2015 Automotive News World Congress: Fiat Chrysler CEO Sergio Marchionne says more consolidation inevitable, he's dedicated to Jeep in Toledo, Alfa Romeo will "play with the big boys"
DETROIT, Jan. 13, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles CEO Sergio Marchionne spoke tonight at the Automotive News World Congress, saying that further mergers in the automotive industry are inevitable, that he is committed to building the Jeep Wrangler in Toledo, Ohio, if at all possible, and that Alfa Romeo will once again be a global force to be reckoned with.
In a wide-ranging discussion with Automotive News Editor-in-Chief Keith Crain, Marchionne said:
- That automakers has been on a capital "drinking binge" that will stop with further consolidation. "I can smell capital pilferage. I can smell the abuse of capital structure. I've seen excessive things being done for the sake of ego satisfaction, for the sake of unfettered pride. This is nonsense. I love the product, but we're going to have to go straight here. I think the drinking binge is over," Marchionne said.
- Toledo workers made sacrifices since 2009 to produce more than 500,000 vehicles last year. "I'm going to spend a lot more time with our team, with the governor and the mayor of Toledo. And if I can find a way to make it happen, I'd like to keep it there," Marchionne said.
- That Alfa Romeo will "play with the big boys" after FCA's $6 billion effort to resurrect the premium brand globally, and it will have a successful distribution network in the United States.
Marchionne is among more than 20 industry leaders to address the sold out group of more than 1,200 attendees. Additional speakers at the Automotive News World Congress are Mary Barra, CEO, General Motors; Elon Musk, CEO of Tesla Motors; Joe Hinrichs, EVP and President – The Americas, Ford Motor Company; Joe Eberhardt, President, Jaguar Land Rover North America; Chris Urmson, Director – Self-Driving Cars, Google[x]; Scott Painter, Founder and CEO, TrueCar; and Jared Rowe, President AutoTrader.com.
The 2015 Automotive News World Congress is the 39th annual gathering of leading automotive industry executives in Detroit, which began on Tuesday, January 13, the second and final media preview day of the North American International Auto Show. The theme of the Congress is "Setting the Pace in a Thriving Market," and includes special sessions on Vehicle Innovation and Retail Marketing.
The Automotive News World Congress is taking place in the Detroit Marriott at the Renaissance Center in downtown Detroit.
The 2015 Automotive News World Congress is sponsored by PwC and IBM. Additional conference sponsors are IHS Automotive, BorgWarner, Brose, Canada, Georgia Allies, Germany Trade & Invest, Microsoft, Dominion Dealer Solutions, GKN, Liase, Invest Macedonia, MSX International, SAP, Steel Market Development Institute, A2MAC1, Gallagher-Kaiser, Infor, OESA, Quickdraft, Schaeffler, and VIA Motors
Recipients of the Polk Loyalty Awards will be announced during Tuesday evening's dinner program. Wednesday's dinner program will feature presentation of the Automotive News/PwC Shareholder Value Awards, the BorgWarner Championship Driver's Trophy to the 2014 Indianapolis 500 winner Ryan Hunter-Reay and the BorgWarner Team Owner's Trophy to Michael Andretti. A Thursday morning tour of the North American International Auto Show concludes the conference.
Learn more at www.autonews.com/worldcongress or #ANWorldCongress
About Automotive News:
With a 100% paid circulation of more than 60,000 subscribers to the weekly print and digital edition, Automotive News is the leading source of auto industry news, information and understanding in North America. It provides in-depth coverage of the industry and is written for automakers, suppliers, dealers and others allied with the industry. This unsurpassed coverage is complemented online by www.autonews.com, e-mail newsletters, video newscasts, webinars and myriad of conferences and events.
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SOURCE Automotive News
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