CHINA - Hyundai opens its fourth production facility to meet growing demands for more if its products in China.

• Cangzhou Plant is Hyundai Motor Company’s fourth manufacturing facility in China and has an annual capacity of 300,000 units
• Hyundai Motor Company aims to seize the initiative in China with its ‘New Plant, New Model and New Strategy’ approach         
• Chinese strategic model ‘Verna Yuena’ to be produced at Cangzhou to expand market share further
• Cangzhou Plant creates 6,000 new jobs, benefitting the local community

Hyundai Motor Company has opened its fourth manufacturing plant in China in the strategically-important city of Cangzhou in north eastern China. The new plant, Beijing Hyundai Motor Company Cangzhou Branch, has an annual capacity of 300,000 units.

At the plant’s opening, Hyundai Motor Chairman Chung Mong-Koo looked ahead to a 10 million cumulative sales target for the company in China, declaring a new vision and greater resolve for Hyundai Motor in the country. Chairman Chung said, “Completion of our Cangzhou Plant is the foundation that enables Hyundai Motor to make a new leap forward in China. 

Together, Hyundai Motor and Kia Motors can now produce up to 2.4 million cars annually in China with plants in operation at eight strategic Chinese sites.”

The opening of the Cangzhou manufacturing plant coincides with Hyundai Motor’s 14^th year of operation in China after it started exporting automobiles as Bejing Hyundai Motor Company (BHMC) on October 18, 2002. Recording exponential growth every year, BHMC achieved cumulative sales of eight million units in August 2016.

New Plant – ‘Cangzhou Plant’

By opening its new plant, Hyundai Motor Company sets out to seize the initiative in the incrementally-competitive Chinese market with its ‘New Plant, New Model and New Strategy’ initiative. Cangzhou Plant begins operations just four years after Hyundai Motor’s third plant opened in Beijing in 2012. Cangzhou Plant’s competitive edge lies in its strategic location. It is situated only 200km southeast of Beijing, aligned with existing parts suppliers and Tianjin Port, Hyundai Motor’s logistics base.

Built on a 1.92 million square meter site, with a floor space of 250,000 square meters, Cangzhou Plant is fully equipped with press, body, paint and assembly lines, in addition to an engine plant. The facility’s initial capacity of 200,000 units will manufacture strategically important small cars. It will expand to its maximum capacity of 300,000 units by 2018.

A smart and environmentally-friendly plant, Hyundai Motor’s Cangzhou facility uses the latest automation facilities in press, body, paint and assembly, as part of a flexible production system to ensure maximum efficiency and capacity utilization. In particular, the body line features a 100% fully-automated system that utilizes 299 robots. Also, Cangzhou Plant will implement a comprehensive recycling system, including recycling gas emissions, water and waste.

New Model – ‘Verna Yuena’

At the Cangzhou Plant opening ceremony, Hyundai Motor unveiled Verna Yuena, the first model to be produced at new plant. Displaying Hyundai Motor’s determination to penetrate the Chinese market further, Verna Yuena is a strategic model designed after careful consideration of the needs of Chinese customers.

Verna Yuena was developed specifically to satisfy the demands of Chinese customers as a smart urban family sedan that competes successfully in this price-sensitive sector. Its concept was first introduced at the 2016 Beijing Motor Show boating dynamic and refined design, the greatest interior space in the segment, plus the latest safety and convenience features.

Verna Yuena’s exterior design features Hyundai Motor’s ‘Modern Elegance’ approach with dynamic and refined styling, a large hexagonal grill, and ample interior space. The Cangzhou Plant will produce the new model with a choice of two engines, a 1.6-litre, 120ps unit and a 1.4-litre with 100ps. Verna Yuena comes with latest safety technology, including VSM (Vehicle Stability Management), TPMS (Tire Pressure Monitoring System) and also latest convenience feature such as band type smart key ‘H-Band’, smart trunk, heated front row seats, and a sunroof. Verna Yuena will also fully support Apple CarPlay and Baidu CarLife.

New Strategy – ‘Blue Melody’

Hyundai Motor also announced its future strategy in China under the name ‘Blue Melody’. Encompassing Hyundai Motor’s future direction, the name Blue Melody takes the first letters of Hyundai Motor’s ‘Blue’-branded products and services: Blue Ecommerce, Blue Link, Blue Outlet, Blue Drive and Blue Youth.

