Fiat Chrysler's five-year road map
The presentation will be CEO's grand finale, 14 years to the day after he was named to the job
BALOCCO, Italy — Highlights of Fiat Chrysler's new business plan:
Fiat Chrysler CEO Sergio Marchionne will outline his business plan today for the automaker's next five years in his last big presentation to investors before retiring next year. The presentation will be his grand finale, 14 years to the day after he was named Fiat CEO. During that time he has merged Fiat with U.S. carmaker Chrysler and spun off the industrial vehicle business and sports carmaker Ferrari.
Marchionne has told investors that he expects Fiat will reach zero debt by the end of this month, and maintained a promise to wear a tie to make the announcement. The 65-year-old Italian-Canadian manager is famous for unfailingly wearing navy blue cashmere sweaters and never a tie, no matter the event. But as he announced the approach of the zero-debt milestone, Marchionne unzipped a knit cardigan to reveal a blue tie — the first, he said, he has worn in a decade.
The head of Fiat Chrysler's luxury brand Maserati said they are targeting Tesla with their five-year plan to launch all of vehicles also electrified versions. Brand chief Timothy Kuniskis said Maserati is entering an exclusive deal with Ferrari for all future powertrains, including hybrid, plug-in hybrid and full-battery electric, while it eliminates diesel engines.
Jeep brand chief Mike Manley said all Jeep vehicles will have an electrified version by the end of the company's five-year business plan to make the brand more environmentally friendly.