Fiat Chrysler Automobiles
This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages)
|Founded||12 October 2014|
|Defunct||16 January 2021|
|Fate||Merged with the PSA Group to form Stellantis|
|Headquarters||Amsterdam, Netherlands (Legal office), |
United Kingdom (Fiscal office)
|John Elkann (Chairman)|
Mike Manley (CEO)
|Revenue||€108 billion (2019)|
|€4 billion (2019)|
|€6.6 billion (2019)|
|Total assets||€96.87 billion (2018)|
|Total equity||€24.90 billion (2018)|
Number of employees
Fiat Chrysler Automobiles N.V. (FCA) was a multinational corporation resulting from the acquisition of Chrysler Group by Fiat S.p.A. The Italian holding company Exor was the largest shareholder and owner of voting rights. At the time it was the world's eighth largest auto maker. The group was established in October 2014. Its corporate headquarters were domiciled in Amsterdam and its financial headquarters were in London. The holding company was listed on the New York Stock Exchange and Milan's Borsa Italiana. Exor, an Italian investment group controlled by the Agnelli family, owned 29.19% of FCA and controlled 44.31% through a loyalty voting mechanism.
FCA's mass-market brands operated through two main subsidiaries: FCA Italy (previously Fiat Group Automobiles SpA) headquartered in Turin and FCA US (previously Chrysler Group LLC) in Auburn Hills, Michigan. The company's portfolio included brands Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Maserati, and Ram Trucks. Ferrari was spun off in 2016. FCA operated in four global markets (NAFTA, LATAM, APAC, EMEA).
On 31 October 2019, FCA announced its intention to merge with the PSA Group (owner of the Peugeot and Citroën brands among others) on a 50-50 all-stock basis. On 18 December 2019, FCA and PSA announced that they had agreed to the terms of a binding $50 billion merger. In July 2020, the company announced its new name, Stellantis, derived from the Latin verb stello, meaning "to brighten with stars". On 16 January 2021, the merger was complete with FCA resulted as a surviving entity and changed its name to Stellantis.
The executive management of the company was split between Michigan and Italy. The other operating activities of the new group remained unchanged with manufacturing, design, and engineering facilities remaining in Turin, Michigan, United States, and other locations worldwide.
Executive members of the FCA Board of Directors as of October 2018 were John Elkann (Chairman) and Mike Manley (Chief Executive Officer), with non-executive directors Ronald L. Thompson, Andrea Agnelli, Tiberto Brandolini d'Adda, Glenn Earle, Valerie A. Mars, Ruth J. Simmons, Patience Wheatcroft, Stephen Wolf, and Ermenegildo Zegna, CEO of Ermenegildo Zegna.
FCA carried out its mass-market automotive operations through two main subsidiaries: FCA Italy (previously Fiat Group Automobiles) and FCA US (previously Chrysler Group). The company announced both name changes in December 2014.
Other companies included firms working on production automation (Comau) and a metal foundry (Teksid, 84.8% share). Other joint ventures and subsidiaries are undertaken via the FCA Italy and FCA US companies.
The integration between Fiat and Chrysler dates back to 2009 after Chrysler filed for Chapter 11 bankruptcy reorganization on 30 April 2009. On 10 June 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat, and the US and Canadian governments as principal owners. Fiat's initial purchase was a 20% stake; by January 2012, it grew to 58.5%. On 21 January 2014, Fiat completed the acquisition of the remaining 41.5% from the United Auto Workers, making Chrysler Group a wholly owned subsidiary. On 2 February 2014, Fiat Chrysler began trading on the NYSE under the ticker symbol "FCAU". The total cost of acquisition was US$4.9 billion with an additional US$5.5 billion in pension liability.
Fiat S.p.A. and Chrysler Group LLC merged into FCA on 12 October 2014 following approvals of the board on 15 June 2014 and shareholders on 1 August 2014.
