FCA - Product Plan (Notizie - Riassunto a pag. 1)

[Steve 89]

On 16/3/2017 at 10:11, 4200blu dice:

si, una volta (2014) i piani erano cosi.

 

Esatto! Era luciofire che non ci credeva! ?

[Bare]

https://seekingalpha.com/article/4065765-fiat-chrysler-automobiles-nv-fcau-q1-2017-results-earnings-call-transcript?part=single

 

Richard Keith Palmer - Fiat Chrysler Automobiles NV

...

I'll move on to page 4. We have an update on the launch process globally for two of our key new products. On the Alfa Romeo side, the Stelvio crossover was launched at the European Geneva International Auto Show. We're launching it in EMEA now in Q1. We will launch it in the NAFTA region in Q2 and then in Q3 in Asia Pacific. Shipments in the quarter were limited to about 3,000 units, but we have over 10,000 orders at the end of March. And the initial reaction in the marketplace and with the industry press and commentators has been very positive. This vehicle comes off the same platform, as you know, as the Alfa Romeo Giulia.

 

 

The Compass is being launched globally. We're completing the global industrialization in all regions. It's being commercially launched now in NAFTA in Q1 and will be launched in Europe in Q2, having already been launched in Latin America and Asia Pacific. Q1 shipments of this vehicle worldwide were 32,000 units with 5,000 in EMEA – sorry, in NAFTA, and the remainder in Latin America and Asia Pacific.

 

We also showed a concept vehicle at the SEMA Electronics Show in Las Vegas, the Chrysler Portal concept, which is the result of a collaboration with a number of supplier partners and is working towards looking at the interpretation of family transportation with next-generation autonomy and electrification.

 

...

 

Massimo Vecchio - Mediobanca Banca di Credito Finanziario SpA

 

Okay. Is it fair to ask you break-even volumes for the Alfa brand? Or...

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

It's not in the 230,000 number that Richard mentioned to you about as a combined number between Alfa and Maserati for 2017. We're still losing money at this level.

 

Massimo Vecchio - Mediobanca Banca di Credito Finanziario SpA

 

Okay.

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

That was part of the plan. It was clearly understood that the work that was being done on Alfa was designed to deal with more than just Alfa in the medium- to long-term. And effectively all the Maserati and the Dodge developments hinge on a proper execution of the Alfa strategy. So give it time. I think by 2018 we'll see much better numbers.

 

Massimo Vecchio - Mediobanca Banca di Credito Finanziario SpA

 

All right. Thank you. Thank you very much.

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

Richard, the conservative over here, says he's going to make money in Q4 with Alfa. So I'm just going to shut up and wait for him to deliver the numbers. I think it sounds reasonable to me, but for the year we won't be.

 

...

 

John Murphy - Bank of America-Merrill Lynch

 

But just to press you on this just a little bit. I mean could something like the Portal be out from Fiat Chrysler in the next year or two years in conjunction with a partnership with an LG Chem type of company?

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

Yes.

 

...

 

George Galliers - Evercore ISI

 

Yeah. Good morning or good afternoon. First question I had was just on Maserati. Clearly a very strong performance, but the margin is still short of your 15% target for next year. The question I had is, can you get closer to the 15% with your existing product lineup? And should we expect further progression through 2017? And also what will drive this? Is it leverage on higher volumes, product mix, market mix, pricing, or other factors?

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

I think we're done on pricing on Maserati. I'm not sure there's much to be extracted. I think it is really penetration of the markets. We're beginning quite an intense distribution process across the globe. You've seen from the numbers in Q1 that they don't reflect the full year capacity in Maserati. I think we're targeting about 60,000 cars for 2017. And as you well know, operating leverage in this business is huge and so margin accretion is simply due to volume growth. And it's due to the fact that I think the distribution will widen as we get better.

 

We just launched now effectively into the U.S. in an effective way with the Levante. There's a couple of model year changes that are coming through for both the Quattroporte and the Ghibli, so we were able to extend the GranTurismo and the GranCabrio for an additional year. And the GranCabrio will extend beyond 2018, too. So I think we feel better about the product portfolio. We continue to work on its renewal, and this ties back into the discussion that we've had about Alfa earlier. This is crucial in terms of the next phase for Maserati. I think having done the Giulia and Stelvio, I think we're going to be in a much better position to move that brand forward.

