Toyota to Marchionne: “It’s Not You, It’s Us”
Sergio Marchionne, CEO of Fiat Chrysler Automobiles (FCA), has been a busy little bee. As he nears the end of his tenure as head of the international automaker, Marchionne is trying his best to set up a merger that’ll help him retire as a legend in the automotive industry. Last week, he was turned down by GM CEO Mary Barra, who decided that GM was big enough on its own and didn’t need a merger. Now, it seems Marchionne has also been given his march(ionne)ing orders from Toyota North America’s CEO, Jim Lentz.
According to The Detroit News, Lentz spoke about the subject at the recent groundbreaking ceremony at Toyota Technical Center in Ann Arbor, Michigan. “It’s something we would not be interested in,” Lentz told reporters. “At 10 million (vehicles) we have enough scale right now to do what we need to do. There really would be no advantage for us.”
Marchionne is pushing pretty hard for a merger, although he hasn’t actually reached out to Toyota yet, as far as we’re aware. Industry experts truly believe that Marchionne will find another automaker willing to merge, but that it’s likely to be a smaller automaker, and probably not one we’ve heard of here in the United States.
Keep trying, Sergio. We’re sure you’ll find the perfect partner if you just believe in your heart that it’s possible.
News Source: The Detroit News