Five-year plan (2014–2018)
On 6 May 2014, Fiat Chrysler Automobiles announced its 5-year business plan. The company expected that sales would increase to 7 million units, revenues to €132 billion, net income to €5 billion, and industrial debt would peak at €11 billion in 2015, and then reduce to €0.5-1 billion by end of 2018. The Group updated its business plan targets in January 2016 at the time it announced FY 2015.
Much of the global growth was focused around Jeep due to its high visibility globally as well as the growing worldwide SUV market. Chrysler would be re-positioned as the company's mainstream North American brand to compete with Ford, Chevrolet, Toyota, and Volkswagen, while Dodge would focus on performance-based vehicles. Alfa Romeo would become the company's premium marque to compete with BMW, Lexus, and Audi, while Maserati would be the company's ultra-luxury brand to compete with Mercedes-Benz, Bentley, Jaguar, Aston Martin, and Rolls-Royce. Fiat (which would remain the company's mainstream brand outside North America) and Ram Trucks would remain largely unchanged while SRT was merged back into Dodge. Conspicuously absent in the announcement was Lancia, which was later confirmed to be withdrawing from all markets outside Italy.
New vehicle models
In 2014, Alfa Romeo launched the 4C and 4C Spider in North America. In 2015, the company announced the Giulia and in 2016 it added an SUV, Stelvio. It dropped the 4C from the lineup in 2019. FCA announced a mid-cycle refresh for both the Giulia and Stelvio for production year 2021.
The first announcement was that the SRT brand was to rejoin Dodge. In 2015, a refreshed Charger and Challenger (with equivalent SRT versions) launched. The company also introduced SRT Hellcat versions of the Charger and Challenger. FCA also announced that 2014 would be the last model year for the Dodge Avenger. In 2018 with a refreshed Dodge Durango launched along with (an SRT version). In 2018 it launched a Challenger (and SRT version) and Charger (and SRT version) models.
In April 2017, Dodge introduced the 2018 Dodge Demon. It had a 6.2L V8 HEMI mated to a 2.7L supercharger, which produced 840 horsepower and 770 lb-ft of torque at the crank--and made the Dodge Demon the world's quickest production vehicle at the time. The Demon's excessive torque caused the front axle to lift off of the ground during launch. It was also equipped with many other industry-first features including a Transbrake, launch control systems, 5-point harness occupant restraints, and an HVAC system that produces additional horsepower by further cooling intake air.
In 2015, Fiat launched the new Fiat 500X (produced in Melfi, Italy) and the Fiat Egea (produced in Turkey by JV partner Tofas and sold in Europe under the Fiat Tipo nameplate and Mexico as the Dodge Neon).
Lancia is a historic brand of Italian luxury and performance cars. With the discontinuation of the Lancia-badged Chrysler 300 and Voyager in the European market in 2015, the Ypsilon is the only model currently in production and is marketed solely in Italy.
In 2014, the Maserati GranTurismo and GranCabrio were believed to be the end of the nameplate. In 2016, the company launched the new Maserati Levante SUV. In 2018, it added a new GranTurismo with a 560-horsepower V8 and rear-wheel drive. Between 2014 and 2018, the top-of-the-line Maserati Quattroporte GTS received a 560-horsepower V8 with an all-wheel drive to replace the 523-horsepower V8 with rear-wheel drive in the GTS model. The top-of-the-line Ghiblis and Levantes received the same setup as the Quattroporte. In 2020, the company added the Maserati Alfieri. The car was scheduled for release in 2016 but was postponed to allow the Levante in 2016. In 2021, a convertible variant of the Alfieri is expected. The top-of-the-line Alfieri will receive a 520-horsepower V6 with all-wheel drive.
