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  1. It's interesting. But in the US BMW is offering X1, same as Mercedes with GLA or Audi with Q3. Sales are maybe not high but they can go up to 2000+ per month there. IMO, this will allow some other possibilities. If this is on SUSW this could allow some other Euro-centric models. For example smaller B-SUV. Also C-hatchback or C-wagon. For US market C-sedan could be interesting. And all can be produced at the same production line. And what' interesting. Costs of Pomigliano conversion to SUSW will be by far much lower than going Giorgio route.
  2. Torsional rigidity. Important for both handling and comfort. Do you think that Giulia have both better handling and comfort compared to Series 3 just by the Holy Spirit? Usually you choose between handling and comfort.
  3. X1 can be found in America but not Series 1 because they do not like hatcbacks. Similar story is in China where they have special Series 1 sedan. So basically. Yes, this will be offered in America and China. They need volume. Eventualy this could very likely be a first Alfa Romeo model made in China. Compass and Renegade are already there so that would not be problem.
  4. I thought for a second OK this makes sense. And then after a few seconds... Oh sh** this Alfa Compass will be flushed down the toilet in America because of ZF 9HP. Actually I heard about new equipment for Pomigliano which is identical with something in Melfi. And I doubt it's for Panda.
  5. SUSW or CUSW? IMO, FCA will need a lot of work on each of them to work for where are they aiming with Alfa. I'm not against FWD cars if they are properly executed. IMO, CUSW could be a good starting point. They will need more advanced front suspension. Double wishbone are not necessary, actually they are drawback for a FWD car with transverse engine. McPherson could be even more upgraded compared to current Giulietta. For the back multilink FCA already have more advanced solution compared to Giulietta. It's a fully isolated 4-link multilink as on Chrysler 200. The problem is usage with hatchback or what you call berlina 2 volumi. It's more suitable for berlina 2 volumi e mezzo or berlina 3 volumi. Materials must be more advanced. A lot of hot stamped steel with doors, fenders and hood made of aluminium. Interior must be spacious, more spacious at the back seats compared to current Giulietta. And interior design language and also infotainment system and all buttons must be identical to Giulia/Stelvio. And snout on Giulietta is huge. Even Tipo has around 6 cm shorter snout. But IMO. In the plan transmissions are bottle neck. There is no transmission for transverse application which can offer both speed and smoothness as ZF 8HP. ZF 9HP is not the one, DCT is also not a choice. Maybe a wet DCT.
  6. Sergio Marchionne - Fiat Chrysler Automobiles NVRichard, the conservative over here, says he's going to make money in Q4 with Alfa. So I'm just going to shut up and wait for him to deliver the numbers. I think it sounds reasonable to me, but for the year we won't be.
  7. Richard Keith Palmer - Fiat Chrysler Automobiles NV ... I'll move on to page 4. We have an update on the launch process globally for two of our key new products. On the Alfa Romeo side, the Stelvio crossover was launched at the European Geneva International Auto Show. We're launching it in EMEA now in Q1. We will launch it in the NAFTA region in Q2 and then in Q3 in Asia Pacific. Shipments in the quarter were limited to about 3,000 units, but we have over 10,000 orders at the end of March. And the initial reaction in the marketplace and with the industry press and commentators has been very positive. This vehicle comes off the same platform, as you know, as the Alfa Romeo Giulia. The Compass is being launched globally. We're completing the global industrialization in all regions. It's being commercially launched now in NAFTA in Q1 and will be launched in Europe in Q2, having already been launched in Latin America and Asia Pacific. Q1 shipments of this vehicle worldwide were 32,000 units with 5,000 in EMEA – sorry, in NAFTA, and the remainder in Latin America and Asia Pacific. We also showed a concept vehicle at the SEMA Electronics Show in Las Vegas, the Chrysler Portal concept, which is the result of a collaboration with a number of supplier partners and is working towards looking at the interpretation of family transportation with next-generation autonomy and electrification. ... Massimo Vecchio - Mediobanca Banca di Credito Finanziario SpA Okay. Is it fair to ask you break-even volumes for the Alfa brand? Or... Sergio Marchionne - Fiat Chrysler Automobiles NV It's not in the 230,000 number that Richard mentioned to you about as a combined number between Alfa and Maserati for 2017. We're still losing money at this level. Massimo Vecchio - Mediobanca Banca di Credito Finanziario SpA Okay. Sergio Marchionne - Fiat Chrysler Automobiles NV That was part of the plan. It was clearly understood that the work that was being done on Alfa was designed to deal with more than just Alfa in the medium- to long-term. And effectively all the Maserati and the Dodge developments hinge on a proper execution of the Alfa strategy. So give it time. I think by 2018 we'll see much better