiency while also providing a whopping 302 horsepower and all-wheel drive. The Mitsubishi also has all-wheel drive, but a comparatively paltry 190 horsepower. The Ford produces slightly more power at 200, but is front-wheel-drive only. While low in comparison to the RAV4 Prime, the Mitsubishi and Ford have very competitive output to many comparably-sized conventional crossovers with base engines, such as the Honda CR-V, Chevy Equinox and others. Size and space Naturally one of the reasons for buying a crossover is for its practical shape for comfortable hauling of people and stuff. In this regard, all three crossovers are very close. The Escape wins out with legroom, the Toyota with shoulder room. Headroom is split between the Toyota and Mitsubishi.

A 1985 Ford Escort for $915,000? If it was owned by Princess Diana

What makes a used car worth more than the car itself? If it was owned by John Lennon. Or Muhammad Ali. Michael Schumacher, perhaps, or Stirling Moss. This year’s edition from the Hagerty organization of its “Power List” makes for amusing reading even if youÂ’re not on it. But you can make believe that you are. Essentially, the list, which was launched only last year, tracks the impact of celebrity ownership of a vehicle on its value, as measured by its worth at auction. Nearly 400 sales of celebrity cars and bikes have been analyzed from around the world by Hagerty using market data and “expert” analytics. Hagerty is aware, certainly, that famous folks — from royalty, sports, movies and music — grab gobs of attention from ordinary people. ThatÂ’s why the 2023 Power List comprises these categories: Art Cars, Racing Drivers, Movies and TV, Musicians, Royalty, Screen Stars, Sporting Icons. But you don't have to be a rock star or a F1 pilot to get listed: Princess Diana, besides an Escort Turbo RS that she owned between 1985 and 1988, numbered a convertible 1994 Audi 80 Cabriolet and a Jaguar XJS Cabriolet among her rides. HereÂ’s a look at some of the more notable entries: Racing driver category: In pole position was an unlikely titleholder, a 1976 Ford Bronco. This was the car bought new by legendary Canadian Formula 1 driver Gilles Villeneuve and untouched since his death; it sold at the Aguttes auction in Paris last December for $148,000, a huge 210% increase over the $47,800 that Hagerty would value a regular example in the same condition. Just a note: The list doesnÂ’t include race cars, only vehicles kept privately by the drivers. Musicians: A 1974 Rolls-Royce Silver Shadow had been Freddie MercuryÂ’s personal chauffeur-driven transport from 1979 until his death in 1991. Without celebrity ownership, Hagerty would value the Silver Shadow at a lowly $9,500, a car that would take a lot of time, effort and money to restore properly. But add in MercuryÂ’s aura and bids ended at $362,500. “ItÂ’s no surprise that MercuryÂ’s car dominated our Musicians list on the 2023 Hagerty Power List,” the company said. Movies and TV: For those readers now emerging from hibernation since 1968, the news is that the historic Highland Green Mustang from “Bullitt” remains at the top of the Power List for the second year running.