In 2014, FCA launched the Jeep Renegade. After a long absence Jeep returned to Malaysia, where DRB-Hicom distributes the brand's vehicles. In 2015, FCA refreshed the Jeep Grand Cherokee with celebrities Fan Bingbing, Tina Fey, Sandra Bullock, Julia Roberts, and Cate Blanchett promoted as brand ambassadors. Jeep marked its 75th anniversary in 2016. The Jeep Compass and Jeep Patriot appeared in their last model year while a refreshed Jeep Cherokee was released. In 2017, FCA refreshed the Jeep Renegade followed by the updated Jeep Wrangler and Grand Cherokee in 2018. In 2021, FCA will launch a luxury Grand Wagoneer to compete with the likes of Mercedes-Benz G-Class and Range Rover, Cadillac Escalade, and Lincoln Navigator. Jeep will also launch a Wagoneer to compete with the likes of the Ford Expedition, Chevrolet Suburban, and GMC Yukon
In 2014, Ram launched the ProMaster van and the smaller ProMaster City, derived from the Fiat Ducato and Doblò respectively. In 2017, the division launched a new Ram 1500 and a refreshed commercial light-duty truck. It followed in 2018 with a new Ram HD, commercial heavy-duty truck, and Ram chassis cab.
Fiat Chrysler Automobiles NV chief executive Sergio Marchionne and Dennis Williams, President of the United Auto Workers (UAW), entered into contract negotiations on 14 July 2015. As negotiations between the UAW and US automakers began, Marchionne leaned in to embrace Williams in a hug seen "round the world," shocking some union members. When Marchionne made the announcement on 8 January 2017 of plans to add 2,000 jobs and invest $1 billion in plants by 2020, Marchionne credited the decision to the negotiations with Williams that began in 2015.
On 13 January 2017, the company came under investigation by the US Justice Department due to allegedly failing to disclose software that violated emissions standards and allowed vehicles to exceed pollution limits. On 23 May 2017, the Justice Department filed a civil lawsuit alleging that FCA "used a 'defeat device' to circumvent emission controls" in more than 100,000 vehicles between 2014 and 2016.
On 29 October 2014, the group announced the intention to separate Ferrari S.p.A. from FCA. The transaction completed on 3 January 2016. In January 2016, Ferrari became a separate investment of Exor, siding with FCA and CNH, after FCA listed 10% of the company on the NYSE in October 2015 and distributed its remaining 80% stake in Ferrari to FCA shareholders. Ferrari now trades on the NYSE under the ticker symbol "RACE".
In March 2017, FCA was a stakeholder in the creation of Italy's largest media group GEDI Gruppo Editoriale, created by the merger of Gruppo Editoriale L'Espresso publishing L'espresso and La Repubblica with Italiana Editrice (ITEDI), of which FCA held 77% of the shares and which publishes the Torino daily La Stampa and Il Secolo XIX. Subsequently, FCA divested from publishing by distributing its shares to its own shareholders, again mainly Exor, so to concentrate on the automobile business. Exor sold its shares in GEDI immediately after receiving them.
On 21 July 2018, FCA suddenly replaced chief executive Marchionne in all of his positions at FCA, Ferrari, SGS, and CNH following emergency meetings of each respective company's board of directors. Marchionne last appeared in public on 26 June where he appeared quite lethargic and fatigued. FCA stated on 5 July that he had taken medical leave to undergo surgery to his right shoulder and on the day of his replacement stated that he would not be able to return to work due to post-surgical complications. It was later reported that his health had deteriorated "suddenly and sharply" and that Marchionne had lapsed into a coma. Sergio Marchionne died on 25 July 2018, aged 66.
In July 2018, Fiat Chrysler Automobiles NV's European chief Alfredo Altavilla resigned after being passed over to replace Marchionne.
In January 2019, Fiat Chrysler agreed to pay $800 million to settle lawsuits related to diesel emissions.
In February 2019, Fiat Chrysler announced plans to invest $4.5 billion in manufacturing in Michigan. The plant is estimated to create nearly 6,500 jobs. Plans include $1.6 billion to build a Jeep factory in Detroit.