numbers. Massimo Vecchio - Mediobanca Banca di Credito Finanziario SpA All right. Thank you. Thank you very much. Sergio Marchionne - Fiat Chrysler Automobiles NV Richard, the conservative over here, says he's going to make money in Q4 with Alfa. So I'm just going to shut up and wait for him to deliver the numbers. I think it sounds reasonable to me, but for the year we won't be. ... John Murphy - Bank of America-Merrill Lynch But just to press you on this just a little bit. I mean could something like the Portal be out from Fiat Chrysler in the next year or two years in conjunction with a partnership with an LG Chem type of company? Sergio Marchionne - Fiat Chrysler Automobiles NV Yes. ... George Galliers - Evercore ISI Yeah. Good morning or good afternoon. First question I had was just on Maserati. Clearly a very strong performance, but the margin is still short of your 15% target for next year. The question I had is, can you get closer to the 15% with your existing product lineup? And should we expect further progression through 2017? And also what will drive this? Is it leverage on higher volumes, product mix, market mix, pricing, or other factors? Sergio Marchionne - Fiat Chrysler Automobiles NV I think we're done on pricing on Maserati. I'm not sure there's much to be extracted. I think it is really penetration of the markets. We're beginning quite an intense distribution process across the globe. You've seen from the numbers in Q1 that they don't reflect the full year capacity in Maserati. I think we're targeting about 60,000 cars for 2017. And as you well know, operating leverage in this business is huge and so margin accretion is simply due to volume growth. And it's due to the fact that I think the distribution will widen as we get better. We just launched now effectively into the U.S. in an effective way with the Levante. There's a couple of model year changes that are coming through for both the Quattroporte and the Ghibli, so we were able to extend the GranTurismo and the GranCabrio for an additional year. And the GranCabrio will extend beyond 2018, too. So I think we feel better about the product portfolio. We continue to work on its renewal, and this ties back into the discussion that we've had about Alfa earlier. This is crucial in terms of the next phase for Maserati. I think having done the Giulia and Stelvio, I think we're going to be in a much better position to move that brand forward. ... Rod Lache - Deutsche Bank Securities, Inc. If you could just clarify one thing on Europe, just broadly aside from what's happening from these regulatory authorities, there's been a broader decline in diesel demand within Europe. And is that having any impact on your compliance strategy or spending plans going forward? Sergio Marchionne - Fiat Chrysler Automobiles NV Well, Rod, there's not a single doubt that the cost of compliance with the diesel emission limits on smaller segments, whether A and B segments, is going to make diesel absolutely cost prohibitive for anybody who is in the market. And to the extent that we are active with repondos (50:48), the Fiat 500s and so on in that segment, we need to be very, very careful that we don't think we can continue to rely on our 1.3 liter diesel as providing a solution. It will be way too expensive. And so obviously, it's changed – it has changed our compliance strategy because we are going to have to rely on a combination of gas and something else, which is a mild form of electrification to get us over the hump. ... Martino De Ambroggi - Equita SIM SpA Thank you. Good morning, good afternoon, everybody. I'd like to follow up on LATAM activity. Thinking about the divisional performance, I don't know if you agree, it seems to be the most difficult, the most challenging division target for – to be achieved in 2018. So what's the full-year 2017 performance, which would provide you enough visibility to achieve the 7% adjusted EBIT target in 2018? Richard Keith Palmer - Fiat Chrysler Automobiles NV Well I think, Martino, we're obviously – we're managing the target on the full portfolio, that you're right, as the market stands today, the LATAM target looks pretty tough. I think we are pleased with the performance of Jeep in Latin America and the impact it's having on our mix. We are working to continue to have an appropriate cost level for the level of the market today, and I think as compared to competition we've been performing well, notwithstanding that we've been around break-even for the last few quarters. Going forward, I think the key for us is to position well, Jeep, which we're doing, maintain our position in the pickup segments with Strada and with the new pickup out of Pernambuco, and be ready for when the market starts to give some indications of improvement. As I said earlier, we've seen some year-over-year improvements in annual sales – daily sales, sorry, in the last 30 days. And so I think there is some improved confidence. Interest rates have come down. I think consumers are more active, and so we'll continue to manage the business towards the best performance we can get to. We don't need to get LATAM to the levels that we wrote down to get to the business plan overall, because I think on the other side, as we just talked about, components