Fiat Chrysler CEO to halve his salary for three months due to coronavirus crisis

Fiat Chrysler plant in Kragujevac, Serbia

Fiat Chrysler top executives will temporarily slash their salaries to maintain the automaker’s financial soundness because of the coronavirus crisis, CEO Mike Manley informed employees on Monday. Manley said he would halve his salary for about three months to avoid job cuts in the second quarter, according to a letter which he sent to employees. […]

Fiat stops production in Serbia as supply from China disrupts

Fiat Chrysler plant in Kragujevac, Serbia

Fiat Chrysler (FCA) stated on Friday it had temporarily stopped production at its Serbian plant, the first such suspension by an automaker in Europe in response to the coronavirus outbreak in China. Planned downtime at the Kragujevac plant in Serbia, where FCA constructs its Fiat 500L car, has been rescheduled because of the “availability of […]

Peugeot merger talks progressing well, says CEO Michael Manley

FCA Peugeot

Fiat Chrysler’s CEO Michael Manley stated on Wednesday that merger talks with Peugeot owner PSA to form the world’s No. 4 automaker are progressing well and he hopes to have a deal completed under 12-14 months. Discussing with Reuters on the sidelines of an industry meeting, Manley said he doesn’t expect any major hindrance that […]

U.S. government shutdown threatens rollout of new cars

2018 Limited Edition Ford Focus RS

The partial U.S. government shutdown is threatening to postpone the roll-out of new vehicle models in the United States by stalling necessary certifications from the Environmental Protection Agency (EPA), automakers stated. The shutdown, at 34 days the longest in history, has left more than 800,000 federal agency workers without pay and had effect on everything […]

KKR’s Calsonic purchases parts firm Magneti Marelli for $7.1 billion

magneti marelli

Japan’s Calsonic Kansei, owned by U.S. private equity firm KKR, has is set to purchase Fiat Chrysler’s Magneti Marelli for 6.2 billion euros ($7.1 billion) to establish the seventh-largest independent car parts supplier. The first big deal by FCA’s newly-appointed CEO Mike Manley, who took over in July following the sudden death of long-time CEO […]

Fiat Chrysler new CEO to announce plans for organization by end month

Fiat Chrysler Automobiles FCA

Fiat Chrysler new CEO Mike Manley is going to announce his organizational preparations for the automaker by the end of September, the group’s chairman stated at a shareholder meeting called to vote on the appointment of the new manager following former CEO Sergio Marchionne’s sudden death. “When we learned Sergio Marchionne could not return to […]