on 2040-cars

Auto blog

Fiat to list on New York Stock Exchange?

Citing the ever-nebulous "two sources close to Fiat," Reuters is reporting that the Italian automaker and owner of the Chrysler brand is likely to list itself on the New York Stock Exchange. The move could reportedly happen as soon as 2015, marking the end, at least in the minds of investors, of Fiat's 115-year base in Turin, Italy.
The Italian government is not likely to react favorably to Fiat's potential move from Italy to the United States, despite initially positive reactions to Fiat's landmark final purchase of Chrysler, the third-largest automaker in the US. Fiat spent $3.65 billion to buy out the 41.46-percent stake in Chrysler that had been owned by the United Auto Workers' VEBA trust fund.
With little sign of a swift European recovery, Fiat has little choice but to focus on markets outside its traditional home, and a listing in New York could potentially be a boon for investors. According to International Strategy and Investment analyst George Galliers, speaking to Reuters, "People [would be] more likely to think of the entity in the same context as they do Ford and GM" if it were listed on the NYSE.

Hurricane Sandy cost automakers 15,000 vehicles, may have ruined up to 200k

Hurricane Sandy was the largest Atlantic storm in US history, and its total economic impact is just now coming into view. According to Automotive News, Toyota, Chrysler, Nissan and Honda are set to scrap around 15,000 new vehicles ruined by the storm. Nissan alone accounts for about 40 percent of those, with 6,000 Nissan and Infiniti models deeded "un-saleable" due to damage. The company saw 56 dealerships shuttered due to the storm, but 51 of those have since reopened.
Toyota, meanwhile, had some 4,000 vehicles at its Newark port facility, and of those, 3,000 may be scrapped. An additional 825 were dealer inventory when they were ruined. Honda and Acura dealers are reportedly sending 3,440 vehicles to the salvage yard. By comparison, Chrysler weathered the storm fairly well with 825 units destroyed, while Hyundai suffered only 400 lost units and Kia scrapped around 200.
As you may recall, Fisker also suffered some losses, and Automotive News reports the manufacturer saw 320 Karma models damaged beyond repair. Ford and General Motors have yet to come up with estimates, and no automaker has commented on the full cost of replacing the vehicles.

Automakers donating money, vehicles and supplies to Oklahoma tornado relief effort

Judging by the destruction the Oklahoma City area experienced earlier this week, residents are going to need a lot of help in coming months. Fortunately, a number of automakers - including General Motors, Ford, Chrysler, Volkswagen, Honda and Toyota - have stepped up to donate money, supplies and vehicles to aid in the recovery and rebuilding processes.
Here's a quick rundown of which automakers have pitched in and what each contributed so far:
Ford Motor Company has donating $250,000 and a Transit Connect to the American Red Cross, and it will match all other donations made to the Red Cross (up to $250,000) using a special URL tied to the latter's website (link here). Additionally, its local Oklahoma dealers have thrown in an extra $150,000 for the United Way and the automaker will be offering an extra $500 toward the purchase of a new Ford vehicle.