Fiat Chrysler CEO Sergio Marchionne says he is done with trying to form, by pen or by sword, a merger with American rival General Motors.
Marchionne first approached his dream through overtures to GM CEO Mary Barra directly, via a personal email, with a plan that promised billions in development and production savings.
Rejected by Barra, Marchionne began to lobby key GM shareholders in the hopes of forcing the company’s hand, but found little success.
Now, according to the New York Times, the outspoken Italian businessman has admitted defeat.
“I was rebuffed once, and I won't go back to get my nose bloodied a second time,” Marchionne told the paper.
Unsurprisingly, however, Marchionne added that while he may have lost this battle, his war on the costs of developing and manufacturing new models is far from over.
"The pitch is that there is a better to way to run this business," he said. "I'll wait, and we'll get it done,” he said.
In April, Marchionne released a lengthy document that called for carmakers to form more partnerships and mergers, consolidating the cost of developing and producing similar technologies.
In an earlier interview with the New York Times, Marchionne said that, with the potential for monumental savings to be found in a merger, “it’s fundamentally immoral to allow for that waste to continue unchecked”.