The Blue Melody strategy focuses on customer satisfaction through systematic customer management and differentiated service. Through Blue Ecommerce, Hyundai Motor will utilize big data to enhance convenience for customers by establishing an integrated customer-tailored platform as part of its digital marketing.

In addition, Blue Link provides a new customer experience by applying Apple CarPlay and Baidu CarLife on Hyundai Motor flagship models. With Blue Outlet, Hyundai Motor will continue to enhance its sales competitiveness in key regions across China.

Blue Drive continues its proven success in enhancing competitiveness of eco-friendly cars especially in China where competition is intensifying in this key area of focus. Last but not least, Blue Youth strives to improve the company’s brand image by providing creative experiences for people in their 20s and 30s in China.

Jaguar Land Rover completes the deal to build a new £1Bn production facility in Western Slovakia.

• New world-class premium manufacturing facility confirmed in Nitra
• The next stage of the Company’s plans for sustainable global growth
• Today’s announcement also supports long-term investment in the UK

Jaguar Land Rover has confirmed that it will be the first British carmaker to open a manufacturing facility in Slovakia. The announcement follows an agreement between the company and the Government of the Slovak Republic to build a new plant in the city of Nitra, western Slovakia.

The new world-class £1 billion premium manufacturing facility will eventually employ around 2,800 people.

Today’s announcement follows Jaguar Land Rover’s recent confirmation to double its investment in its engine plant in the UK to almost £1 billion – the largest injection into a new British manufacturing plant in decades creating several hundred new jobs.

Dr Ralf Speth, Chief Executive Officer, Jaguar Land Rover commented, "Jaguar Land Rover is delighted today to welcome Slovakia into our family. The new factory will complement our existing facilities in the UK, China, India and Brazil and marks the next step in the company’s strategy to become a truly global business.

Slovakia has an established premium automotive sector, which represents 43% of the country’s overall industry. It has more than 300 suppliers in close proximity and an excellent logistics infrastructure; this confirmed our decision that this country was the ideal location. 

“The heart of our company will always be in the UK, where our design, technology and manufacturing capabilities are based. It is our creativity and innovation which makes Jaguar Land Rover the leading boutique automotive brand, offering exceptional products for our customers.”

As part of Jaguar Land Rover’s commitment to deliver more lightweight vehicles, the plant will manufacture a range of all-new aluminium Jaguar Land Rover vehicles. It is anticipated that the first cars will come off the production line in late 2018. The factory will have an initial capacity of 150,000 vehicles and construction will commence in 2016.

Today’s announcement follows the signing of an agreement by Dr Ralf Speth, Chief Executive Officer of Jaguar Land Rover and Robert Fico, Prime Minister of Slovakia, in Bratislava.

Robert Fico, Prime Minister said, “We are glad that Jaguar Land Rover has chosen Slovakia for its new world-class manufacturing facility. This decision shows that, with a stable and solid business environment, Slovakia is an attractive place for investors. And the marriage of Slovak craftsmanship and British engineering holds great promise.”

Jaguar Land Rover has made significant progress in building its international manufacturing presence over the last year. It opened a new joint venture in China and commenced construction of its local manufacturing plant in Brazil at the end of 2014. The creation of new international plants allows Jaguar Land Rover to offer its customers even more exciting new models, protect against currency fluctuations and create a globally competitive business.

During this time, the Company has invested heavily in its UK vehicle manufacturing facilities at Castle Bromwich, Halewood and Solihull to support the introduction of all-new vehicles such as the Jaguar XE, XF and F-PACE, Range Rover Evoque Convertible and Land Rover Discovery Sport. In addition, it plans to expand its advanced engineering and design centre at Whitley, Coventry and invest in the National Automotive Innovation Centre at the University of Warwick. Jaguar Land Rover’s sustained investment supports the delivery of the UK’s wider industrial strategy.

Over the past five years, Jaguar Land Rover has employed more than 20,000 people taking its workforce to more than 37,000 and invested more than £11 billion in new product creation and capital expenditure.

Jaguar Land Rover has selected Slovakia as the location for its next manufacturing site following robust analysis of a number of locations around the world including other European countries, United States and Mexico. 

Half a Million in just 21 months, that will be the new generation Qashqai, the fastest UK production milestone.

