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Fiat Chrysler agrees to new $3.8 billion credit facility with banks

MILAN — Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus. Most of FCA's plants around the world are currently shut in response to the virus emergency. Italian investment firm Exor, which controls FCA, said on Wednesday that the temporary closures might continue and increase depending on how the coronavirus outbreak develops. FCA said the credit facility would be available "for general corporate purposes and for working capital needs" of the group and that it was structured as a "bridge facility" to support its access to capital markets. "This transaction confirms the continued strong support of FCA's international key relationship banks in the current extraordinary circumstances," the automaker said in a statement, without making any explicit link between the new facility and the impact the virus is having on the global economy. The facility can be drawn in a single tranche of 3.5 billion euros ($3.8 billion), with an initial 12-month term which can be extended for further six months. It adds to existing credit facilities worth 7.7 billion euros, including lines for 1.5 billion euros that the company has started to draw down, FCA said. FCA is in merger talks with Peugeot owner PSA to create the world's fourth biggest carmaker. The deal is expected to be finalized by the first quarter of next year. Equita's analyst Martino De Ambroggi said that, based on his new assumption of a 10% drop of global auto market this year, the crisis triggered by the coronavirus would impact the merged automaker's free cash flow by over 5 billion euros. Earlier this week, General Motors announced it will draw about $16 billion from its credit lines in a bid to beef up liquidity amid rising business impact from the fast-spreading coronavirus outbreak. And last week, rival Ford abandoned its 2020 forecast and said it was drawing down $15.4 billion from two credit facilities to bolster its balance sheet. Related Video:

Car technology I'm thankful and unthankful for

The past few years have seen a surge of tech features in new vehicles — everything from cloud-based content to semi-autonomous driving. While some of it makes the driving experience better, not all tech is useful or well thought out. Automakers who are adept at drivetrains, ride quality and in-cabin comforts often fail at infotainment interfaces and connectivity. From testing dozens of vehicles each year and in the spirit of gratitude, here are three car tech features I'm thankful — and a trio I could live without. Thanks Connected search: This seems like a no-brainer since everyone already has it on their smartphones, but not all automakers include it in the dashboard and as part of their nav systems. The best ones, such as Toyota Entune, leverage a driver's connected device to search for a range of services and don't charge a subscription or require a separate data plan for the car. I also like how systems like Chrysler Uconnect use Yelp or other apps to find everything from coffee to gas stations and allow searching via voice recognition. Apple CarPlay and Android Auto: It took two of the largest tech companies to get in-dash infotainment right. While they have their disadvantages (you're forced to use Apple Maps with CarPlay, for example), the two smartphone-integration platforms make it easier and safer to use their respective native apps for phoning, messaging, music and more behind the wheel by transferring a familiar UI to the dashboard — with no subscription required. Heated seats and steering wheels: I really appreciate these simple but pleasant features come wintertime. It's easy to get spoiled by bun-warmers on frosty mornings and using a heated steering wheel to warm the cold hands. I recently tested a 2018 Mercedes-Benz E400 Coupe that also had heated armrest that added to a cozy luxury experience. Bonus points for brands like Buick that allow setting seat heaters to turn on when the engine is remotely started. No thanks Automaker infotainment systems: Automakers have probably poured millions into creating their own infotainment systems, with the result largely being frustration on the part of most car owners. And Apple CarPlay and Android Auto coming along to make them obsolete. While some automaker systems, such as Toyota Entune and FCA's Uconnect, are easy and intuitive to use, it seems that high-end systems (I'm looking at you BMW iDrive and Mercedes-Benz COMAND) are the most difficult.

Autoline streaming live from Detroit Auto Show right now

As you can already see, the Autoblog team is digging deep to bring you everything from the Detroit Auto Show media days today and tomorrow, with obsessive coverage of all of the new sheetmetal, hot concepts and industry news. But we're hardly alone in Cobo Hall, and our friend John McElroy and his Autoline team have fired up a live video webcast with interviews from the show floor that you can watch right now by scrolling below. The daily streaming broadcasts start at 1:00 PM Eastern today and tomorrow, with a large number of A-list executives, designers, and product planners from both domestic and foreign automakers are expected to sit in. Interviewees scheduled to appear include Al Gardner, President and CEO of Chrysler; David Zuchowski, brand-new President and CEO of Hyundai Motor America; Doug Scott, Truck Group Marketing Manager at Ford; and Peter Schreyer, President and Chief Design Officer at Kia. For the live feed and a full list of guests for both days, scroll below. Live broadcast by Ustream [Pop-out Chat Window] Day One Al Gardner, President and CEO, Chrysler Brand Ludwig Willisch, President and CEO, BMW of North America Doug Scott, Truck Group Marketing Manager, Ford Tim Mahoney, Chief Marketing Officer, Global Chevrolet Heiko Schmidt, Head of C-Class Product Planning, Mercedes-Benz USA Filip Brabec, Product Planning Manager, Audi of America Day Two Bob Ferguson, Senior Vice President, Global Cadillac Dave Zuchowski, President and CEO, Hyundai Motor America Mike Manley, President & CEO, Jeep Brand Peter Schreyer, President and Chief Design Officer, Kia Tom Kearns, Chief Designer, Kia Design Center America Jim Lentz, COO, Toyota Motor NA Tony Nicolosi, President & CEO, Volvo Cars North America Jose Munoz, Executive VP & Chairman, Nissan Americas Auto News Detroit Auto Show Audi BMW Chrysler Ford Kia Videos Detroit Autoblog 2014 Detroit Auto Show autoline Peter Schreyer