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Jeep hiring 1,000 part-time workers in Toledo on Wrangler, Cherokee demand

The new Jeep Cherokee has been quite a success for Chrysler, but its factory workers are getting tired. The automaker has agreed to hire up to 1,000 part-time, temporary employees at its Toledo Assembly Complex where the CUV and Wrangler are built. It will allow the company to keep Jeep production moving, while giving laborers a break.
According to plant manager Chuck Padden in the Toledo Blade, full-time workers are regularly taking on 60 hours a week, and it's beginning to wear on them. "To get them more time off is important to us, to make sure they're refreshed, and can work safely," said Padden.
Chrysler has already hired 380 temporary, part-time workers for the plant, and 50 have been converted to full-time employees. The company is in the process of interviewing the rest of the new hires now and plans to have all 1,000 in place by the summer. They will work between 10 and 30 hours a week mostly on weekends for $15.78 per hour with limited benefits. The temporary positions will last "as long as demand continues for the Jeep Wrangler and the Jeep Cherokee," said Jodi Tinson, Chrysler spokesperson for manufacturing and labor communications, to Autoblog in an email.

Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Are Chrysler's Stow 'N Go seats really that great?

Are Chrysler's Stow 'N Go seats really such a great thing? Seriously, I'm asking. Do owners of the Chrysler Pacifica, as well as the Dodge Grand Caravan and Chrysler Town & Country before it, actually use the innovative functionality that see the second-row captain's chairs fold away into the floor? Frankly, I've always had my doubts. Car reviewers have long sung Stow 'N Go's praises, impressed with the ability to quickly turn the minivan from people carrier to work van. You'll frequently read mentions of needing to move sheets of plywood or treadmills or their kids' entire dorm room. Doing so is without question far easier when you can quickly make the second-row seats disappear as opposed to giving yourself a hernia lifting the things out and storing them in the garage – if removing them is even possible at all. Except here's the thing. We car reviewers have borrowed that van for the purpose of moving whatever it is we needed to move. Maybe the van in question is a long-term test vehicle like our old Pacifica Hybrid, maybe it's the more typical weeklong test loan. Either way, this is not a typical use case. The van is being considered more for its cargo-carrying abilities than its people-carrying abilities, and I just don't think that's representative of the typical minivan owner. Further to that point, the Stow 'N Go seats' flipping and folding capability might be great for versatility, but it makes for less comfortable seats. Although they have definitely improved in the 15-plus years since they were introduced, the Pacifica's Stow 'N Go seats remain thinner and flatter than the typical captain's chair. One can deduce that even Chrysler is aware of this as a downside. You see, the Pacifica Hybrid does not have Stow 'N Go seats since the giant underfloor hole they stow and go into is full of batteries. Instead, it has second-row captain's chairs  that don't seem to be discernibly different from those up front – they're far more comfortable. You can see the difference in the pictures above, with the gas-only Pacifica in red and the Hybrid in blue. I'm therefore left with the question: Would you rather have a far more comfortable seat, or an improved ability to carry some plywood? Considering the second-row designs of rival vans, it would seem that market research for Honda, Toyota and Kia isn't skewing in the direction of plywood. Much like the rest of the automotive industry, the minivan segment is rife for copy-catting.