• 500,000^th second-generation Qashqai rolls off the production line in Sunderland
• Flagship Crossover reaches half-million milestone faster than any UK-built car
• New generation Qashqai in demand across 84 countries worldwide

Nissan celebrates a record breaking milestone as the 500,000^th Qashqai rolls off the production line in Sunderland, UK. Achieving the feat in a record-breaking 21 months, Nissan’s pioneering flagship Crossover has become the fastest ever UK-built vehicle to smash the half million production mark.

Since its start of production in January 2014, a new Qashqai has been built every 62 seconds  on the Sunderland factory’s Line 1, with nearly 100,000 (20%) of these being delivered within the UK.

Today’s announcement also sees the Qashqai beat previous records set by the MK1 Ford Cortina, which took 34 months to hit the half million landmark, and the Austin/Morris 1100/1300 which reached the same total in 29 months.  

The Qashqai’s package of quality, style and class-leading technology make it the best-selling Crossover in Europe with France (68,044), Italy (45,464) and Spain (42,306) accounting for almost a third (31%) of global Qashqai sales.

Although originally designed for the European market, it’s not just Europe where the Crossover is a popular choice – the Qashqai is now in demand in 84 countries worldwide including Uganda, Zambia, and Saint Kitts, to name a few.

“The Nissan Qashqai is going from strength to strength,” said Paul Willcox, Chairman, Nissan Europe. 

“Half a million Qashqais in just 21 months is an astonishing achievement and proof that the Qashqai is hitting the spot with buyers. Together with the pioneering first generation version, there are now more than 2.5 million Qashqais on the road in Europe, making Nissan the undisputed leader in the Crossover sector.”

Total global production of the Qashqai now tops 2.5 million. From late autumn 2015 the new Qashqai will also be manufactured in St. Petersburg for domestic sales in Russia.

Nissan Motor (GB) Ltd will be celebrating this milestone at an event in central London today.  Hosted by the Society of Motor Manufacturers and Traders (SMMT), the event is designed to showcase the importance of the UK automotive industry ahead of the 66^th Frankfurt Motor Show.

To find out more about Nissan’s award winning Qashqai please visit www.nissanpress.co.uk or visit your local Nissan dealer.

Inside the new Jaguar Solihull Plant, with Nick Gibbs.

JLR Solihull: The XE factor

04 November 2014 | Nick Gibbs

Against expectations, the OEM has built a brand new plant in the UK in order to produce its ‘baby’ Jaguar

Jaguar Land Rover (JLR) has achieved at Solihull what industry observers said was unlikely ever to happen again: the construction of a new car factory in western Europe. That it is not recognised as such is due to the fact that the 160,000 sq.m facility for production of Jaguar’s rival to the BMW 3-Series, the XE, has been constructed within the bounds of JLR Solihull, the complex which already builds the Range Rover and Range Rover Sport.

That is an impressive feat in itself, given the lack of space at this historic site near Birmingham, birthplace of past British icons such as the original Range Rover and the Rover SD1. But more impressive still is the scale of the brand new bodyshop that will produce the aluminium monocoque for the Jaguar XE from the end of September, as well as for future models using the same all-new architecture.

At an early unveiling of the car at the new bodyshop and assembly hall, attended by AMS, plant director Alan Volkaerts described these facilities as “world-class” and “state-of-the-art”, boasting that the 80,000sq.m bodyshop is the largest in Europe working with aluminum. It would have been the largest in the world, except that former JLR owner Ford decided to go down the same route by using the lightweight material to build its new F-150 pick-up.

The XE bodyshop and assembly hall are separate to those already producing the two Range Rovers and the Discovery but the paintshop is shared. The new plant has an annual capacity of 168,000 units on three shifts and can make a vehicle every 78 seconds. According to Rich McDonell, bodyshop and stampings manager at Solihull, the new factory will start with a single shift “and migrate to three shifts as output increases”.

As explained by McDonell, establishing the new bodyshop involved clearing old buildings including a quality audit area and a logistics lorry park, while the assembly hall was created by the complete refurbishment and doubling in size of a former assembly hall for the original Freelander compact SUV. In total, he said, the bodyshop cost £310m, of which £75m was for the building itself – all part of the £1.5 billion that JLR says it will have spent on the new aluminium platform.