 

...

 

Rod Lache - Deutsche Bank Securities, Inc.

 

If you could just clarify one thing on Europe, just broadly aside from what's happening from these regulatory authorities, there's been a broader decline in diesel demand within Europe. And is that having any impact on your compliance strategy or spending plans going forward?

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

Well, Rod, there's not a single doubt that the cost of compliance with the diesel emission limits on smaller segments, whether A and B segments, is going to make diesel absolutely cost prohibitive for anybody who is in the market. And to the extent that we are active with repondos (50:48), the Fiat 500s and so on in that segment, we need to be very, very careful that we don't think we can continue to rely on our 1.3 liter diesel as providing a solution. It will be way too expensive.

 

And so obviously, it's changed – it has changed our compliance strategy because we are going to have to rely on a combination of gas and something else, which is a mild form of electrification to get us over the hump.

 

...

 

Martino De Ambroggi - Equita SIM SpA

 

Thank you. Good morning, good afternoon, everybody. I'd like to follow up on LATAM activity. Thinking about the divisional performance, I don't know if you agree, it seems to be the most difficult, the most challenging division target for – to be achieved in 2018. So what's the full-year 2017 performance, which would provide you enough visibility to achieve the 7% adjusted EBIT target in 2018?

 

Richard Keith Palmer - Fiat Chrysler Automobiles NV

 

Well I think, Martino, we're obviously – we're managing the target on the full portfolio, that you're right, as the market stands today, the LATAM target looks pretty tough. I think we are pleased with the performance of Jeep in Latin America and the impact it's having on our mix. We are working to continue to have an appropriate cost level for the level of the market today, and I think as compared to competition we've been performing well, notwithstanding that we've been around break-even for the last few quarters.

 

Going forward, I think the key for us is to position well, Jeep, which we're doing, maintain our position in the pickup segments with Strada and with the new pickup out of Pernambuco, and be ready for when the market starts to give some indications of improvement. As I said earlier, we've seen some year-over-year improvements in annual sales – daily sales, sorry, in the last 30 days. And so I think there is some improved confidence. Interest rates have come down. I think consumers are more active, and so we'll continue to manage the business towards the best performance we can get to.

 

We don't need to get LATAM to the levels that we wrote down to get to the business plan overall, because I think on the other side, as we just talked about, components are doing – are performing strongly, EMEA is performing strongly with a market that is performing better than our original forecast, and the North America plan is underway with strong performance expected in 2018 from the new Wrangler, the new light-duty Ram, et cetera, and margins getting up to where our competition is.

 

So I think plus the luxury and premium brands, we obviously built some level of overall contingency into our plan so that we could manage one of the operating segments underperforming, and at the moment the most likely candidate is Latin America, not that we're giving up there, but I think overall, we're still confident of getting to our 2018 targets.

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

Just to make sure that whoever's listening to the call, and including people down in Latin America, there's absolutely no intention of giving up on the 7% target for 2018. I mean the reason why we invested in Pernambuco was to effectively allow that business to field roughly 250,000 cars out of 750,000 in Latin America, or at least out of the Brazilian operations, and margins, which were substantially higher than the historical run rate that we were getting out of Fiat as a brand. And that process has begun to deliver. We're only running slight – in excess of 100,000 cars now out of that plant.

 

So we're about 40% of the way there. And I think we need to see the full deployment of the production capacity in Pernambuco before we call it a day in terms of margins. So I think 7% is still doable, but I also agree with Richard that when the plant was put together, there were enough bumpers that were put around the numbers to make sure that in case we caught a cold in a particular jurisdiction, we'd be able to offset it. So the number is within reach, one way or the other, for the group.

 

...

 

Patrick Hummel - UBS AG

 

All right. Okay. And my second question, a month ago, Mr. Müller from Volkswagen was asked whether he spoke with you recently about potential combinations, et cetera.

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

Whatever he told you, I have not spoken to him.

