2014 Chrysler 300 S on 2040-cars

Auto blog

Chrysler files for IPO

Chrysler has had a lot of owners over the past few years alone, from Daimler to Cerberus to Fiat and the federal government. But it could be poised to gain some more before long. Like, a lot more.
The automaker has just announced that it has filed with the US Securities and Exchange Commission to issue an Initial Public Offering of common stocks. Chrysler hasn't revealed how many shares will be offered and at what price, however the shares in question will not come out of Fiat's approximate 60% majority shareholding but instead out of the 40% minority stock held by the UAW's VEBA retiree healthcare trust. Reports suggest that the IPO, which is being handled by JP Morgan, could encompass approximately 16% of Chrysler stock, initially valued at approximately $100 million.
Lest you think this is all part of Sergio Marchionne's grand plan to consolidate Chrysler and Fiat, the two auto groups over which he presides, think again. The filing, which still needs to be approved by the SEC, comes at the insistence of the UAW. Negotiations between Marchionne's management team and the union over Fiat's acquisition of the VEBA shares have stalled. If they manage to come to an agreement, however, the IPO would likely be taken off the table. So don't go calling your broker just yet, but you can analyze the official announcement below.

Mopar highlights wild SEMA creations, AWD Challenger Concept

Thanks to 15,345 square feet of display area, FCA US' Mopar division certainly has ample space to display its parts and accessories at the SEMA Show. To lure attendees to check out all of those cars and components, the company is now revealing ten tuned vehicles for this year's aftermarket event. This isn't even the brand's whole fleet for the show, but it includes some major highlights for Dodge and Ram fans. A lack of traction traditionally makes rear-wheel-drive muscle cars dismal to drive when the weather gets slippery, but the Dodge Challenger GT AWD Concept (above) solves that age-old problem at SEMA. In addition to powering all four wheels through an eight-speed automatic, it boasts an angry-looking, wide-body kit with aggressively flared wheel arches. The asymmetrical stripe with Header Orange accents also adds some extra panache to the Destroyer Grey and Matte Black color scheme. The coupe can back up the macho look thanks to the Scat Pack 3 Performance Kit that adds 75 horsepower and 44 pound-feet of torque to the 5.7-liter V8. However, before you get too excited about driving one this winter, FCA US spokesperson Ariel Gavilan tells Autoblog: "It is only a concept." Mopar isn't done tuning Dodges for SEMA. The Charger Deep Stage 3 shows what's possible with the company's catalog by packing the Scat Pack 3, strut tower braces, coilover suspension kit, and bigger brakes. Meanwhile, the blacked-out Dart GLH Concept tries to harken back to the style of the famous Omni GLH by fitting a red-accented body kit, including a Mopar Performance aluminum hood. If the standard Ram 1500 Rebel is somehow too subdued, check out the Rebel X (right) in a vibrant shade called Copper. To be ready for anything offroad, it wears some muscular flares to fit 17-inch beadlock wheels and 35-inch Toyo tires. A concept, two-piece front skid plate protects the front. Drivers should also be comfortable no matter where they drive thanks to prototype Katzkin leather seats and a concept air-ride suspension. Chrysler enjoys some mods, as well. The 300 Super S has suave style with Matte Cerulean paint, concept 22-inch wheels, and a grille with little Mopar Ms dotted around it. Performance also sees a boost with a tuned engine, bigger brakes, and coilover kit. The gray 200 S Mopar is similarly stylish with a complete body kit, including a conceptual, dual-vented hood. Fiat and Ram's commercial models aren't left out of the SEMA fun, either.

Federal judge orders Barra and Manley to try to resolve GM racketeering lawsuit

DETROIT — A federal judge in Detroit on Tuesday ordered the chief executives of automakers General Motors and Fiat Chrysler Automobiles to meet by July 1 to try to resolve GM's racketeering lawsuit. U.S. District Court Judge Paul Borman called on GM CEO Mary Barra and FCA CEO Mike Manley to meet in person to try to resolve a case that could drag on for years. "What a waste of time and resources now and for the years to come in this mega-litigation if these automotive leaders and their large teams of lawyers are required to focus significant time-consuming efforts to pursue this nuclear-option lawsuit if it goes forward," Borman said at the end of a hearing during which FCA asked the judge to dismiss GM's lawsuit. Borman said instead, the companies need to focus on building cars and keeping people employed at a time when the coronavirus has hurt the U.S. economy and the country is also dealing with issues of racial injustice after the death of George Floyd, a Black man whose death in police custody in Minneapolis triggered worldwide protests. GM filed the racketeering lawsuit against FCA last November, alleging its rival bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars. GM is seeking "substantial damages" that one analyst said could total at least $6 billion. Barra and Manley should meet, taking into account social distancing to keep them safe, to "explore and indeed reach a sensible resolution," Borman said in the hearing, which was broadcast online. It is common for judges to order parties to try to resolve disputes out of court. But it is unusual that the chief executives of two big companies be instructed to meet face-to-face, not just to settle their differences but also to serve a greater good. A GM spokesman said the No. 1 U.S. automaker has a strong case and "we look forward to constructive dialogue with FCA consistent with the courtÂ’s order.” FCA had no immediate comment. Borman said he wanted to hear from Barra and Manley personally at noon on July 1 to provide him with results from their discussion. FCA shares were up 6.1% at $10.24 in New York and GM shares were down 0.5% at $26.25 on Tuesday afternoon. Government/Legal Chrysler Fiat GM