Two of the three factors which will help American manufacturers' sales stem directly from the tsunami in Japan a month ago: factory shutdowns have limited parts/vehicle availability, while the yen gained value as the Japanese are expected to repurchase some currency for disaster mitigation.
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“The increase is the result of the Company’s achievement of the second of three performance-related milestones outlined in a recent amendment to its June 10 2009 Operating Agreement, which broadens the Chrysler Group-Fiat partnership and enhances Chrysler Group’s international market position,” Chrysler said in a press statement.
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The first condition is that 90 percent of Fiat's Latin American dealers must offer Chrysler vehicles as well. To satisfy this request, Fiat CEO Sergio Marchionne plans to sell Chrysler models rebadged as Fiats in Brazil, Latin America's largest market, where the Italian brand holds the number one spot.
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The first sedan will be a compact model built on the next generation Dodge Caliber, which is expected in the USA next January. According to an Autonews report, this model will enter production in China in the second half of 2011, while timing for the Russian launch has not yet been disclosed. The other four-door saloon will be a mid-size model based on the replacement for the Dodge Avenger, which is scheduled for launch in the USA in 2013. It will go on sale in China and Russia the same year.
However, there was one problem: the original car's 18.0-liter engine was considered rather small by Eldridge, who decided to replace it with a massive airplane powerplant (you can read a similar story here). He opted for a liquid-cooled Fiat-built 21.7-liter inline six-cylinder unit (type A-12 Bis) that developed 320 horsepower at 1,800 rpm after various upgrades such as the fitting of four valves and four spark plugs on each cylinder.
The story goes that in order to accommodate the long and heavy engine, Eldridge lengthened the SB4's chassis using parts from a London bus. The car was chain-driven and had brakes only at the rear, which made it a handful for even the most experienced of drivers. Interestingly, experts fail to understand even today the mechanism that allowed the car to reverse, since there is no trace of it left.
In order to reach that objective, CO2 targets are lowered progressively each year. In 2009 the average was 145.9 g/km and in 2010 it went down to 140.9 g/km. Emissions regulations will be imposed starting next year, with significant fines to be enforced to automakers that will not comply with the new emissions limits.
"We are on track in refurbishing Pomigliano, which will become a truly state-of-the-art plant when it begins production in November," Fiat Group chief manufacturing officer Stefan Ketter told Autonews Europe.
Last year, Fiat Group CEO Sergio Marchionne announced that the updated Pomigliano d'Arco plant in central Italy would manufacturer the new Panda as part of the firm’s “Fabbrica Italia” (Italian factory) plan to increase vehicle productivity in Italy from around 650,000 units in 2010 to approximately 1.4 million cars in 2014.
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Soon after, Fiat’s Chairman John Elkann, the grandson of Gianni Agnelli family who owns 30 percent of Fiat, stated the company had no plans to leave Italy. Marchionne also backtracked, but only after a meeting with Italian prime minister Silvio Berlusconi and other politicians, saying no final decision has been made and that nothing would be decided on the carmaker's future headquarters until 2014.
Fast forward to March and a lengthy article on Reuters regarding Sergio Marchionne and future of the company, where the subject of Fiat’s headquarters is once again put on the table.
"The location where you establish the legal HQ is where you pay taxes," said the second top Fiat source. "If I pay 70 percent tax in Italy and only 30 percent in the U.S., it's a no brainer where to go."
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The donations for Japan keep coming in, with Mercedes-Benz’s parent company Daimler announcing today that it will provide €2 million (about US$2.8 million at today’s exchange rates) as immediate aid for the victims of the earthquake and tsunami in the Asian country. Daimler said it has approximately 13,000 employees in Japan through its subsidiaries Mitsubishi Fuso Truck and Bus Corporation, Mercedes-Benz Japan, as well as Daimler Financial Services. The Fiat Group, which includes Alfa Romeo, Lancia, the Fiat brand, Abarth, Maserati and Ferrari, also announced a donation for relief efforts in Japan, albeit a much smaller amount at €100,000 (about $US140,000).
While we’re not saying that this is a competition as all donations are welcome, we can’t but think that Fiat’s contribution, which equates to roughly half the price of a new Ferrari model or around 0.8% of the total compensation Ferrari boss Luca Cordero di Montezemolo and Fiat Group CEO Sergio Marchionne received in 2010, is somewhat embarrassing for the size of the Italian company.
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