 

Patrick Hummel - UBS AG

 

Right. That was my question, basically. You have reached out in the meantime?

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

No, I have not.

 

Patrick Hummel - UBS AG

 

Or you're planning to speak to him? Because he's clearly – he wasn't very clear in his answer, and he seemed to be sort of interested to have a conversation.

 

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

Well, maybe we will have one. But right now, I've just been busy delivering the best quarter in our history. So I think if I had to make a choice between delivering these numbers or talking to Matthias, I'll deliver these numbers any day.

 

Patrick Hummel - UBS AG

 

All right. Thank you.

 

...

 

Dominic O'Brien - Exane Ltd.

 

Thank you. And then secondly, just specifically on your capacity realignment plans, when production of the new light duty Ram and Jeep Wrangler starts in new plants next year, what happens to the current production sites, the supply park in Warren in 2018? Do those plants go on producing old models or is there going to be some idle periods throughout 2018 on those? Thank you.

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

I think that we're looking at – well, to begin with, as you well know, one of those sites, certainly the Warren plant, will be needed to produce one of the – one if not both of the Wagoneer and Grand Wagoneer that are coming on the (72:36). So the plant is not going to go idle in the medium to long term.

 

The question that you asked about whether we're going to continue production on the old models for any – for long period of time is unclear to me. I think we're looking at this right now. I think the launch sequence of the new Ram 1500 is a very complicated product in terms of actual composition of models. It will take us a good 12 months to 18 months to roll out the full range of products that are encompassed by the 1500 nameplate. And I think the likelihood of us being able to extinguish the old Ram 1500 while that rollout happens is relatively small.

 

So we're playing the what-ifs right now. I think there's a better than 50% chance that Warren will run for some period of time, if not the whole of 2018 making the old model. But it's only to supplement the new one until the full rollout happens.

 

Dominic O'Brien - Exane Ltd.

 

Okay. Thank you. And the same with the Wrangler, can that continue throughout 2018 as the old model...?

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

We've got to be very – that's a different story, because I think the Wrangler will come – it undoubtedly will have extended production in some of its versions, but it's a lot easier for us to replace the Wrangler in its totality with the new installation than it is to replace the old 1500 with the new. Declining various versions of the two nameplates, Wrangler and 1500, is a lot easier to do it on the Wrangler than it is to do on the 1500. So I would expect it, and I think that's what's built into our plan. It's certainly within the first half of 2018, we will be decommissioning the old Wrangler and we'll begin work on the introduction of the pickup truck, which is coming up next.

 

Dominic O'Brien - Exane Ltd.

 

Thank you very much.

[Davialfa]

31 minuti fa, Bare dice:

 

 

...

 

Massimo Vecchio - Mediobanca Banca di Credito Finanziario SpA

 

Okay. Is it fair to ask you break-even volumes for the Alfa brand? Or...

 

Sergio Marchionne - Fiat Chrysler Automobiles NV

 

It's not in the 230,000 number that Richard mentioned to you about as a combined number between Alfa and Maserati for 2017. We're still losing money at this level.

 

 

 

Quindi? Perderebbero comunque soldi a 230.000?

[fxtech]

riporto un post interessante di un utente di finanzaoline

 

http://www.finanzaonline.com/forum/mercato-italiano/1801864-fiat-chrysler-automobiles-news-market-23-mar-2017-a-post48671082.html#post48671082

 

Visto che per criticare FCA ora qualcuno scrive di "miopia" (nel senso che per alcuni si sta massimizzando il breve termine senza pensare al futuro) mi sono fatto un "giro" sugli investimenti fatti nel 2016 dai produttori mondiali (in miliardi di euro)

Toyota 30 (nel totale forse ci sono anche i trucks)
Vw 19 (nel totale forse ci sono anche i trucks)
Mercedes 11 (senza trucks)
Ford 9
BMW 9
GM 9
FCA 9
Certo si potrebbe dire che gli investimenti di FCA sono tutti sbagliati... ma come valori assoluti FCA in proporzione sta investendo di più di altri...

