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Stellantis dealers plead that letting Chrysler die is not an option

Executives and dealers have recently cautioned that a dark cloud looms over Chrysler's horizon, and figuring out why doesn't require an MBA from Stanford. And yet, Stellantis dealers say bright days could be ahead, if only the company reinvigorates the Detroit-based brand with long-awaited and much-needed new products. "This whole thing started with Chrysler. I don't want to get emotional about a brand, that's not the case. But, I don't want to see a brand like that left at the sideline and just thrown out to pasture," said David Kelleher, the head of the Stellantis National Dealer Council, in an interview with industry trade journal Automotive News. Kelleher added he would feel "violated" if the 96-year-old carmaker shut down. Keeping it around is relatively easy, but transforming it into a thriving business is far more difficult. Years of underinvestment have crippled the brand. It's almost exclusively dependent on North America, where it sells two models: the 300 and the Pacifica/Voyager duo. Sales in the United States totaled 110,464 units in 2020, down from 126,971 in 2019. To add perspective, Ram, Jeep, and Dodge sold 624,642, 795,313 and 267,328 units, respectively, in 2020.  While enthusiasts and analysts understandably worried Chrysler would die under Stellantis, Kelleher opined that the merger between Fiat Chrysler Automobiles (FCA) and PSA Group can make the brand stronger. Products and technology from the French side of the partnership can be leveraged to help Chrysler expand its range and increase its sales while keeping development costs in check, he said. He stopped short of revealing which vehicles he has in mind, but his comments are interesting because PSA's lineup is almost entirely made of up small, European-flavored cars that are diametrically opposed to the models Chrysler's reputation is built on.  Hatchbacks are dropping like flies in the American market, so putting a Chrysler badge on, say, a Peugeot 208 and bringing it to America is out of the question. Wagons are unpopular, too, which leaves crossovers and SUVs. Oddly, the Chrysler brand is not represented in one of the most popular market segments in the United States. PSA doesn't dabble in burly SUVs, like the Jeep Grand Cherokee, but it does small crossovers reasonably well. Could Chrysler move into the space occupied by the Toyota C-HR and the Hyundai Kona, among others?

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.

President Trump to visit Michigan on Wednesday to attend auto-related event

President Trump will visit the Detroit area on Wednesday for the first time since taking office, the Detroit News reports this morning, to meet with officials of automakers, suppliers and unions, and to attend a rally of autoworkers. Trump might use the event to announce his intentions to roll back fuel-economy standards for cars and trucks. The automakers agreed to the standards, which set a goal of a fleet average 54.5 miles per gallon by the year 2025, under President Obama, but they have lobbied Trump to repeal them. "This is a continuation of a dialogue with the auto industry leaders, and also going back and reconnecting with a lot of the people who elected him," Chris Liddell told the News. Liddell is former chief financial officer of General Motors and now assistant to the president for strategic initiatives at the White House. Trump might also use Wednesday's visit to advocate the House Republicans' proposed replacement for the Affordable Care Act. Later Wednesday, he will attend a campaign-style rally in Nashville, and White House Press Secretary Sean Spicer has said the president intends to hit the road to sell the American public on the Obamacare replacement plan. The auto industry has been high on Trump's agenda - and a focus of his rhetoric to return manufacturing jobs and facilities to the United States. During his first week in office, Trump met privately at the White House with the CEOs of Ford, GM and Fiat Chrysler, and GM CEO and Chairman Mary Barra and Ford CEO Mark Fields are members of Trump economic advisory groups. He has criticized Ford and GM for making cars in Mexico and took credit when Ford scrapped plans for a new plant there. Related video: Government/Legal Green Chrysler Ford GM Fuel Efficiency Detroit Michigan