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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.

Autoblog Minute: FCA hit with record fine, issues recall and buyback

FCA, found in violation of the Motor Vehicle Safety Act, agrees to buyback recalled models as part of record penalties issued by National Highway Traffic Safety Administration. The cars in question are more than half a million Chrysler vehicles with defective suspension parts that could cause cars to lose control, and more than a million Jeeps that are prone to deadly fires. Autoblog's Eddie Sabatini reports on this edition of Autoblog Minute, with expert commentary from Pete Bigelow. Show full video transcript text [00:00:00] FCA faces record penalties as the National Highway Traffic Safety Administration finds the automaker in violation of the Motor Vehicle Safety Act. I'm Eddie Sabatini and this is your Autoblog Minute. Penalties for the automaker include submitting to increased government oversight, a hundred and five million dollar civil penalty, as well as, mandates to buy back defective vehicles from owners and payment for repairs. The cars in question are [00:00:30] more than half a million Chrysler vehicles with defective suspension parts that could cause cars to lose control, and more than a million Jeeps that are prone to deadly fires. Autoblog's Pete Bigelow discussed the NHTSA findings with us. [00:01:00] [PETE BIGELOW INTERVIEW] This fine and buyback recall, combined with the 1.4 million vehicles recalled over remote hacking concerns makes for a rough couple of weeks for FCA. For Autoblog, I'm Eddie Sabatini. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals.

2020 Jeep Gladiator pickup revealed: class-leading towing, diesel option, much more

Even though we've all pretty much seen the Jeep Gladiator, it's still exciting to finally see the officially unveiled pickup truck. And it does indeed look like a simple Wrangler pickup. It has fully removable soft and hard tops, doors and a folding windshield. The doors are the same as the Wrangler Unlimited's. It has round headlights, chunky fender flares and nearly the same interior. But it's more than that, blending much of the beloved SUV with some unique features for the pickup truck. For starters, the Gladiator features a new frame not shared with Wrangler that's a whopping 31 inches longer than the one under the Wrangler Unlimited. The wheelbase of the Gladiator is also 19.4 inches longer than a Wrangler Unlimited. The Gladiator continues to use solid front and rear axles, both of which are Dana 44s in two available track widths, but the rear five-link coil suspension is a unique design developed for better ride quality. Propelling this chassis initially will be the 3.6-liter gasoline V6 from the Wrangler with either a six-speed manual or eight-speed automatic transmission. It makes 285 horsepower and 260 pound-feet of torque. In 2020, Jeep will start offering a 3.0-liter turbodiesel V6 that is a thoroughly redesigned version of the engine found in the outgoing Ram EcoDiesel. It's down in power compared to the gas engine at 260 horses, but it more than makes up for it with 442 pound-feet of torque. The only other diesel in this small to midsize truck segment is the Colorado and Canyon diesel trucks. Their diesel four-cylinder engines only make 181 horsepower and 369 pound-feet of torque. All Gladiators with either engine send their power through a selectable part-time four-wheel drive system. Fuel economy for either engine option has yet to be announced. On the subject of capability, the Gladiator has some impressive towing and payload numbers. Maximum towing capacity is 7,650 pounds. That's 150 pounds more than the next best gas-powered truck in this segment, the Ford Ranger. Maximum payload capacity is 1,600 pounds, which isn't the highest in the segment, but falls right in the range of the Ford Ranger and Chevy Colorado gas models. The bed is 5 feet long and is made of steel with an aluminum tailgate. It has various tie-down points and power outlets. Regarding the towing and payload numbers, it should be noted that the top towing capacity is only available on a Sport trim with the 3.6-liter V6, eight-speed automatic and 4.10 final drive ratio.