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Fiat board makes Chrysler merger official, approves $5.4B bond sale

Fiat's board of directors has officially approved the merger plan that will see the conglomerate's automotive operations merged with Chrysler into the new Fiat Chrysler Automobiles.
The plan essentially provides a road map for the structure of the new company. It includes provisions for Fiat shareholders - one Fiat share will translate to one share of FCA common stock. The new company will also include a loyalty voting structure, which will provide for shareholders of Fiat stock or those that have held FCA stock for at least three years. According to the plan, these shareholders would see their voting power double, with two votes for every share of FCA's common stock. The overall merger plan still needs to be approved by the company's shareholders.
In other Fiat-related news, the company's board has announced a bond issuance of four billion euro ($5.4 billion). The new bonds should provide the company with a degree of flexibility in refinancing debts associated with the merger plan.

Chrysler Portal Concept introduces millennials to their automotive future at CES

"Created by millennials for millennials." That's how Chrysler describes its new Portal Concept, a fully electric minivan that's set to debut later today at CES in Las Vegas. Reading between the lines, apparently that means millennials want a one-box van with lots of glass and LED lighting elements... and that FCA is talking to the same millennials as Mercedes did back in 2015. From the few early images of the vehicle released ahead of its official debut, Chrysler's electric van looks like it could have come straight off a Syd Mead drawing. The Portal Concept rides on a 118.2-inch wheelbase, which makes it a little smaller than the Pacifica. There's just enough reality in its design that we can't completely dismiss its viability as an actual vehicle, but all of its disparate design ideas make the Portal look like an overwrought vision of a future that will probably never happen. That said, we'll reserve final judgment until we see it in person at CES. The Portal Concept gets intriguing once its massive double-sliding doors open up. There's a minimalist dash with a long, slender LCD at the top and another, more conventional touchscreen right in the center. Apparently, the screens can be repositioned as needed. There are 10 docking stations inside to charge and hold smartphones or tablets. FCA worked with Panasonic to develop the Portal's user experience, and the automaker hints that the supplier could become a long-term partner. Chrysler calls the interior of its Portal Concept a "third space," the other two being home and work. All the seats mount to rails that allow them to move fore and aft, fold flat, or be removed completely. The flat floor sits above a lithium ion battery pack rated at 100 kWh. That's enough capacity to allow a driving range of more than 250 miles. A 350-kW fast charger can replenish the pack to allow a 150-mile range in less than 20 minutes. A single electric motor powers the front wheels. As befitting a vehicle unveiled at CES, Chrysler says the Portal is capable of SAE Level Three autonomous driving, which means the occupants can turn driving duties over to the vehicle under certain conditions on the highway. As self-driving technology advances, Chrysler says the Portal could be upgraded. Facial recognition and voice biometric technologies allow the Portal to recognize individual users so it can tailor the driving environment to their needs and wishes.

Will the Chrysler 300 go front-wheel drive?

FCA chief executive Sergio Marchionne hinted last week that the strapping rear-wheel-drive Chrysler 300 sedan could go front-wheel drive for its next generation using the underpinnings from the Chrysler Pacifica minivan. Speaking at the Pacifica's production launch in Windsor, ON, Marchionne said, "this plant and this architecture is capable of making the 300 successor, the front-wheel, all-wheel-drive successor," Reuters reported. Perhaps realizing he appeared to be announcing a dramatic shift in product strategy, Marchionne backpedaled in response to a follow-up question, noting only that the Ontario factory is "capable" of making the sedan. "It's capable. It's not a commitment," he said, according to Reuters. The 300 is currently built in Brampton, ON, alongside the mechanically similar Dodge Charger and Challenger. The platform, known as LX in enthusiast circles, is an evolution of Mercedes-based chassis pieces that date to the DaimlerChrysler era. Marchionne's comments didn't cover the Dodges and left a lot open to interpretation. The 300 could switch to front- and all-wheel-drive and focus on a more civilized, elegant ride character, leaving the Charger and two-door Challenger as traditional rear-wheel-drive muscle cars. That strategy would further differentiate the Chrysler and Dodge car lines. Additionally, the Charger's RWD platform makes it a popular police vehicle, and both Dodges are offered in top trim as 707-horsepower Hellcats. Switching to front-wheel drive would seemingly complicate both of those endeavors. Rumors have also swirled that Alfa Romeo could contribute RWD underpinnings for Dodge. Related Video: Featured Gallery 2015 Chrysler 300 View 92 Photos Design/Style Chrysler Dodge Off-Road Vehicles Performance Sedan chrysler pacifica