They say you can’t have a healthy relationship until you’re happy with yourself. That appears to be the new mantra for Fiat Chrysler: After several attempts to woo General Motors and more recently Volkswagen, the carmaker’s top executive says he plans to ditch his lovelorn ways to concentrate on his company’s bottom line.
Bloomberg reports that CEO Sergio Marchionne has turned his focus to eliminating FCA’s debt rather than eliminating its single status.
Marchionne has set a goal of erasing FCA’s debt by 2019, the same year he’s set to retire. To do that, he says the company needs to do a little work on itself.
“We need to be very careful that we don’t start unrealistic dreams about consolidation as we are on our way to achieve historically important results and a debt-free position,” Marchionne told investors at the carmaker’s annual meeting in Amsterdam, as reported by Bloomberg. “We are not at a point of time to discuss any alliance.”
Yes, you heard that right: The man who “never closes any doors” and has pushed for several different mergers with his company has allegedly extinguished the long-held flame for GM, and more recently Volkswagen.
The change isn’t entirely surprising, as the carmaker has been rebuffed several times by GM, which made it clear it just wasn’t that into FCA. CEO Mary Barra said just last month that the company wasn’t “interested before and we’re even less interested now.”
Of course, the current change of pace doesn’t mean FCA won’t be looking for a life partner in the future. In fact, Bloomberg reports that by cutting down on debt, FCA could be looking to make itself more attractive — cue movie-makeover montage.
Any future couplings don’t necessarily have to be of the car-kind, either. Marchionne noted at the annual meeting that he’s also looking for cooperation agreements with tech companies to reduce costs.