E anche l'analisi dell'Ebit è curioso:
Mercedes 9 (senza Trucks e senza 2 miliardi di servizi finanziari)
BMW 8 (senza servizi finanziari)
Il target FCA per il 2017 è: EBIT superiore ai 7 miliardi (seppur adjusted) ... e le previsioni su Mercedes e BMW sono sostanzialmente "stazionarie" per il 2017
Ricordo che le due tedesche gestiscono "internamente" i servizi finanziari e si sono anche "agevolate" dei finanziamenti a tasso zero della BCE
FCA in questo è ovviamente arrivata tardi e ha dovuto optare per la JV che però potrebbe continuare a dare soddisfazioni sempre maggiori....
I "trucks" li ho tolti altrimenti dobbiamo considerare anche parte di CNH.....

Altra sparata serale: non è che stiamo "idealizzando" un po' troppo gli "investimenti" dei concorrenti? Io "la butto li'" perché di industria automotive non me ne intendo, però i numeri sono sempre numeri....
Certo FCA è partita praticamente da "zero", però pensare che FCA potesse investire di più in questi anni senza alcun aumento di capitale (ad esclusione dei 2 miliardi scarsi del convertendo) per me è "folle"

P.S. Capex FCA durante il piano industriale:
2014: 8,1 miliardi
2015 9,2 miliardi
2016 8,8 miliardi
primo trimestre 2017: 2,2 miliardi contro 1,8 miliardi del primo trimestre 2016. Quindi rispetto al primo trimestre dello scorso anno FCA ha investito 400 milioni in più (lo scrivo perché qualcuno anche qui ha sostenuto che gli investimenti si sarebbero fermati)
Insomma nel periodo 2014-2016 gli investimenti sono stati 26,1 miliardi di Euro. Da piano erano previsti 40 miliardi di Euro (55 miliardi di dollari) di investimenti in 5 anni, il cambio euro dollaro nel 2008 non era 1,1.. quindi siamo perfettamente in linea...

[T a u r u s]

On 4/27/2017 at 11:21, Davialfa dice:

 

Quindi? Perderebbero comunque soldi a 230.000?

 

 

dovresti fare un po divisione, perché Maserati ha un margine di profitto elevato, e' ovvio che su Alfa perdono dei soldi fino ad arrivare al BEP, inoltre devi considerare anche le spese R&D e industrializzazione che devono essere coperte, come hanno detto Alfa probabilmente andrà in nero nell'ultimo trimestre dell'anno.  

[HF integrale]

On 30/4/2017 at 09:25, fxtech dice:

riporto un post interessante di un utente di finanzaoline

 

http://www.finanzaonline.com/forum/mercato-italiano/1801864-fiat-chrysler-automobiles-news-market-23-mar-2017-a-post48671082.html#post48671082

 

Visto che per criticare FCA ora qualcuno scrive di "miopia" (nel senso che per alcuni si sta massimizzando il breve termine senza pensare al futuro) mi sono fatto un "giro" sugli investimenti fatti nel 2016 dai produttori mondiali (in miliardi di euro)

Toyota 30 (nel totale forse ci sono anche i trucks)
Vw 19 (nel totale forse ci sono anche i trucks)
Mercedes 11 (senza trucks)
Ford 9
BMW 9
GM 9
FCA 9
Certo si potrebbe dire che gli investimenti di FCA sono tutti sbagliati... ma come valori assoluti FCA in proporzione sta investendo di più di altri...

E anche l'analisi dell'Ebit è curioso:
Mercedes 9 (senza Trucks e senza 2 miliardi di servizi finanziari)
BMW 8 (senza servizi finanziari)
Il target FCA per il 2017 è: EBIT superiore ai 7 miliardi (seppur adjusted) ... e le previsioni su Mercedes e BMW sono sostanzialmente "stazionarie" per il 2017
Ricordo che le due tedesche gestiscono "internamente" i servizi finanziari e si sono anche "agevolate" dei finanziamenti a tasso zero della BCE
FCA in questo è ovviamente arrivata tardi e ha dovuto optare per la JV che però potrebbe continuare a dare soddisfazioni sempre maggiori....
I "trucks" li ho tolti altrimenti dobbiamo considerare anche parte di CNH.....

