In his last major presentation as CEO of Fiat Chrysler, Sergio Marchionne announced a big investment push to make more electrified cars, while acknowledging that traditional engines will continue to dominate production. The daylong presentation focused on plans for the brands that drive revenues: Jeep SUVs, Ram trucks and premium brands Maserati and Alfa Romeo. Notably absent were the marquee brands: Fiat and Chrysler, which both represent the less-profitable passenger cars currently off consumers' radar, particularly in the United States, where Fiat Chrysler makes more most of its profits, but also in fast-growing China. Marchionne said debt is "a legacy that has dogged both Fiat and Chrysler for decades," and that erasing it "a significant milestone." Meanwhile, the premium brand Alfa Romeo plans to increase annual sales to 400,000 by 2022, having missed that same mark for this year.

Source: ABC News June 01, 2018 19:52 UTC