are doing – are performing strongly, EMEA is performing strongly with a market that is performing better than our original forecast, and the North America plan is underway with strong performance expected in 2018 from the new Wrangler, the new light-duty Ram, et cetera, and margins getting up to where our competition is. So I think plus the luxury and premium brands, we obviously built some level of overall contingency into our plan so that we could manage one of the operating segments underperforming, and at the moment the most likely candidate is Latin America, not that we're giving up there, but I think overall, we're still confident of getting to our 2018 targets. Sergio Marchionne - Fiat Chrysler Automobiles NV Just to make sure that whoever's listening to the call, and including people down in Latin America, there's absolutely no intention of giving up on the 7% target for 2018. I mean the reason why we invested in Pernambuco was to effectively allow that business to field roughly 250,000 cars out of 750,000 in Latin America, or at least out of the Brazilian operations, and margins, which were substantially higher than the historical run rate that we were getting out of Fiat as a brand. And that process has begun to deliver. We're only running slight – in excess of 100,000 cars now out of that plant. So we're about 40% of the way there. And I think we need to see the full deployment of the production capacity in Pernambuco before we call it a day in terms of margins. So I think 7% is still doable, but I also agree with Richard that when the plant was put together, there were enough bumpers that were put around the numbers to make sure that in case we caught a cold in a particular jurisdiction, we'd be able to offset it. So the number is within reach, one way or the other, for the group. ... Patrick Hummel - UBS AG All right. Okay. And my second question, a month ago, Mr. Müller from Volkswagen was asked whether he spoke with you recently about potential combinations, et cetera. Sergio Marchionne - Fiat Chrysler Automobiles NV Whatever he told you, I have not spoken to him. Patrick Hummel - UBS AG Right. That was my question, basically. You have reached out in the meantime? Sergio Marchionne - Fiat Chrysler Automobiles NV No, I have not. Patrick Hummel - UBS AG Or you're planning to speak to him? Because he's clearly – he wasn't very clear in his answer, and he seemed to be sort of interested to have a conversation. Sergio Marchionne - Fiat Chrysler Automobiles NV Well, maybe we will have one. But right now, I've just been busy delivering the best quarter in our history. So I think if I had to make a choice between delivering these numbers or talking to Matthias, I'll deliver these numbers any day. Patrick Hummel - UBS AG All right. Thank you. ... Dominic O'Brien - Exane Ltd. Thank you. And then secondly, just specifically on your capacity realignment plans, when production of the new light duty Ram and Jeep Wrangler starts in new plants next year, what happens to the current production sites, the supply park in Warren in 2018? Do those plants go on producing old models or is there going to be some idle periods throughout 2018 on those? Thank you. Sergio Marchionne - Fiat Chrysler Automobiles NV I think that we're looking at – well, to begin with, as you well know, one of those sites, certainly the Warren plant, will be needed to produce one of the – one if not both of the Wagoneer and Grand Wagoneer that are coming on the (72:36). So the plant is not going to go idle in the medium to long term. The question that you asked about whether we're going to continue production on the old models for any – for long period of time is unclear to me. I think we're looking at this right now. I think the launch sequence of the new Ram 1500 is a very complicated product in terms of actual composition of models. It will take us a good 12 months to 18 months to roll out the full range of products that are encompassed by the 1500 nameplate. And I think the likelihood of us being able to extinguish the old Ram 1500 while that rollout happens is relatively small. So we're playing the what-ifs right now. I think there's a better than 50% chance that Warren will run for some period of time, if not the whole of 2018 making the old model. But it's only to supplement the new one until the full rollout happens. Dominic O'Brien - Exane Ltd. Okay. Thank you. And the same with the Wrangler, can that continue throughout 2018 as the old model...? Sergio Marchionne - Fiat Chrysler Automobiles NV We've got to be very – that's a different story, because I think the Wrangler will come – it undoubtedly will have extended production in some of its versions, but it's a lot easier for us to replace the Wrangler in its totality with the new installation than it is to replace the old 1500 with the new. Declining various versions of the two nameplates, Wrangler and 1500, is a lot easier to do it on the Wrangler than it is to do on the 1500. So I would expect it, and I think that's what's built into our plan. It's certainly within the first half of 2018, we will be decommissioning the old Wrangler and we'll begin work on the introduction of the pickup truck, which is coming up next. Dominic O'Brien - Exane Ltd. Thank you very much.
