Fiat Chrysler Automobiles, also known as FCA, is an Italian-controlled multinational corporation and currently the world’s seventh-largest auto maker. The group was established in late 2014 by merging Fiat S.p.A. into a new holding company, Fiat Chrysler Automobiles N.V., which is incorporated in the Netherlands (with headquarters in Amsterdam) for tax purposes. The holding company is listed on the New York Stock Exchange and Borsa Italiana in Milan. Exor S.p.A, an Italian investment group owned by the Agnelli family, owns 29.19% of FCA and controls 44.31% through a loyalty voting mechanism.
FCA’s mass-market brands operates through two main subsidiaries: FCA Italy(previously Fiat Group Automobiles) and FCA US (previously Chrysler LLC). The company’s portfolio includes many well-known automotive names including Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Ram Trucks, Abarth, Mopar and SRT. FCA also owns Maserati, Comau, Magneti Marelli, and Teksid. Today FCA operates in four regions (NAFTA, LATAM, APAC, EMEA).
Corporate governance Edit
The CEO and executive management including twenty-two employees work between Auburn Hills, Michigan and Turin, Italy. The other operating activities of the new group remained unchanged, with manufacturing, design and engineering facilities remaining in Turin, Italy, Auburn Hills, Michigan, United States and other locations worldwide, including Canada, India, Mexico, Brazil, Argentina, Poland, and China.
Board of Directors
Executive members of the FCA Board of Directors as of October 2014 are John Elkann (Chairman) and Sergio Marchionne (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.
FCA carries out its mass-market automotive operations through two main subsidiaries: FCA Italy (previously Fiat Group Automobiles) and FCA US (previously Chrysler Group). Both name changes were announced in December 2014.
FCA Italy includes the Italian-based brands that include Abarth, Alfa Romeo, Fiat, Fiat Professional, Lancia and the engine manufacturing subsidiary VM Motori.
FCA US includes the American-based brands that include Chrysler, Dodge, Jeep, and Ram, plus the Mopar service and parts organization.
Other companies include luxury car (Maserati) and components (Magneti Marelli, Automotive Lighting) manufacturers as well as firms working on production automation (Comau) and metal foundry (Teksid, 84.8% share). Other joint ventures and subsidiaries are undertaken via the FCA Italy and FCA US companies.
FCA also operates in the print media and advertising fields through its Italiana Editrice subsidiary (publisher of the Italian La Stampa and Il Secolo XIX newspapers) and an interest in RCS Media Group.
In January 2016, Ferrari became an independent company, after FCA listed 10% of the company on the NYSE in October 2015, and then distributed their remaining 80% stake in Ferrari to FCA shareholders.
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 U.S. and Canadian governments as principal owners. Over the next few years, Fiat gradually acquired the other parties' shares to take majority ownership of the company, and 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. Overall, to acquire Chrysler cost Fiat US$4.9 billion, with an additional US$5.5 billion pension liability.
On 29 January 2014 Fiat announced a reorganization and intended merger into a new holding company.
Fiat S.p.A. merged into FCA on 12 October 2014 following approval of the board on 15 June 2014 and shareholders on 1 August 2014.
On 29 October 2014 the group announced the intention to separate Ferrari S.p.A. from FCA. The transactions was completed on 3 January 2016.
Fiat Chrysler Automobiles' 5 Year Plan (2014–2018) Edit
On May 6, 2014, Fiat Chrysler Automobiles announced its 5-year business plan. The company expects that sales will increase to 7 million units, revenues to €132 billion, net income to €5 billion and industrial debt will 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 FY 2015 were announced.
Much of the global growth will be focused around Jeep, due to its high visibility globally as well as the growing SUV market in developing markets. Chrysler will be re-positioned as the company's mainstream North American brand to compete with Ford, Chevrolet, Toyota, and Volkswagen, while Dodge will focus on performance-based vehicles. Alfa Romeo will become the company's premium marque to compete with Mercedes-Benz, BMW, and Audi, while Maserati will be the company's ultra-luxury brand to compete with Bentley and Rolls-Royce. Fiat (which will remain the company's mainstream brand outside North America) and Ram Trucks will 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, and possibly withdrawn altogether in 2018.
