The Fiat 500e is surprisingly a fun electric car to toss around, but it’s expensive. Yet even with its hefty price tag of $32,500 (before incentives), Fiat apparently loses $14,000 on every unit sold.
That figure is $4,000 higher than the $10,000 originally estimated, leading Fiat-Chrysler Automobiles CEO Sergio Marchionne to in a speech at the Brookings Institution.
“If you are considering buying a 500e, I hope you don’t buy it, because every time I sell one it costs me $14,000,” he said.
It’s not clear why the losses have increased by 40 percent, but with sales of emissions-free city car currently limited to just California, Fiat doesn’t sell enough units to worry about taking a big financial hit.
As a reminder, the 500e is powered by a powertrain consisting of a 24 kWh lithium-ion battery and an electric motor that produces 111 horsepower (83 kW) and 147 lb-ft (200 Nm) of torque. It can travel up to 87 miles (140 km) on a single charge and reach a top speed of 85 mph (137 km/h).
Fiat Is Developing New 500e Electric Car
The electric Italian supermini is getting a second lease on life.
Fiat Chrysler Automobiles has confirmed that it’s working on a new 500e, one built on a dedicated small Battery Electric Vehicle (BEV) platform that that will provide better all-around performance.
The Fiat 500e is arguably the cutest electric vehicle market on the market, but it was built to comply with U.S. fleet fuel economy standards and not necessarily to sell en masse. Things will likely be different with the second generation model. stated:
“Mirafiori will represent the first installation of a full BEV platform applied on the new Fiat 500, capable of scaling to other applications worldwide,” stated FCA CEO Mike Manley. “Additional investments across our Jeep, Alfa Romeo, and Fiat brands will realize the benefits of existing plant capacity as well as scale and sourcing efficiencies from a common vehicle architecture, and Plug-in Hybrid Electric propulsion (PHEV) system, while preserving traits unique to the brands.”
Not much else is known about the next Fiat 500e, but it’s likely to remain a cute electric vehicle. What are you hoping to see?
Mike Manley Becomes New Fiat Chrysler CEO, Marchionne Steps Down
Health complications has forced Sergio Marchionne to step down from his post as Fiat Chrysler Automobile’s CEO. He has been replaced by Mike Manley effective immediately.
Marchionne had been recovering from shoulder surgery for some months, but a deterioration in his condition has rendered him incapable of running the automaker effectively.
FCA did not elaborate, but having served as FCA CEO since 2004, the former tax account oversaw a controversial tenure that included the acquisition of Chrysler during the 2008 global financial crisis, saving it from bankruptcy; the reintroduction of the Fiat, Alfa Romeo and Maserati brands to North America; spinning off Ferrari; and killing off Chrysler’s passenger cars,
Marchionne was expected to retire at age 66 in 2019. His replacement, Manley was previously the boss of FCA’s Jeep and Ram brands and assumes all powers of the CEO by the board of directors. John Elkann will become chairman at Ferrari, a post Marchionne was expected to hold in until 2021.
Is Fiat Chrysler better off without Sergio Marchionne? Share your thoughts in the comments below.
Hyundai Is Looking To Buy Fiat Chrysler?
That Fiat Chrysler Automobiles CEO Sergio Marchionne has been shopping for a corporate partner or a possible buyer is no secret, but could that partner / buyer be Korea’s very own Hyundai?
It was previously reported that Chinese automaker Great Wall was in talks to buy Jeep, and now a new rumor claims Hyundai will gun for a takeover of Fiat Chrysler Automobiles if the price is right.
According to sources that spoke with , Hyundai Motor Group CEO Chung Mong-koo is keeping a close eye on FCA’s stock price; once it drops to a certain level, a takeover bid will be made.
If true, the Korean automaker could make a takeover attempt before its annual shareholders’ meeting in spring of 2018, which is around the same time that FCA CEO Sergio Marchionne is expected to step down from his post.
The merger is reportedly being pushed by Elliott Management principal Paul Singer, an activist shareholder in Hyundai. Elliott Management also has a $1 billion stake in Hyundai.
Neither automaker has confirmed the talks, with Hyundai even denying it. When reached out to the Senior Group Manager of Hyundai Corporate and Marketing Public Relations, Michael Stewart about the rumor, he said “That rumor is totally groundless.”
If Hyundai does in fact takeover FCA, it would become the world’s largest automaker.