  8. Already for 1401 cc it should be 70 mm bore and 91 mm stroke. As I said question is about aluminium engine block with steel liners or aluminium engine block which is linerless. Today some performance engine are linerless. In the past we have more of them and even same plebeian like 1.2 from Volkswagen. Trend is to have aluminium block with steel liners. In that case let's check what FCA is doing. WGE has 88 mm bore with 96 mm bore spacing. 1750 TBi and 2.2 JTD have 83 mm bore with 90 mm bore spacing. And now FireFly/GSE with 70 mm bore and 77 mm bore spacing. Or BMW with 91 mm bore spacing and 84 mm bore for diesel and 82 mm for gasoline engines. Or VW EA211 1.4 TSi with 74.5 mm bore and 82 mm bore spacing... Continue this sequence if you wish. So yes, I have doubts if it can be pushed beyond 70 mm bore. GME 3 cylinders. And this is pure speculation. IMO it could be interesting for Chinese and American markets especially if there will not be a localized GSE production. IMO, GSE is much more important for South America and Europe.
  9. On the first one. I believe it was a GME. So 3 cylinders. Why? For aluminium block with 77 mm bore spacing and iron cylinder liners around 70 mm bore is maximum. GSE/Firefly has exactly 70 mm bore. To achieve full 1.5 liter it would require 97.4 mm stroke. Yes it's doable although it's highly unlikely. IMO, in the near future all FCA engines will switch to aluminium engine block including diesels. That's the part of downsizing and it helps with lower car weight. And after 9/2017 all new diesel engines in Europe will be fitted with SCR.
  10. Conference is at 16:00 for us in Europe. 10:00 for East Coast Americans.
  11. I didn't see it yet but I heard that Giulia Ti won Car and Driver comparison test. It should be in May issue.
  12. Germans stamp their feet all across Europe with their cars and policy. For example here in Croatia you could choose Peugeot 508 as your company car and lease will be cheaper than for Passat. But where is the problem? You will not be allowed by your employer to lease Peugeot.
  13. Hmh. Is Yuntu crossover a Pacifica twin or is it a Jeep K8 (basically a long wheelbase Cherokee KL)? If it's a second than hybrid solution could be different than one inside of Pacifica. For sure K8 will have only 2.0 GME engine even for PHEV. FCA indeed planned to unveil Pacifica twin SUV model as a Jeep even for North American market. AFAIK they abandoned that plan. But everything is possible.
  14. That's an excellent new although quite bit shocking. I have seen a lot of made up interviews made with FCA executives. And if I remember hole interview and if it's true than Danesin did not mention all new or unrelated platform to anything existing. My apologies because I have doubts in FCA's spending on all new platform started from scratch. My doubts came because of FCA's reluctance to spend a lot of money and because of obvious technical share in the future. I really don't know costs of Ferrari aluminium spaceframe and how much it can be cheaper with more sharing, with greater production numbers. But for me aluminium spaceframe is still something special in automotive world.
  15. I don't believe much in interview because they usually reveal nothing in them. A lot of answers are made up by journalist. I would like to see video interview to see what exact Danesin said if any. Although I do believe that next Gran Turismo will be further evolution of Ghibli/QP/Levante. Not so for Alfieri. What rediriderbob said is that this new platform is completely unrelated to anything existing. I do not believe in it. What I do believe is that Alfieri, Alfa models and Viper successor will likely be related. Most likely on Giorgio as base but further up evolved. When Alfas came out they will retire 4C and take on Porsche 718 (Boxster and Cayman). It will be 2-seater. Alfieri will take on on 911 and will be 2+2. And Viper will likely take on Corvette. IMO, it does make sense. IMO, the other likely solution is Ferrari related aluminium spaceframe. We'll see how all ends up. This is just my 2 cents.