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In a recent interview with Car Magazine, Fiat Chrysler CEO Sergio Marchionne expressed how little he believes in the potential of electric vehicles, and portrayed driverless vehicles as “a mandatory future option and not even expensive.” After failing multiple times to court other automakers — many of whom have spent far more on EV technologies and alternative powertrains — into a merger with his troubled company, Marchionne’s positive remarks about autonomous vehicles are not only convenient, but a bit self-serving (Google already works with FCA on self-driving minivans). That being said, despite the automotive titan’s disregard for electric vehicles, his company does offer one electric car for sale in California and Oregon. So how has it performed in the marketplace?

The Fiat 500e, which is a compliance model built solely to meet California emissions regulations, does not sell in large volumes partly due to the lack of support it receives from FCA. Has there been no support for the model because FCA doesn’t think EV technology is profitable, or because FCA is so far behind the competition that it believes it has no chance of catching up? With the advancement of an electric infrastructure along with economies of scale from mass production and decreases in battery technology costs, there are certainly competitors who believe profits can be made in the long run.

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Unfortunately for Fiat Chrysler, its roughly 6,000 registrations over the Fiat 500e’s first two full years in production provide evidence the automaker lacks economies of scale for EVs. Also, since Marchionne stated each Fiat 500 EV his company sells results in a $10,000 loss, it’s probably within reason to suppose FCA’s engineers are not particularly knowledgeable on how to decrease costs stemmed from batteries. To add insult to injury, the model chosen for electrification, the Fiat 500, has experienced poor sales. Excluding the high-performance Abarth models, registrations plummeted by over 38% between 2014 and 2015. Consequently, the electric 500e’s share of all non-Abarth Fiat 500 registrations has climbed every year the EV has been on the market.

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Taking a look at things from a value retention standpoint, it gets even worse for FCA and its EV offering. To add a little context, the gasoline-powered MY2015 Fiat 500’s 50.1% value retention after one year is among the worst in the industry. Its average typically-equipped MSRP of $23,185 dropped to $11,627 for units traded in a year later. That being said, the MY2015 Fiat 500e had an average typically-equipped MSRP of $32,780 and an average one-year trade-in value of $11,813. This equates to a 36% retention figure. For comparison, the Chevrolet Volt and Nissan Leaf retained 48.4% and 37.5% of their respective values over the same term. This means FCA would have to offer relatively high lease subvention compared to its peers in order to compete on price with its Fiat 500 EV.

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Data suggests Fiat Chrysler is most likely correct in its estimate that it loses thousands of dollars per unit on sales of its Fiat 500 electric vehicle. However, selecting one of its poorest-performing models for electrification was likely a surefire way of failing to make money off EVs. Perhaps FCA’s CEO should have stated it’s impossible for his company to be profitable as a manufacturer of electric vehicles instead of speaking for the entire automotive industry.