Altra sparata serale: non è che stiamo "idealizzando" un po' troppo gli "investimenti" dei concorrenti? Io "la butto li'" perché di industria automotive non me ne intendo, però i numeri sono sempre numeri....
Certo FCA è partita praticamente da "zero", però pensare che FCA potesse investire di più in questi anni senza alcun aumento di capitale (ad esclusione dei 2 miliardi scarsi del convertendo) per me è "folle"

P.S. Capex FCA durante il piano industriale:
2014: 8,1 miliardi
2015 9,2 miliardi
2016 8,8 miliardi
primo trimestre 2017: 2,2 miliardi contro 1,8 miliardi del primo trimestre 2016. Quindi rispetto al primo trimestre dello scorso anno FCA ha investito 400 milioni in più (lo scrivo perché qualcuno anche qui ha sostenuto che gli investimenti si sarebbero fermati)
Insomma nel periodo 2014-2016 gli investimenti sono stati 26,1 miliardi di Euro. Da piano erano previsti 40 miliardi di Euro (55 miliardi di dollari) di investimenti in 5 anni, il cambio euro dollaro nel 2008 non era 1,1.. quindi siamo perfettamente in linea...

 

Aggiungo un dato, non so se ritrovo le tabelle che ho letto mi pare sul sole 24 ore, comunque FCA è il primo gruppo per investimenti in Italia e di quei 8 mld di Euro, solo 600 milioni di dollari sono stati investiti in USA, il resto in Italia, il che conferma che la testa progettuale del gruppo è principalmente in Italia. Questi numeri al di là delle chiacchiere confermano tanti nuovi modelli in arrivo. Come ha detto Marchionne il forno ha cominciato a funzionare. 

 

 

[Steve 89]

Ragazzi ma qualcuno ha capito quale sarà la prossima mossa del gruppo dopo le recenti 500l restyling, jeep compass  e fiat argo brasiliana? Dal piano era previsto un suv fiat europeo nel 2017, è stato cancellato? La prossima Alfa è confermata l'E suv a mirafiori? 

[Alain]

il marchio fiat necessita secondo me una nuova gamma di vetture razionali sulla base del successo di tipo... 

 

- Panda

- nuova Punto low cost

- nuova "B SUV" su base Punto, low cost

- nuova B MPV ex 500L, low cost

- Tipo 4p, 5p SW

- nuova "C SUV" su base Tipo, low cost 

- nuova "D SUV" ex freemont, low cost su base USA? 

 

poi se proprio vuoi affianchi la gamma emozionale 

500 

500 X 

124 

 

e la 500L la fai rientrare nelle vetture razionali con un nuovo design per il prossimo modello.

in quel segmento conta il prezzo se hai il marchio fiat. 

 

così possono fare i numeri...

anche perchè gli altri stanno correndo, basta guardare la gamma di skoda aggiornata... 

[Steve 89]

8 ore fa, Alain dice:

il marchio fiat necessita secondo me una nuova gamma di vetture razionali sulla base del successo di tipo... 

 

- Panda

- nuova Punto low cost

- nuova "B SUV" su base Punto, low cost

- nuova B MPV ex 500L, low cost

- Tipo 4p, 5p SW

- nuova "C SUV" su base Tipo, low cost 

- nuova "D SUV" ex freemont, low cost su base USA? 

 

poi se proprio vuoi affianchi la gamma emozionale 

500 

500 X 

124 

 

e la 500L la fai rientrare nelle vetture razionali con un nuovo design per il prossimo modello.

in quel segmento conta il prezzo se hai il marchio fiat. 

 

così possono fare i numeri...

anche perchè gli altri stanno correndo, basta guardare la gamma di skoda aggiornata... 

Esatto!! A fiat manca mezza gamma rispetto a tutte le altre generaliste! Lancia è morta! Alfa non si intravede nulla all'orizzonte! Maserati Alfieri non si sa che fine ha fatto, con gran turismo e spider ormai belle vecchiotte e senza sostitute! Per non parlare della gamma Chrysler.....mah...! Non capisco cosa abbiano in mente di fare....

[AndreaB]