Asked whether the company would seek a merger deal in the post-Marchionne era, John Elkann, FCA chairman and scion of Fiat's founding family, said that while his clan has always been open to considering M&A to strengthen the company, with its future "so bright" there was no talk of selling.
The executive, whose black crew neck sweaters have become his calling card, is expected to announce another aggressive target for Jeep, whose roots date back to World War Two vehicles and which has become FCA's ticket to create a high-margin brand with a global appeal. Indeed, FCA's financial presentation indicated plans to devote only about a quarter of product-related capital expenditures from 2018-22 on all three entities combined, versus almost half of all capital expenditures earmarked for Jeep. He also went on to point out that the Viper didn't make money and didn't sell well, while the Hellcat Challenger and Charger - for example - have sold incredibly well and brought in almost $2 billion in gross receipts, with more than 30,000 units of the supercharged Challenger and Charger being sold so far. Macquarie Group Ltd. now owns 39,300 shares of the company's stock worth $701,000 after purchasing an additional 2,300 shares during the last quarter. The new 2018 Ram pickups began shipping to dealers in March.
To boost profits, FCA is set to keep converting Italian plants to churn out Alfas, Jeeps and Maseratis, while mass market models will be limited to certain markets, discontinued or moved elsewhere. Fiat Chrysler Automobiles NV now has a consensus rating of Hold and an average target price of $11.98. The Grand Caravan continued to be Dodge's best-selling vehicle, with a total of 15,487 units sold in May. Vetr raised shares of Fiat Chrysler Automobiles from a "buy" rating to a "strong-buy" rating and set a $25.70 price objective on the stock in a research note on Monday, February 5th.
Sales of Fiat declined 46 percent to 1,441 vehicles.
Shares of Fiat Chrysler Automobiles NV (NYSE:FCAU) traded down 1.022% on Tuesday, reaching $10.165. We plan to leverage the iconic status and technology of the 500, extending the line-up to introduce a small vehicle with best in-class interior roominess and unmistakable deisgn, the Fiat 500 Giardiniera.