Fiat-Chrysler Automobiles CEO Sergio Marchionne dispelled any recent rumors that parts, or the entire automaker, would be sold. On the sidelines of the Italian Formula One Grand Prix, Marchionne replied “No,” when asked if an offer was on the table for FCA.
Reuters reports FCA will continue to “purify” its business and seperate entities that do not belong within the automaker’s group. Marchionne’s comments alluded to the imminent sale or spin-off of Magneti Marelli.
“There are activities within the group that do not belong to a car manufacturer, for example, the components businesses. The group needs to be cleared of those things,” he said. As for when an announcement could arrive surrounding the parts business, the FCA CEO said it would be up to the board to decide. Its next meeting is scheduled for the end of September.
Marchionne also cleared any potential for an Alfa Romeo or Maserati spin-off in the near future as well. Right now, he said both units are too fresh and in the midst of development.
“The way we see it now, it’s almost impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati, these are two entities that are immature and in a development phase,” he said.
“It’s the wrong moment, we are not in a condition to do it.” Both brands must ““have the muscle to stand on their feet and make sufficient cash,” he added. However, he did reiterate that spinning both brands off made the most sense. Marchionne said if and when it does occur, he won’t be around to see it happen. Marchionne’s tenure at FCA is up in April 2019.