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Court ruling to delay Fiat's Chrysler buyout?

We've already reported on the attempts of Fiat to purchase the remaining 41.5-percent stake in Chrysler, currently owned by the United Auto Workers' VEBA healthcare trust. And while the issues still aren't resolved, Fiat has received both a bit of good news and a bit of bad news from a Delaware judge.
The good news is that the court ruled in favor on two key arguments of Fiat's, relating to what is a fair price for the Chrysler shares. The rulings essentially slash half a billion dollars off the price of the 54,000 shares owned by VEBA, according to a report from Reuters.
The bad news is that this makes the UAW an even more difficult opponent in negotiations. Its VEBA fund is meant to cover ever escalating retiree healthcare costs, so naturally, the UAW wants to get as much money as possible. Losing a big chunk of cash isn't likely to make the union more cooperative.

FCA eliminates just under 2,000 supplemental contract workers due to coronavirus constraints

Car companies have jumped in quickly to help combat coronavirus. They’re even beginning to manufacture some of the badly needed medical supplies, like ventilators and masks. However, with stay-at-home orders sweeping across the nation and folks practicing social distancing, automotive sales and manufacturing have quickly dried up in North America. That leads us to todayÂ’s news coming out of FCA. A company spokesperson told us that approximately 2,000 supplemental workers (a subcategory of the companyÂ’s many contract workers) are being laid off. HereÂ’s the official statement from FCA: “In light of the challenges created by the COVID 19 situation, and the various ‘stay at homeÂ’ orders from multiple states, a number of development projects within FCA have been temporarily put on hold. "As a result of this, subcontract companies who were providing external support to a number of these projects have been asked to temporarily suspend their activities as we reprioritize certain initiatives and projects. We will continue to monitor the situation with the intent to return to normal activity as soon as the situation allows.” FCA made it clear in our communications with the company that it is not terminating all contract workers, nor is it terminating any employees of the company itself. The rationale here is that certain development work is on pause, so those who were contracted to be a part of that work are now out. We're told that those workers are in white-collar functions, not manufacturing jobs. We asked FCA if it had plans to reinstate all of the affected workers once the coronavirus crisis has passed, but received no commitment either way. “At this point weÂ’re going to continue to monitor the situation,” a company spokesperson told us. Questions still remain when it comes to the stimulus package moving through Congress right now as it pertains to the automotive industry. FCA says itÂ’s currently studying the bill, but hasnÂ’t offered up a comment on the situation yet. We havenÂ’t heard of any similar cuts happening at Ford or GM yet, but now that FCA has made a move, weÂ’ll be on the lookout for more. Hirings/Firings/Layoffs Chrysler Fiat coronavirus

Autoblog Minute: New Civic, FCA UAW Agreement, Frankfurt

FCA reaches a tentative agreement with the UAW, Honda reveals the all-new 2016 Civic, and the Frankfurt Motor Show dazzles us again. Autoblog senior editor Greg Migliore reports on the Weekly Recap edition of Autoblog Minute. Show full video transcript text [00:00:00] FCA reaches a tentative agreement with the UAW, Honda reveals the all-new 2016 Civic, and the Frankfurt Motor Show dazzles us again. I'm senior editor Greg Migliore and this is your Autoblog Minute Weekly Recap. FCA reached a tentative labor agreement with UAW leadership. The major focus of the new deal reportedly includes: the eventual elimination of the two-tier pay scale [00:00:30] and pooling worker health care. Now that a leadership agreement is in place, the deal will be sent to FCA's rank-and-file. FCA has about 36,000 hourly employees. We got a first look at the interior and exterior of the 10th-generation Civic. Honda expects the new sedan to dominate the C-segment when it hits dealerships later this fall. Civic coupe, five-door hatchback, Si and Type R will all come later. The 2015 Frankfurt Motor Show is in the books and there was a lot of news to get excited about. [00:01:00] Porsche introduced a fully electric concept car in the Mission E. If they make this car, Porsche could give Tesla nightmares. We also saw SUVs from Jaguar and Bentley. There were two beautiful Italian convertibles from Ferrari and Lamborghini. Meanwhile, Mercedes introduced a concept of their own in the IAA - a vehicle that experiments with adaptable aerodynamics. Those are the highlights from the week that was. Be sure to check out my full recap this Saturday. Plus we'll have some added insight on General Motors' deal to [00:01:30] avoid federal prosecution. For Autoblog, I'm Greg Migliore. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. UAW/Unions Frankfurt Motor Show Bentley Chrysler Ferrari Honda Jaguar Lamborghini Mercedes-Benz Porsche Rolls-Royce Tesla Convertible SUV Concept Cars Electric Supercars Autoblog Minute Videos Original Video porsche mission e concept