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FCA and iPhone maker plan Chinese electric vehicle joint venture

MILAN — Italian American automaker Fiat Chrysler and Taiwan's Hon Hai plan to set up a joint venture to manufacture electric vehicles and to engage in the business of wirelessly connected vehicles, Hon Hai said on Thursday. Fiat Chrysler (FCA) and Hon Hai are negotiating to set up a 50-50 joint venture, Hon Hai said in a statement. It added Hon Hai would hold its 50% share both directly and indirectly and that its direct shareholding would not exceed 40%. Hon Hai is the parent of Foxconn, the Chinese assembler of Apple iPhones. FCA last month reached a binding agreement for a $50 billion tie-up with France's PSA that will create the world's No. 4 carmaker. The joint venture with Hon Hai will produce vehicles for the Chinese market, but many details of the accord are still to be worked out, one source close to the matter said, adding that a final deal was expected to be signed in the coming months. Foxconn has been investing heavily in a variety of future transportation ventures for several years, including Didi Chuxing, the Chinese ride services giant, and Chinese electric vehicle startups Byton and Xpeng. Foxconn also has invested in Chinese battery giant CATL and a variety of other mostly Chinese transportation tech start-ups. FCA will launch its first full-electric model - the 500 small car - this year. Reporting by Giulio Piovaccari in Milan, additional reporting by Paul Lienert in Detroit. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Proposed deal averts strike between FCA and UAW

With the deadline rapidly approaching for a strike, FCA US and the United Auto Workers were able to hammer out a potential agreement late last night to avoid picket lines, at least for now. While the UAW said in a statement that it "secured significant gains," the actual contents of the deal haven't been published yet. Before going public, the offer still needs the consent of the UAW National Chrysler Committee, and that body has a meeting on 11:00 AM Eastern on Friday, October 9, to make a decision. If the Chrysler committee signs off on the deal, it would then go to the union's 40,000 FCA US workers for a vote, according to The Detroit News. "We have made real gains and I look forward to a full discussion of the terms with our membership," President Dennis Williams said in the UAW's statement. FCA US isn't providing any answers about the proposed contract either. In a release about the negotiations, the automaker said: "FCA US confirms that it has reached a new tentative agreement with the UAW. Because the agreement is subject to UAW member ratification, the Company cannot discuss the specifics of the agreement pending a vote by UAW members." The original tentative contract with FCA US promised raises and the creation of a healthcare co-op. However, 65 percent of union members rejected the deal, The Detroit News reports. Workers didn't like that the offer kept a two-tier wage system between veterans and more recent employees. The details of the health plan also weren't explained well, and there wasn't much info on possible production changes. UAW-FCA NATIONAL BARGAINING COMMITTEE VOTES ON PROPOSED TENTATIVE AGREEMENT Featured / News / October 8, 2015 UAW National Chrysler Council Leaders to Convene for Vote on Friday, Oct. 9 — Terms to be announced following Friday vote Detroit, Mich. – After a lengthy bargaining process, the UAW FCA National Bargaining Committee has secured significant gains in a proposed Tentative Agreement with FCA US announced today. The bargaining committee unanimously voted to send the proposed Tentative Agreement to local union leaders who make up the union's UAW National Chrysler Council. The UAW Chrysler Council will meet in Detroit at 11 am on Friday to discuss and vote on the agreement. "We heard from our members, and went back to FCA to strengthen their contract," said UAW President Dennis Williams.

FCA CEO Mike Manley will take undefined new role after PSA merger

MILAN — Fiat Chrysler Chief Executive Mike Manley will remain with the new group set to result from a planned merger with French rival PSA-Peugeot, Chairman John Elkann said on Wednesday. In a letter to Fiat Chrysler (FCA) employees on the day the two companies announced a binding agreement for a $50 billion tie-up to create the world's fourth-largest carmaker, Elkann said he was "delighted" that the combined group would be led by current PSA CEO Carlos Tavares. "And Mike Manley, who has led FCA with huge energy, commitment and success over the past year, will be there alongside him," he said. He did not say what position Manley would hold. Elkann — who will chair the new group — said there was still much to be done to complete the merger. "Over the coming months we must work tirelessly and determinedly to fulfill all the approval requirements needed to finalize the commitment we have signed," he said. Related Video:     Hirings/Firings/Layoffs Chrysler Dodge Fiat Jeep RAM Citroen Peugeot FCA PSA merger Mike Manley carlos tavares