---

“We are looking at innovative ways to expand capacity. We can't build another of these” – Rich McDonell, Jaguar

---

Turning to trunnions to save space

Inside the fully automated bodyshop are 613 robots, all supplied by ABB. But very few wield a welding torch; instead, their purpose is to rivet and bond the stamped aluminium. In total there are 456 rivet guns and 48 glueing stations. In support of the robots are eight trunnions, which JLR says are not to be found at other plants. These giant yellow drums were made by Expert AMT, also based in the West Midlands, and are up to seven metres tall – the largest has been dubbed the ‘Solihull Eye’, after London’s ferris wheel. The trunnions have six sides to better present the bodyshells for riveting by the robots. “That saves a significant amount of space; we would have had to put a lot more fixtures [in] if we didn't have that,” said McDonell.

The trunnions can take three workpieces at a time, with one half loading and the other off-loading. Crucially for the flexibility of the plant, these can be for three different models on the D7A aluminium platform. So far Jaguar has only announced the saloon, but other versions will certainly include an SUV and an estate. The overall speed of work in the bodyshop has been significantly optimised, with the takt time now down to 73 seconds, according to McDonell. That is a vast improvement on the six minutes it used to take to move from one job to another on Jaguar’s first aluminium car, the XJ limo which was made from 2003.

Also streamlined is the number of rivets used per car, down from over 4,000 on the original aluminium XJ to around 2,700 on the XE. Mark White, JLR’s chief technical specialist for lightweight vehicle structures, explained: “Our goal is to rely on adhesive more and more.” The glue has improved from that originally used on the current D7U aluminium-bodied Range Rover and Range Rover Sport, according to McDonell. We're using an aerospace-style adhesive, really strong,” he stated. Baking is required for the glue to set but, cleverly, JLR uses the drying heat in the paintshop to avoid heating the bodies twice.

The aluminium for the bodies is supplied by Novelis, a spin-off from Alcan, which worked with Ford on the original Jaguar XJ. German and Swiss plants plus a recycling centre in Latchford, north-west England, supply JLR’s three press shops for the XE. Solihull makes all the skin panels, nearby Castle Bromwich handles some of the structural parts and Halewood in Liverpool produces the common platform parts.

The goal is for the XE to be made with 75% recycled aluminium by 2020, and White says Novelis is working with JLR to achieve it. “Ideally we'd like a small recycling centre at each press shop so we can process scrap and produce new metal, but that's predicated on volume,” he said. JLR’s use of aluminium is also pushing forward the related joining technology. McDonell boasts that the company’s input has refined the self-piercing rivet guns supplied by Henrob: “We make their solution work".

But there are problems associated with being a pioneer. According to White, there is a lack of standardisation in the industry when it comes to aluminum grades, pre-treatments, lubricants and so on. “With steel, it's pretty much harmonised across all the steel companies. That's not the case with aluminium right now. It’s a bit supplier-specific,” he explained. White’s aim is to get carmakers to co-operate on this matter. “If we can all get together and make sure we've got common industry standards, that can only be good for car companies. So when they need to save weight and move towards light metals we will have already facilitated that and made that happen,” he stated.

The body of the XE is 25% steel, which is used in the rear doors and boot lid. Though made of a traditional material, the boot lid is an example of high-tech manufacturing, treated with laser-brazing because one part of it cannot be stamped. Unlike spot welding, for this process heat from a laser is used to join the two sections, followed by filler.

One-of-a-kind assembly

While the assembly hall for the XE is also new, in contrast to in the bodyshop, it has been built to accept some production of the Range Rover Sport, which will come down the same line despite using a different platform. This makes Solihull the only factory within JLR’s network to make both Land Rovers and Jaguars. “We took a ‘brave pill’ and made that build hall even more flexible,” said McDonell. “Although it was expensive it's been worth it because the demand for our product has been so strong.” This solves JLR’s bottleneck for what is surely its most profitable model along with the related Range Rover, and one that has proven far more popular than the company envisaged.

A height-adjustable skillet system accommodates assembly

of the Range Rover Sport alongside the XE

Very little of the assembly is automated, with only the glazing applied by robots. The hall will thus house the bulk of the 1,700 new employees JLR has said it will hire for XE production, with 500 joining this September. Inside the 81,000 sq.m building are 202 main line assembly stations and 101 subassembly stations. The moving production lines include a height-adjustable skillet system, using bellows instead of scissor lifts. This is important to accommodate the Range Rover Sport, which is much taller than the XE saloon.

