An unusual number of vehicle delays is costing Fiat Chrysler billions - Business Insider
FCA Chief Executive Sergio Marchionne is shuffling product plans even as he seeks a partner for his company, the seventh largest global automaker. Among the North American vehicles FCA has delayed updating are high-margin models including the Ram 1500 pickup and the Jeep Wrangler utility vehicle, according to five people familiar with the company's plans. FCA made its future model plans the centerpiece of a five-year, $50 billion plan that Marchionne outlined to investors in May 2014, including boosting annual global sales to 7 million by 2018 from 4. 75 million last year. Since Marchionne came out with his plan, at least 12 future vehicle programs have been delayed at Jeep, Ram, Dodge, Chrysler and Maserati, in some cases by a year or more, suppliers said. FCA's cash and marketable securities fell by 1. 1 billion euros ($1. 2 billion) between Dec. 31, 2014, and March 31, while its net debt rose to 8. 6 billion euros from 7. 7 billion euros. The product plan outlined to investors in 2014 was "a five-year snapshot of our plans," the company said in a statement to Reuters. Source: www.businessinsider.com