In March 2020, the Detroit United Auto Workers union announced that after discussion with the leaders of General Motors, Ford, and Fiat Chrysler Automobiles, the carmakers would partially shut down factories on a "rotating" basis to mitigate the COVID-19 pandemic. In April 2020, the company released several advertisements designed to discourage people from using their products during the pandemic.
Merger with the PSA Group
On 31 October 2019, FCA announced its intent to merge with the French automaker PSA Group. The merger would be on a 50-50 all-stock basis. On 18 December 2019, FCA and PSA announced that they had agreed to the binding terms for the $50 billion merger. On 15 July 2020, both companies announced that the corporate name of the new group would be Stellantis. The new group will be incorporated in the Netherlands with Carlos Tavares as CEO. On 4 January 2021, both shareholders of FCA and PSA approved the merger and the deal was completed on 16 January 2021.
The FCA logo, which comprises stylised blue letters resembling FCA, was created by the Italian branding company Robilant Associati, ending the use of the Fiat S.p.A. logo and Chrysler Pentastar logo for group branding.
- FCA_Announcement.pdf: FCA - FCA_Announcement.pdf, accessdate: 21. July 2018
- "Fiat Chrysler 2018 Results" (PDF). Fiat Chrysler Automobiles. Retrieved 7 April 2019.
- "Fiat Chrysler Automobiles: Shareholders Board Members Managers and Company Profile". MarketScreener. Retrieved 20 January 2021.
- "Group Brands". fiatspa.com. Archived from the original on 18 May 2013. Retrieved 25 May 2013.
- Flak, Agnieszka (29 October 2014). "Fiat Chrysler to spin off Ferrari, issue $2.5 billion convertible bond". Yahoo! Finance. Reuters. Retrieved 20 January 2021.
- "Fiat says merger into Dutch-registered FCA effective October 12". Reuters. London. 7 October 2014. Retrieved 20 January 2021.
- FCA_2014_Annual_Report.pdf: FCA Annual_Report at 31 December 2014. Retrieved 4 March 2016.
- Joseph, Noah. "Ferrari and FCA are officially separated". Autoblog. Retrieved 24 January 2016.
- "Group profile". FCA.
- "Fiat Chrysler and Peugeot agree to pursue giant auto merger". Financial Times. London. 31 October 2019. Retrieved 20 January 2021.
- Ewing, Jack; Alderman, Liz (18 December 2019). "Fiat Chrysler and Peugeot Agree on Terms to Forge New Auto Giant". The New York Times. ISSN 0362-4331. Retrieved 18 December 2019.
- "Fiat Chrysler, Peugeot owner PSA agree binding merger in $50 billion deal". Reuters. 18 December 2019. Retrieved 18 December 2019.
- Vijayraghvan, Seshan (16 July 2020). "FCA, Groupe PSA Merger Officially Named 'Stellantis'". Car and Bike.
- "Group brands". FCA.
- "MLive". 8/1/14. 8 January 2014. Retrieved 1 August 2014.
- "Board of Directors". FCAGroup. Retrieved 11 August 2015.
- Snavely, Brent; Gardner, Greg (16 December 2014). "Chrysler Group officially becomes FCA US". Detroit Free Press. Retrieved 2 January 2015.
- Wayland, Michael (16 December 2014). "Chrysler name fades in FCA era". The Detroit News. Retrieved 2 January 2015.
- "Fiat buys remainder of diesel maker VM Motori from GM". Automotive News. 28 October 2013. Retrieved 26 February 2014.
- "Fiat shares surge after deal to buy remaining Chrysler stake". BBC News. 2 January 2014. Retrieved 30 January 2014.
- Sloan, Allan (7 February 2014). "The new Fiat Chrysler faces a rougher road than many think". The Washington Post. Retrieved 7 February 2014.
