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Fiat Chrysler completes sale of Magneti Marelli

Fiat Chrysler Automobiles completed its sale of components maker Magneti Marelli to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation. The Japanese parts supplier paid $6.5 billion (5.8 billion euros), which is a bit less than the $7.1 billion deal that was initially announced in October of 2018. According to Reuters, the price was adjusted based on Magneti Marelli's estimated financial position as of the closing date. The influx of cash allowed FCA to offer a special cash distribution to its shareholders for the first time in a decade. At ˆ1.30 per share, the payout corresponds to a total distribution of approximately ˆ2 billion. The dividend will pay out on May 30. "FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier," FCA CEO Mike Manley said in a statement. "This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio." Earnings/Financials Chrysler Fiat magneti marelli

FCA explains, updates sales reporting in wake of investigation

Fiat Chrysler Automobiles (FCA) is currently under investigation by the Department of Justice (DoJ) and Securities and Exchange Commission (SEC) for possible misappropriation of monthly sales. Not only that but a dealer group filed a lawsuit against the auto company for allegedly bribing dealers to falsify sales reports. In the wake of these mounting pressures, FCA released a report explaining their old sales reporting methods, as well as introducing the method they will use now. The report explains that sales will break down into three main categories. The first category is simply sales made by dealers in the United States that were purchased by your typical consumer. The second group is fleet sales that were purchased directly from FCA. The final group is a mix of various sales including sales by Puerto Rican dealers, cars used for marketing, and vehicles delivered to FCA employees and retirees. The original method of recording these sales relied mainly on the New Vehicle Delivery Report (NVDR). This system allowed dealers to report new car sales at the time of sale. These sales were used to create and report a total at the end of each month. Dealers also had the ability to "unwind" sales. What this means is that a dealer could cancel the sale of a car that was reported as sold in the event that a customer couldn't purchase the car or wanted a different vehicle. This would also return factory incentives to Chrysler and end the warranty period. Fleet and other sales were not recorded through this system, and were rather included in a separate "reserve" of vehicles. FCA explained that it did not know why this was the case, but the company speculated the reason may have been to avoid reporting vehicles that hadn't made it to road use yet. FCA also emphasized that their retail sales reports do not reflect quarterly earnings. The company explained that those earnings are based on vehicles purchased from FCA, which includes sales like the cars dealers buy for their local inventories. The new method also shows FCA's long run of sales increases wasn't as long as first thought. FCA has adopted a new system for calculating sales in light of concerns and confusion. This system retains the categories listed above, but changes how it counts them. The dealer reported numbers will now only include sold vehicles and will deduct sales of unwound vehicles that month.

Detroit 3 small cars lay an egg in latest Consumer Reports reliability study

Consumer Reports has released its Annual Auto Reliability Survey and the results are, in a word, interesting. While we already covered the score-damaging effects of infotainment systems, there's another big angle to the data that's getting some attention - the utterly dismal scores of the Detroit Three's small car offerings.
The turbocharged Dodge Dart and Chevrolet Cruze, as well as the Ford Fiesta were their respective brands' lowest-scoring models, a stat that's made worse by the fact that the American automakers finished 25th, 21st and 23rd, respectively.
That's not acceptable for The Detroit Free Press' auto critic, Mark Phelan, who has penned a scathing critique of the D3's small car reliability scores, arguing that GM, Ford and Chrysler are "out of excuses."