Meanwhile, the large off-track testing and inspection area includes 95 bays, and can be regarded as evidence that JLR is serious about burying its lingering reputation for a high fault rate. “It’s something we’ve learned: we need space and time to check and improve quality,” admitted off-track manager Dave Humphries. Part of the process includes a water ingress test that blasts the cars with water at 265 litres a minute to mimic monsoon conditions.

With a capacity of 168,000 units in the new Solihull plant for the XE and related models, Jaguar must be hoping to more than double sales from last year’s figure of just under 77,0000. Given problems in the past with expanding Jaguar, particularly under Ford, the bodyshop and assembly hall look to be future-proofed for the time being on production numbers. If not, the plant will have to go to four shifts (adding a second 12-hour shift at the weekend), according to McDonell, who noted that the options are limited. He commented: “We are looking at innovative ways to expand capacity. We can't build another of these.”

REPORT HERE

Jaguar Land Rover to built new Engine plant in China

Jaguar Land Rover is finalizing plans to build an engine factory next to its new vehicle plant in China. The factory would be the British automaker's first engine plant outside the UK.

Jaguar Land Rover will start vehicle production at a new plant with joint venture partner Chery Automobile in Changshu, China, at the end of this year or the beginning of next year, Ian Harnett, JLR's purchasing director said. "We have an opportunity to build an engine factory and there is a opening date," Harnett said.

Harnett said the plant would build the company's new range of Ingenium four-cylinder engines. "We are not going to develop another engine range," he told Automotive News Europe.

Harnett did not say when the engine plant would open.

JLR has not said which model it will build in China but the company's China President, Bob Grace, told reporters at the Beijing auto show in April that it will be "a product from the Land Rover stable, so it’s going to be an SUV.”

China is vital to the growth plans of both Jaguar and Land Rover. Last year in a report focusing on the financial future of the brands, Bernstein analyst Max Warburton wrote that JLR is targeting annual vehicle sales of 150,000 in China by 2015.

Last year the automaker said it sold 425,006 Land Rovers and Jaguars worldwide, without revealing China sales. Warburton estimated China generates more than 50 percent of the firm's profit, mainly from sales of the Range Rover and Range Rover Sport.

The company, owned by India’s Tata Motors, will open a new engine plant near Wolverhampton, central England, in 2015. The new Jaguar XE sedan, a rival to the BMW 3 series, will be the first model to receive new gasoline and diesel engines built at the UK plant. JLR currently uses engines supplied by Ford Motor.

Nissan e-NV200 is the second model in Nissan’s expanding range of electric vehicles

• Nissan e-NV200 is the second model in Nissan’s expanding range of electric vehicles
• Barcelona plant starts production of Nissan’s first electric van as part of €431 million investment
• New electric van provides a zero-emission solution for urban cargo delivery and taxi companies
• Barcelona is the only Nissan plant to produce the e-NV200, which will be exported globally
• e-NV200 shares drivetrain technology with the world’s best selling electric vehicle - the Nissan LEAF

Nissan has started the production of its second all-electric vehicle - the e-NV200 - which will be available as both a passenger vehicle and light commercial van. The ceremony was attended by Spanish Ministry of Industry, José Manuel Soria, Catalan President, Artur Mas; and the Mayor of Barcelona, Xavier Trias, who were welcomed by Nissan’s Chief Planning Officer, Andy Palmer.

The Nissan plant in Barcelona will be the global production site for this ground breaking zero-emission vehicle, which will be available as a light commercial van, passenger vehicle and electric taxi.

Representing an investment of €100 million in Nissan’s Barcelona Plant, as part of a wider €431 million investment in its Spanish operations, the e-NV200 will initially be exported to around 20 international markets, including Japan. Just as with the Nissan LEAF introduction, the number of markets will grow after the initial launch, to continue the company’s sustained electric vehicle expansion.

Nissan Motor Co. Ltd. Chief Planning Officer Andy Palmer joined the VIP list at the event, adding: “This is a great landmark day for Nissan, starting production of our second electric vehicle.  This is at a time when EV’s are now recognized as mainstream technology, many competitors are only just starting to launch their first EV and where Nissan has clear first mover advantage. We’re proud that the Nissan LEAF is the world’s best selling electric vehicle with more than 110,000 delighted customers enjoying the quiet and smooth ride of an EV.”  