- "Fiat S.p.A." (PDF). 8 January 2014. Retrieved 1 August 2014.[dead link]
- "Fiat Chrysler Automobiles: The next five years". Autoblog. 6 May 2014. Retrieved 11 October 2014.
- "Five-Year Financial Targets" (PDF) (Press release). 6 May 2014. Retrieved 20 January 2021.
- "Fiat Chrysler unveils aggressive five-year plan". Los Angeles Times. 6 May 2014. Retrieved 22 June 2014.
- Tisshaw, Mark (7 May 2014). "Fiat chiefs confirm Lancia to only sell cars in Italy 2016 model year". Autocar. Retrieved 20 January 2021.
- Gauthier, Michael (30 October 2019). "2020 Alfa Romeo Giulia And Stelvio Updates Revealed, Interior Gets Quality Overhaul". Carscoops. Retrieved 1 November 2019.
- Siler, Steve (13 August 2014). "2015 Dodge Charger SRT Hellcat: 707 hp, 204 mph, Unlimited Bad-Assitude". Car and Driver.
- Wendler, Andrew (1 August 2014). "Hell Hath No Fury Like the 707-Horsepower 2015 Dodge Challenger SRT Hellcat". Car and Driver.
- Sze, Gregory (28 November 2014). "Jeep Malaysia returns after decade-long hiatus – four new models launched, additional dealerships touted". Paultan.org. Retrieved 11 August 2015.
- "New Jeep Wagoneer and Grand Wagoneer to Start Production in 2021". Automobile. Reuters. 27 February 2019. Retrieved 20 January 2021.
- Owram, Kristine (12 August 2016). "Canadian auto union says it's learned its lesson about 'the hug' from last summer". Financial Post. Toronto. Retrieved 14 January 2017.
- Reich, Robert (13 January 2017). "Robert Reich: The Lies Trump Tells to Tyrannize". Newsweek. Retrieved 14 January 2017.
- Schoenberg, Tom; Ebhardt, Tommaso (13 January 2017). "Fiat Chrysler Faces U.S. Criminal Emissions Investigation". Bloomberg News. Retrieved 13 January 2017.
- Muller, David (23 May 2017). "DOJ Sues FCA As Automaker Asks to Fix Alleged Defeat Device on 2014–16 Diesels". Car and Driver. Retrieved 20 January 2021.
- "FCA Announces Board Intention to Spin Off Ferrari S.p.A." (PDF) (Press release). FCA Group. 29 October 2014. Retrieved 29 October 2014.
- Ebhardt, Tommaso (21 July 2018). "Fiat Names Jeep Chief Manley to Replace CEO Marchionne".
- "Fiat, Ferrari boards to meet on Marchionne succession – report". Reuters. 21 July 2018.
- "Fiat Chrysler to name Jeep's Manley to replace Marchionne as CEO -source". Reuters. 21 July 2018.
- Bunkley, Nick (21 July 2018). "FCA paints grim picture of Marchionne's health". Automotive News.
- Essex, Randy; LaReau, Jamie L. "Marchionne gravely ill in Swiss hospital, Italian media reports". Detroit Free Press. Retrieved 20 January 2021.
- Boudette, Neal E. (21 July 2018). "Fiat Chrysler C.E.O. Marchionne Is Replaced After Falling Gravely Ill". The New York Times.
- Fasano, Guisi (28 July 2018). "Marchionne malato: condizioni gravissime, coma irreversibile" [Marchionne, situation irreversible. The final battle in the Zurich clinic]. Corriere della Sera (in Italian). Milan. Retrieved 20 January 2021.
- Agostini, Cristina (22 July 2018). "Sergio Marchionne, l'indiscrezione sulla sua salute. Dago-bomba: non è la spalla, di che cosa è malato" [Sergio Marchionne, the indiscretion on his health: "Lung cancer patient", "he is in a coma"]. Libero (in Italian). Retrieved 20 January 2021.
