European car sales rose a fifth consecutive month in January as the start of an economic recovery in countries sharing the euro encouraged purchases of models such as Volkswagen AG’s Golf hatchback and Audi A3 sedan.
Ever since Sergio Marchionne snuck in to see the “The Graduate” as an underage teen in the 1960s, he’s had a soft spot for Alfa Romeo, the maker of the Spider Duetto convertible Dustin Hoffman’s character drove in the film.
With less than a 0.1 percent share of Japan’s car market, Alfa Romeo knew it couldn’t match the marketing muscle of local automakers such as Toyota Motor Corp., which together make nine out of 10 vehicles sold in the country.
Fiat SpA Chief Executive Officer Sergio Marchionne , rejecting overtures from Volkswagen AG, says Alfa Romeo isn’t for sale. That means at least two more years of depressed profit for the Italian company’s shareholders.
Fiat SpA plans to invest as much as 9 billion euros ($12.3 billion) on new models to end European losses in three years and revive nearly empty Italian factories, two people familiar with the matter said.
Fiat SpA will develop a successor to the iconic Alfa Romeo Duetto Spider with Mazda Motor Corp. as part of a plan to return the brand to the U.S after almost 20 years, a person familiar with the matter said.
While Fiat SpA Chief Executive Officer Sergio Marchionne, 61, got the spotlight for the New Year’s Day swoop to secure full control of Chrysler Group LLC, a reserved 37-year-old will ultimately determine whether that transatlantic combination succeeds.