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  1. MY2019, start of production in early 2018. They will unveil next year in Detroit.
  2. GME 350 HP as for US Giulia has 48 V. If it has it than it's IMO mild hybrid (MHEV). We must know difference between MHEV, HEV, PHEV and BEV. FCA has PHEV in Chrysler Pacifica, BEV in Fiat 500e. To me it seems like FCA will not have HEV. And MHEV are coming very soon. When Marchionne says electrification for Maserati he means that every Maserati in the future will be at least MHEV, not necessarily BEV and we are long way to switch entire fleet to BEV. One good example is a new Audi A8. All models are at least MHEV.
  3. I have a feeling that most people here do not consider a 48V mild hybrid as a proper hybrid. And IMO that solution is most viable for whole Ferrari line-up in the near future. We'll see what they will bring with California successor. It will be 2+2 V8 GT mode. It will be lower than California. Presentation is on 8th of September in Portofino. They will introduce convertible with coupe coming at the latter date. 488GTB successor will have an electric turbo.
  4. George Galliers - Evercore ISIGreat. And then the third question I had was just when we look at the improvement you're seeing at Maserati, as I think about the end of next year, I guess, Maserati and Alfa Romeo combined could look like a 250,000-unit per annum company, with around €12 billion of revenue, €1 billion of EBIT, a margin in excess of 8%. That sounds like a pretty healthy and respectable standalone OEM and one which could attract a good multiple, given the growth profile it will have seen. Are there any platform or powertrain constraints, which could make a separation of those two as a unit unviable? Sergio Marchionne - Fiat Chrysler Automobiles NVI'm going to answer your question by answering the last portion of what you said, which is that there are no restrictions – there are no structural, industrial or engineering restrictions for the separation of Alfa and Maserati. That means nothing. Because it does – that's not an acknowledgement of the fact that either it can be done or would be done.There's a statement, which, I think, is still in the press release about the fact that we have – or in the analyst deck about the fact that we're holding an Investors Day in the first half of 2018. And I realize that there's been a relatively large amount of excitement out there caused by initiatives both on this autonomous driving front, on the electrification, on this whole notion of separation of businesses.And I think that given the fact that we're bringing to conclusion a five-year plan and so far, to the best of my knowledge, we're on track to achieve its objectives and all its elements, including net debt by the end of next year.We thought it was – that it was proper that we sort of update the market again on what we consider to be the next five years of FCA 2014 – sorry, 2018 to 2022. And we intend doing that within the first semester of 2018, notwithstanding the fact that I will not be here when that cycle continues.The reason why we're doing this is because although we are now – we started doing this at the end of 2016, we're doing it today, we're doing it next year, we're not committing capital that we will – that will not see any economic results until well after the completion of the 2018 plan. And I think it seems sort of improper that we keep on committing capital and reveal these numbers on a quarterly basis without giving an indication of what it is that we're working on.I'll give you a couple of broad sort of indications of where we are today in terms of the delineation of the post 2018 FCA. The first one and I've mentioned this in passing and other occasions about the fact that there's nothing that will prevent an OEM from engaging in the type of development work that Tesla has done so far. We have been – as you well know, we have been reluctant to embrace that avenue until we saw a clear – a path forward. I think we're now in a position to acknowledge at least one of our brands and in particular Maserati will, when it completes the development of its next two models effectively switch all of its portfolio to electrification.And as these products come up for renewal post 2019, it will start launching vehicles, which are all electric and which will embody, I think, what we consider to be state-of-the-art technology. It's an integral part of the development of the Group and I think it's an integral part of a broader strategy on electrification, which will see more than half of its fleet – by the time we hit the conclusion of the plan in 2022, it will see more than half of its fleet incorporated in electrification.Some of that money has been spent already, some of it will be spent within 2017 and 2018 and some of it will be spent as we launch products in the 2019 to 2022 timeframe. I think it is important that we reserve judgment on what you suggested as being a possible avenue. Until we hear that story in the first half of next year, the only thing I can tell you for sure is that when we look at the portfolio of activities that FCA carries out, there are things, which are associated with automotive but are fundamentally non-OEM activities.And when we have looked at the development of the sector over the last two or three years, we have come to the conclusion that the differences in valuation between what we currently achieve as an OEM and some of the activities they carryout including Marelli, no longer justify aggregation. And I think that when we speak to you next year in the first half after having discussed this with the board at some length, it is my view that we will show you a much clearer portfolio of OEM activities by the end of 2018, and I think that forms an integral part of the plan going out to 2022.But other than that, I will not speak about anything else and I will – really will not discuss anything else in terms of disaggregation of activities within the Group. There are some things, which have been inside the Group for a number of years, and which we have worked on now in terms of profitability over the last two or three in a very intensive way, and which in all likelihood required us to see the light of day on their own merits and away from something which appears to be not as loved by the markets as traditional OEMs. So we need to reserve all this until the first half of 2018.
