The most recent round of rumors picked Hyundai as the latest potential bidder on Fiat-Chrysler Automobiles, but FCA CEO Sergio Marchionne has once again cleared things up.
Speaking at a university event in Rovereto, Italy, Marchionne said there is “no big deal on the table” to merge or sell the automaker to Hyundai, despite South Korean reports stating the opposite. Instead, the FCA boss plans to vigorously carry out debt-elimination plans, according to Bloomberg. The automaker plans to be debt positive by the end of 2018. Currently, the automaker holds a net industrial debt of $5 billion.
To help accomplish such a goal, Marchionne confirmed FCA will spin off its Magneti Marelli parts division next year. The parts business is reportedly worth $6 billion.
He’s also working on filling out FCA’s business plans through 2022 and selecting his successor—Marchionne will retire in 2019.