- Stella, Giovanna. "Grande Stevens su Marchionne: "I suoi polmoni sono stati aggrediti. Incapace di sottrarsi alle sigarette"" [Grande Stevens on Marchionne: "His lungs have been attacked. Unable to escape cigarettes"]. Il Giornale (in Italian). Milan. Retrieved 20 January 2021.
- "Marchionne Suffered Embolism During Cancer Surgery". Autoweek. 24 July 2018. Retrieved 24 July 2018.
- "Report: Sergio Marchionne in coma after stroke". The Detroit News. 24 July 2018. Retrieved 24 July 2018.
- Griseri, Paolo; Ricciardi, Raffaele (25 July 2018). "E' morto Sergio Marchionne, l'uomo che salvò l'auto italiana" [Sergio Marchionne, the man who changed the fate of Fiat, died. Elkann: "Forever grateful"]. la Repubblica. Rome. Retrieved 20 January 2021.
- Ebhardt, Tommaso (25 July 2018). "Sergio Marchionne, CEO Who Steered Fiat Chrysler, Dies Aged 66". Bloomberg News. Retrieved 20 January 2021.
- Ebhardt, Tommaso. "Fiat Chrysler Europe Chief to Step Down After New CEO Chosen". Bloomberg News. Retrieved 20 January 2021.
- "Fiat Chrysler will pay $800 million to settle diesel emissions lawsuits". CNET. 10 January 2019.
- Carey, Nick (26 February 2019). "Fiat Chrysler to invest $4.5 billion in Michigan for new Jeep SUV models". Reuters. Retrieved 20 January 2021.
- Roberts, Adrienne (26 February 2019). "Fiat Chrysler to Invest $4.5 Billion in Manufacturing in Michigan, Create Nearly 6,500 Jobs". The Wall Street Journal. ISSN 0099-9660. Retrieved 27 February 2019.
- Korosec, Kirsten (27 May 2019). "Fiat Chrysler proposes 50-50 merger with Renault". TechCrunch. Retrieved 20 January 2021.
- Keohane, David; Lewis, Leo; Fontanella-Khan, James (25 June 2019). "Fiat Chrysler withdraws €33bn Renault merger offer". Financial Times. London. Retrieved 6 June 2019.
- DeBord, Matthew (18 March 2020). "Ford, GM, Fiat Chrysler, and United Auto Workers union agree to a partial shutdown of US plants as coronavirus spreads, despite many in Europe shutting down completely". Business Insider. Retrieved 18 March 2020.
- Isadore, Chris. "These companies are begging you not to use their products during the crisis". CNN. Retrieved 23 April 2020.
- "Stellantis The name of the new group resulting from the merger of FCA and Groupe PSA" (PDF) (Press release). FCA. 15 July 2020. Retrieved 20 January 2021.
- Riley, Charles (18 December 2019). "Fiat Chrysler and Peugeot owner agree deal to create world's third-largest automaker". CNN. Retrieved 18 December 2019.
- Eisenstein, Paul A. (4 January 2021). "Fiat Chrysler and Peugeot shareholders vote to merge, creating world's fourth-largest car maker". NBC News. Retrieved 20 January 2021.
- Noble, Breana (4 January 2021). "Stellantis merger to close on Jan. 16 after PSA, FCA shareholders approve". The Detroit News. Retrieved 5 January 2021.
- "The merger of FCA and Groupe PSA has been completed" (PDF) (Press release). FCA and PSA Groupe. 16 January 2021.
- Patton, Phil (3 February 2014). "Fiat-Chrysler Merger Spawns New Logo". The New York Times. Retrieved 6 February 2014.
- "FCA Fiat Chrysler Automobiles New Logo". Robilant Associati. Retrieved 7 February 2014.
- "Fiat and Chrysler adopt a new logo" (PDF) (Press release). FCA. 29 January 2014. Retrieved 20 January 2021.
|Wikimedia Commons has media related to Fiat Chrysler Automobiles.|