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Fiat buying rest of Chrysler in $4.35 billion deal, IPO avoided

Chrysler will now become a wholly owned member of the Fiat family, as it's been announced that the 41.46-percent stake in the Auburn Hills, MI-based manufacturer owned by the United Auto Workers' VEBA trust fund will be sold to the Italian company. Concluding the agreement will mark the closure of a piecemeal purchase process that could have resulted in an initial public offering.
The total cost of the sale will see the VEBA healthcare trust receive $4.35 billion, $3.65 billion of which will come from Fiat. $1.75 billion of that will be cash, while an additional $1.9 billion will be part of a "special distribution." An additional $700 million will be paid over four separate installments according to reports from Automotive News Europe and USA Today, although the shares will belong to Fiat following the first payment. The deal was reportedly initially struck on Sunday (though it is just being announced today), and is being portrayed as particularly good news for Fiat and Chrysler, which have now prevented the remaining shares going to the stock market in a UAW-forced IPO.
"The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization that will ensure all employees a challenging and rewarding environment," Fiat CEO Sergio Marchionne said in a statement.

2020 Chrysler Voyager priced at $28,480

CarsDirect got eyes on early order guides for the 2020 Chrysler Voyager, revealing the minivan's MSRP in base L trim as $26,985 before a $1,495 destination charge, for a total of $28,480. The only other trim available to the public, the Voyager LX, rings up at $31,290. That means that not only will the Voyager L and LX replace the Pacifica L and LX trims, the Voyager will start out $250 cheaper than the 2019 Pacifica models before incentives. The Voyager LXi, reserved for fleet customers, charges $34,490, which is $500 less than the Pacifica Touring trim. The figures make the Voyager L $215 less expensive than the Kia Sedona, $3,205 less than the Honda Odyssey, and $4,430 less than the Toyota Sienna. The closest price competitor sits on the other side of the dealership, that being the Dodge Grand Caravan SE priced just $65 above the Voyager L. With Chrysler becoming the people-mover brand, many expect the Voyager to replace the hoary Grand Caravan, so buyers shouldn't need to suffer analysis paralysis for too long. We still aren't sure why Chrysler needed to create a new model to replace trim levels, but perhaps it was to break buyer perception that the Grand Caravan was the first and last stop for an inexpensive minivan. Transaction prices are so high on Pacificas — and frankly, the Pacifica looks so nice — that casual shoppers might have thought why bother investigating the Chrysler. Chrysler worked to keep things financially frugal on the Voyager by omitting splashier options from the menu. Infotainment begins and ends with the seven-inch Uconnect touchscreen, the larger 8.4-inch screen forbidden. Driver assistance tech will be limited to the cost-extra rear park assist, blind-spot monitoring, and rear cross traffic detection; items like adaptive cruise control and autonomous braking aren't offered. And only the fleet model gets ritzy treats like leatherette seats, second-row Stow 'n Go chairs, and remote start. The LX only goes so far as second-row quad seats and in-floor storage bins. Yet with the same sheetmetal and the same 287-horsepower Pentastar V6 and nine-speed transmission under the hood, only the black door handles and badging will give Voyager owners away, and they can always buy one in black to help the illusion along.

Toledo continues fight for Jeep Wrangler production, despite mayor's death

Where will the next-generation Jeep Wrangler be built? That's an open question, but it's one that the city of Toledo, OH desperately wants to be the answer to. The city suffered a major blow, though, with the death of Mayor Michael Collins earlier this month. Collins had been the city's biggest champion during talks with Fiat Chrysler Automobiles, before suffering a fatal heart attack on Feb. 6. But Collins' tragic death isn't dampening the city's desire to carry on as the home of the Wrangler. "The mayor's passing is tragic. But on Monday, when I came to work, I knew exactly what I needed to do and exactly what needed to be done," the city's director of development, Matt Sapara, told the Detroit Free Press. According to the Freep, Sapara said Toledo and the state of Ohio have delivered an outline of a development plan that would give FCA the ability to buy an extra 100 acres to expand the factory. This is to help accommodate FCA's targeted output of 300,000 to 350,000 next-generation Wranglers, up from the 240,000 the factory can make now. "Our target in the proposal is to provide a way to increase the production capacity to a number that allows Fiat Chrysler to meet its business model," Sapara told the Freep, adding that the land could be available later this summer. FCA, meanwhile, has shown a somewhat ambivalent attitude towards Toledo production, with CEO Sergio Marchionne openly discussing the pros and cons of continuing to build the Wrangler south of the Michigan border. "We are going to take a very hard look at this without ignoring what these guys have done," Marchionne told the Free Press at last month's Detroit Auto Show, adding that he'd like to keep production there, provided the cost of retooling is comparable to relocating to another facility. Related Video: