Recommended Posts

http://detnews.com/autos/article?a=2013305160328&f=1213

Fiat SpA, Italy's biggest manufacturer, is considering moving its corporate headquarters to the U.S. following a planned merger with Chrysler Group LLC, three people familiar with the matter said.

Chief Executive Officer Sergio Marchionne is evaluating the switch from Turin, where Fiat was founded in 1899, to the U.S. as the carmaker's revenue and profit center shifts to North America, the people said, asking not to be identified discussing the internal deliberations. Fiat generated 75 percent of 2012 operating profit in North America.

No final decision on the headquarters has been made and other options are being examined, the people said. A Fiat representative declined to comment. Marchionne said last month that he favored a primary listing in New York for the company.

Moving Fiat's headquarters away from Turin's iconic Lingotto, a former car plant with an oval track on its roof, could create a political backlash in debt-ridden Italy, where the industrial sector is in decline. The unemployment rate is near a 20-year high as companies refrain from hiring amid the country's longest recession in more than two decades.

"It's the logical solution as the center of gravity of the group has moved to the U.S. and for its ambition of becoming a global player," said Giuliano Noci, associate dean of Milan Polytechnic's business school.

Chrysler, based in Auburn Hills, has become the group's profit generator as Fiat struggles to end losses in Europe, which totaled more than 700 million euros ($900 million) last year.

Fiat's dependence on Europe has been reduced drastically since it took control of Chrysler in 2009. The region in 2012 represented 24 percent of the group's 84 billion euros in revenue. When Marchionne was named CEO in 2004, Fiat relied on Europe for more than 90 percent of its 27 billion euros in sales.

"Europe is becoming a less and less relevant fact in the scheme of things," Marchionne told analysts last month. "It's a reflection of the ability of this house to shift its interest and to shift its resources to markets that are much more rewarding in terms of investment and return."

Marchionne also said the decision on the location of the headquarters will depend on access to capital markets and the ability of the company to get financing at "reasonable rates."

"The U.S. capital market is more efficient than the Italian, and as a result the carmaker would probably get cheaper refinancing," said Sascha Gommel, an analyst with Commerzbank in Frankfurt, who expects Fiat to retain a listing in Milan.

>

>

Link to comment
https://www.neowin.net/forum/topic/1152748-fiat-may-move-hq-to-us/
Share on other sites

Why would anyone care? Okay maybe for the jobs, thumbs up for that but after that... meh. Their cars look like crap, they are crap and well basically no one would miss them if they suddenly disappeared from the market.

  • Like 1
This topic is now closed to further replies.
  • Recently Browsing   0 members

    • No registered users viewing this page.
  • Posts

    • Sure is a shame that Google spent all of its efforts on maximizing milking ###### ad revenue instead of actually improving their once ubiquitous and best-in-class search engine with, say, a useful AI that could actually improve search results... /S
    • The blatant anti-competitive nature of the EU's DMA rules are obscenely IRONIC and wholly damaging to upwards innovations from within the EU. Why?! Because it penalizes marketplace competitors whom the users CHOOSE to sign contracts with (basically dictating the product management models and strategies whilst handicapping popular marketplace choices) all under the guise of 'fair competition' and assuring continued operations. The only beneficiary (as the DMA is written and applied) are the toxic wannabes with whom most consumers have chosen to NOT do business with! What kind of bass-ackwards nonsense is that?! Not everyone in the marketplace that's lower-ranked deserves some sort of advantage whilst being otherwise garbage and toxic. Ugh, so dumb.
    • Assetto Corsa Competizione, House Flipper 2, and more join Xbox Free Play Days by Pulasthi Ariyasinghe There is a brand-new Free Play Days offer available to Xbox players, giving them a chance to try out a new selection of games over the weekend. Microsoft's latest promotion brings in three games for Xbox players to try out, and they are House Flipper 2, Blades of Fire, and Assetto Corsa Competizione. Unlike in recent weeks, no games from this selection are being offered without a Game Pass subscription this time. This means only Xbox Game Pass Ultimate, Premium, and Essential members can jump into the three titles, even if they are single-player. From the trio, House Flipper 2 is for simulation fans. The title lets you buy run-down properties, renovate them, and sell them for a profit. A sandbox mode even lets you build houses from scratch too. Next, Blades of Fire lands as a fantasy adventure that combines metroidvania exploration with punishing combat. One unique aspect is that instead of finding loot, you'll be physically forging your own weapons. Lastly, we go back to simulators with Assetto Corsa Competizione, with the hit racing title offering a hardcore, highly competitive racing game focused entirely on GT3 and GT4 class cars. Everything from the tracks and tire physics to the dynamic weather conditions are focused on giving players an authentic driving experience. Here are the announced games and the platforms they are available to play on: House Flipper 2 (Xbox Series X|S) Blades of Fire (Xbox Series X|S) Assetto Corsa Competizione (Xbox Series X|S, Xbox One) To easily find the titles on Xbox consoles, first head to the Store, and then in the sidebar, find the Home section. In there, open the Subscriptions tab. All the games from the Free Play Days collection will show up in this section for quick access. This week's Free Play Days promotions will end on Sunday, June 28, at 11:59 pm PT.
    • Just what I wanted, an even bigger bomb in my Chinese spy phone.
    • Be sure to toss in a couple tacos to sweeten the deal, no one else sells better bridges!
  • Recent Achievements

    • First Post
      kinowa earned a badge
      First Post
    • Rookie
      krychek57 went up a rank
      Rookie
    • Grand Master
      Jaybonaut went up a rank
      Grand Master
    • One Year In
      Philsl earned a badge
      One Year In
    • Dedicated
      Scoobystu earned a badge
      Dedicated
  • Popular Contributors

    1. 1
      +primortal
      404
    2. 2
      +Edouard
      167
    3. 3
      PsYcHoKiLLa
      131
    4. 4
      Michael Scrip
      73
    5. 5
      Xenon
      72
  • Tell a friend

    Love Neowin? Tell a friend!