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Fiat Chrysler agrees to new $3.8 billion credit facility with banks

MILAN — Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus. Most of FCA's plants around the world are currently shut in response to the virus emergency. Italian investment firm Exor, which controls FCA, said on Wednesday that the temporary closures might continue and increase depending on how the coronavirus outbreak develops. FCA said the credit facility would be available "for general corporate purposes and for working capital needs" of the group and that it was structured as a "bridge facility" to support its access to capital markets. "This transaction confirms the continued strong support of FCA's international key relationship banks in the current extraordinary circumstances," the automaker said in a statement, without making any explicit link between the new facility and the impact the virus is having on the global economy. The facility can be drawn in a single tranche of 3.5 billion euros ($3.8 billion), with an initial 12-month term which can be extended for further six months. It adds to existing credit facilities worth 7.7 billion euros, including lines for 1.5 billion euros that the company has started to draw down, FCA said. FCA is in merger talks with Peugeot owner PSA to create the world's fourth biggest carmaker. The deal is expected to be finalized by the first quarter of next year. Equita's analyst Martino De Ambroggi said that, based on his new assumption of a 10% drop of global auto market this year, the crisis triggered by the coronavirus would impact the merged automaker's free cash flow by over 5 billion euros. Earlier this week, General Motors announced it will draw about $16 billion from its credit lines in a bid to beef up liquidity amid rising business impact from the fast-spreading coronavirus outbreak. And last week, rival Ford abandoned its 2020 forecast and said it was drawing down $15.4 billion from two credit facilities to bolster its balance sheet. Related Video:

Chrysler reports $166M net income for Q1, down $307M vs. 2012

Preliminary first-quarter results from 2013 have been announced by Chrysler, and the company is reporting a net income of $166 million on revenue of $15.4 billion. Compared to this period last year, net income is down $307 million and revenue has dropped $1 billion.
Chrysler says that its quarter was negatively affected by the costs associated with launching its 2013 Ram Heavy Duty, 2014 Jeep Grand Cherokee and preparation for the return of the all-new 2014 Jeep Cherokee pictured above. The launches should provide a strong second half of 2013, says the automaker. "We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Chrysler Group LLC Chairman and CEO Sergio Marchionne.
On a positive note, the automaker says worldwide vehicle sales are up 8 percent from one year ago, a number pushed by a 12 percent bump in U.S. retail sales. In addition, domestic market share has risen slightly, up to 11.4 percent from 11.2 percent last year. Read more in the official statement below.

Chrysler shows off new 'Synthesis' cockpit demonstrator at CES

As auto enthusiasts, we get used to seeing vehicle exteriors teased endlessly while interiors often remain under wraps until the very last second. And then once a year, CES happens and our focus shifts briefly to glimpses of arguably the single most important part of a car for most drivers: the many touch points between man and machine. Chrysler will be among those offering in-person demonstrations of its vision for future tech, and in this case, a little bit more.  Chrysler says it will be the standard-bearer for the company's forthcoming AI-based technologies that can both adapt to driver preferences and automate certain functions — up to and including driving. Chrysler is calling it "Advanced Technology For Real Life" and says it will "create smooth, efficient and connected experiences between the customer and the vehicle." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Chrysler Synthesis Cockpit Demonstrator at CES 2023 The demonstrator itself shows off the next generation of interior materials ("vegetable-tanned, suspended seats wrapped with an arctic upcycled chrome-free soft trim embellished by a unique constellation-style perforation") and design themes. Chrysler calls it "Harmony in Motion," but rest assured that it will remain stationary for all of its demonstrations. Its simulation is meant to represent a day in the life of a typical owner. It optimizes the day's drive routes, coordinates with other smart ecosystems (home, phone, etc.) and even takes the wheel to allow for multi-tasking (simulating level 3 self-driving).  Check it out at Chrysler's booth starting tomorrow, Jan. 5.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Chrysler Unveils Airflow Concept