  5. Stephen M. Reitman - Société Générale SA (UK)Hi. Thank you very much. Good morning, good afternoon. Looking at Alfa Romeo and Maserati, first of all, could you give some idea about the production cadence you're seeing at Alfa Romeo, roughly what the volumes were like in the first half or the second quarter? And also where we are in terms of Levante? I think you mentioned that you're launching it in all markets. Where are we now in terms of utilization and capacity? Thank you. Richard Keith Palmer - Fiat Chrysler Automobiles NVIn terms of Alfa Romeo, we shipped just over 12,000 units in the first quarter worldwide and 22,000 in the second. And obviously we're still in the process of launching Stelvio, so a large part of those units were Giulia (01:16:54) production. Sergio Marchionne - Fiat Chrysler Automobiles NVGiulia Richard Keith Palmer - Fiat Chrysler Automobiles NVGiulia. Sergio Marchionne - Fiat Chrysler Automobiles NVI'll give you my read of those numbers. I think Stelvio has just started launching. We started showing it to the markets here in the U.S. We're beginning to get some units on the ground now. Reception is quite good, as well as one could expect, they're probably in line with the reception that Giulia received when it was launched. It is because of the fact that the ambitions and the commitments that were made to the architectures were totally different than they were from Maserati. We're not seeing the same type of economic benefit from the launch of these two vehicles than we did from the launch of the Quattroporte and the Ghibli.These are much larger investments that were much wider in scope in terms of technology, the engines that were launched and associated with these products. So I think it's going to take the remainder of the product line-up fill out, which will take until 2019 or 2020 initially to try and get the full benefit of Alfa onto the table. It will include one EUV, one larger EUV on top of the Stelvio, which ultimately will share something with the U (01:18:13) families of that size. So there's more work to be done. But the reaction has been superb and the brand is performing incredibly well across the markets. I mean the recognition and familiarity is quite high. Stephen M. Reitman - Société Générale SA (UK)So I understand there was a figure mentioned around the first quarter of about 170,000 units of Alfa Romeo targeted for this year with a run rate of close to 200,000 units by the end of the year, which brings close to profitability or brings to breakeven. Are we on track on that? Sergio Marchionne - Fiat Chrysler Automobiles NVYes. For the whole Alfa range, right? That includes MiTo, Giulietta, Giulia and the Stelvio and a few 4Cs, which you will on the rounding. Stephen M. Reitman - Société Générale SA (UK)So the 12,000 and the 22000 units in Q1 and Q2 relate to the Stelvio and the Giulia? Sergio Marchionne - Fiat Chrysler Automobiles NVYes.
  6. For future infotainment system development. I do not know if Ferrari system is developed by Magneti Marelli. Graphics seems very similar to Fiat's versions of UConnect which AFAIK are using Windows Embedded operating system. But surely Magneti Marelli has developed the newest version of BMW's infotainment system. With it BMW switched operating systems from QNX to GENIVI. http://www.magnetimarelli.com/press_room/news/magneti-marelli-geneva-motor-show-2016 In the field of electronic systems, the Magneti Marelli infotainment system is adopted by BMW to equip the new 5 Series and 7 Series. The infotainment system adopted by BMW is based on an "open source" technology concept and offers, in its most advanced version, a sophisticated set of features, including navigation, brilliant graphics, Internet access and connectivity including wireless.
  7. When you are extremely strong in fleet sales than you lose almost nothing. It's like that. But also VW fans across the Europe usually think that it's just US conspiracy against VW.
  8. 10+ inch systems for Audi and BMW are also touch. Bot not solely touch, it's rotary pad + touch. Smaller 8.8" and 8.3" screens are still operated solely by rotary pad. So here I don't see anything unexpected from infotainment development.
  9. The main problem. It's overweight. If I got it right. Compared to Evoque they replaced read McPherson with multilink?
  10. Torque vectoring will be offered on some Giulias bellow Quadrifoglio.
  11. Compass 2.0 diesel is short living. They will be replaced in the near future with Euro 6d diesel engines.
  12. SCR is the key. We'll see which system will FCA use. I believe that it's a Faurecia's as in recent PSA engines. And in the future IMO we'll see 1.6 and 2.2 Euro 6d diesel from FCA.
  13. S 560 and S 560 4MATIC new V8 (M176) with cylinder shut-off: 345 kW (469 hp) and 700 Nm S 450 and S 450 4MATIC newly developed 6-cylinder Inline gasoline engine (M256): 270 kW + 15 kW EQ Boost (367 hp + 20 hp) and 500 Nm S 500 for the first time with 6-cylinder Inline engine(M256): 320 kW + 15 kW EQ Boost (435 hp + 20 hp) and 520 Nm S 350 d, S 350 d 4MATIC newly developed 6-cylinder Inline diesel engine (OM656): 210 kW (286 hp) and 600 Nm S 400 d and S 400 d 4MATIC 250 kW (340 hp) and 700 Nm
  14. AFAIK it's a Koni FSD. It's even an option on a new Jeep Compass but I don't know if they offered it already.
  15. In Kragujevac there is a strike for a 3rd consecutive day.
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