Alfa Romeo Edit
In 2014, Chrysler released a refreshed 300/300C, set by FCA to debut at the Los Angeles Auto Show. An all-new Chrysler 100 sedan will be launched in 2016, along with a new Chrysler Pacifica (this model will include a PHEV version). In 2017, the Chrysler 200 will receive a refresh, and a new fullsize crossover will be announced (also with a PHEV version). In 2018, an all-new 300/300C will launch, along with an all-new mid-size crossover.
The first announcement was that the SRT brand was to be put back into Dodge. In 2015, the refreshed Charger launched along with the refreshed Challenger (and equivalent SRT version). The Dodge Charger SRT Hellcat and Challenger SRT Hellcat were also launched. 2014 was also the last model year for the Dodge Avenger. In 2016, the new Dodge Dart (and Dodge Dart SRT) was to be launched, along with a new Dodge Journey. The two models have since been either slated for discontinuation (Dodge Dart, 2016), or the date for the redesigned version was pushed back (Dodge Journey, 2018). In speculation, in 2017, a new Dodge Journey SRT will arrive, along with a refreshed Dodge Durango. In 2018, a new sedan and hatchback will launch, a new Challenger (and SRT version) will be unveiled, along with a new Charger (and SRT version).
In 2015, Fiat launched the new Fiat 500X (produced in Melfi, Italy) and the Fiat Aegea (produced in Turkey by JV partner Tofas and sold in Europe under the Fiat Tipo nameplate and Mexico as the Dodge Neon).
In 2014, the Maserati GranTurismo and GranCabrio will see the end of the nameplate (until 2018). In 2016, the new Maserati Levante SUV will be launched. In 2016, the new Maserati Alfieri Coupe will be launched. In 2017, the new Maserati Alfieri Cabriolet will be launched. In 2018, a new GranTurismo will be launched with a 560-horsepower V8 and rear wheel drive. Between 2014-2018, the top of the line Maserati Quattroporte GTS will be receiving a 560-horsepower V8 with all-wheel drive to replace the current 523 horsepower V8 with rear wheel drive in the GTS model. The top of the line Ghiblis and Levantes will be receiving the same setup as the Quattroporte. The top of the line Alfieri will be receiving a 520-horsepower V6 with all-wheel drive.
In 2014, the new Jeep Renegade launches. After a long absence in the Malaysian market, Jeep has once again landed in Malaysia. DRB-Hicom is exclusively appointed by Fiat Chrysler to distribute the brand’s cars in Malaysia. In 2015, the Jeep Grand Cherokee will be refreshed, and Fan Bingbing, Tina Fey, Sandra Bullock, Julia Roberts and Cate Blanchett will promote as the brand ambassadors. 2016 marks the 75th anniversary of Jeep, and the Jeep Compass and Jeep Patriot will see their last model year, and a new SUV will be launched, along with a refreshed Jeep Cherokee. In 2017, the Jeep Renegade will be refreshed, a new Jeep Wrangler will be launched, and the new Grand Cherokee will be launched. In 2018, a Jeep Grand Wagoneer will be launched to compete with luxury SUVs, such as the Mercedes-Benz G-Class and Range Rover luxury SUVs.
In 2014, a ProMaster van was launched, along with the smaller ProMaster City, both derived from existing Fiat models. In 2017, a new Ram 1500 will be launched, and a commercial light-duty truck will be refreshed. In 2018, a new Ram HD will be launched, along with a commercial heavy-duty truck, and Ram chassis cab will receive a major update.
Financial results Edit
In 2015 worldwide shipments were 4.6 million units, revenues totaled €113.2 billion, up 18% (+6% at constant exchange rates, or CER), adjusted EBIT was €5.3 billion, up 40% and Adjusted net profit was €2.0 billion, up 91%.
The new FCA logo 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.
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