Barcelona will be the first city in the world to introduce the e-NV200 as a 100% electric taxi, an initiative Palmer believes is vital for the city, continuing: “This e-NV200 taxi has renewed significance in the wake of record levels of air pollution in London and Paris. Bringing a significant number of zero emission vehicles to Barcelona’s streets will ensure cleaner air for every citizen, visitor and tourist, and we’re confident that forward-thinking councils everywhere will be clamoring to bring these benefits to their municipalities in the coming years.” 

For the Mayor of Barcelona, the start of production of new all-electric van and the partnership between Nissan and Barcelona “is part of a strategy in Barcelona and its metropolitan area in order to consolidate Barcelona as the centre of a new urban economy model, based on innovation, technology and sustainability. In our city, we are strategically targeting sectors that are essential for the future, and electric vehicles are one of them. Furthermore, we are working to generate wealth in our city, strengthening our economy and the industrial sector; thus making a very important step ahead that will improve the quality of life for residents”.

Frank Torres, managing director and vice president of Nissan Spain Industrial Operations said: “Barcelona has the honour of producing Nissan’s second 100% electric vehicle, and this is a result of many years of hard work and quality improvements from the team here. This will be only the second time we have produced a model in Spain for export back to Nissan’s home market in Japan and that is a fantastic achievement by my colleagues at the plant.”

Barcelona is the only Nissan plant in the world producing the electric version of e-NV200, which means that it will be exported to all over the world, Japan included. The first vehicles exported to these markets will set sail in June.

BRAZIL/USA - Chrysler group announces new Brazil plant to boost profits by 2017

Fiat Chrysler Automobiles expects a new plant in Brazil to boost its profitability in that market by 2017 after a cut to subsidies and currency effects hit profits there last year, CEO Sergio Marchionne said.

"I'm absolutely convinced that by 2017, which will be the first year of full production at the Pernambuco plant, we will return to making double digit margins in Brazil," Marchionne told journalists at the Geneva auto show. He did not say whether the margins referred to profits or sales.

The Pernambuco plant, which will open next year, will produce models that better match market demand, Marchionne has said. It will build the small Jeep Renegade and other models. Production of the Renegade has already started at a plant in Italy.

Brazil used to account for about one fifth of Fiat profit, helping to offset losses in Europe, but an end to car sales incentives, higher input costs and currency effects have weighed on profitability in the region.

FCA, created after Fiat took full control of Chrysler in January in a $4.35 billion deal to create the world's seventh-largest auto group, cut its 2014 profit forecast after an 80-percent slump in Latin American core earnings in the final quarter of 2013.

Separately, Marchionne said he was optimistic about the market recovery in Europe, but added he did not think underlying problems of oversupply had been cured, and cuts in production were needed for the recovery to gain momentum.

"Supply issues still continue to be a big problem in Europe and we've only partially dealt with that," he said.

Marchionne expects a new strategy focusing on high-end car brands such as Maserati and Alfa Romeo for exports to help override some of the weak demand in its traditional markets, especially Italy. A new industrial plan outlining new models and investments will be presented in May.

The carmaker expects to keep the production of its sporty Alfa brand in Italy, Marchionne said, adding that productivity at the Italian plants had improved greatly and was on a par with other production sites in eastern Europe.

"It's not a nationalistic thing, but there are some things that belong to a place," Marchionne said, adding that, at least in his time as CEO, Alfas would be assembled in Italy. "Alfa Romeo belongs to Italy as Maserati and Ferrari do."

Marchionne said the first new Alfa to be developed under the new plan would be produced before the end of next year.

Financing options

Marchionne said a convertible bond remained among FCA's options to boost capital and help fund the shift upmarket that will help it break even in Europe by 2016. A decision on the bond or another option may be announced with the May plan.

Fiat's financing has been a key concern among analysts who fear the group may struggle to find all the cash it needs to revamp idled plants in Italy and roll out a whole range of Alfa Romeos and Maseratis at the heart of its recovery plan.

"Whatever will happen (on the financing), it will happen after we've finalized the merger, moved the listing to New York ... so it will take until at least the fourth quarter if not until next year," Marchionne said.

The CEO reiterated a share issue was not feasible in the current market conditions. Listing or selling parts of its luxury brands Ferrari and Maserati would remain an option for the future, but would not be part of the May plan, he added.

FCA plans to list the merged group in the United States as of October 1, but acknowledged it may be tough to do so.

REPORT HERE