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10 automakers shack up in Detroit hotel to talk Takata airbags

Since Takata has decided not to take the lead concerning potential issues with its airbag inflators, the automakers have. Perhaps that's unsurprising, since it's the automakers, not Takata, that will take a beating on the dealership floor if consumers decide its models are a health hazards. The Detroit News reports that Toyota, Honda, General Motors, Ford, Chrysler, Mazda, BMW, Nissan, Mitsubishi and Subaru met in a hotel conference room near the Detroit Metropolitan Airport last week to sort out a way to understand the technical issues involved. So far, faulty airbag inflators have been ruled the cause of five deaths and 50 injuries around the world, but neither Takata nor investigators understands exactly why the inflators are malfunctioning. The National Highway Traffic Safety Administration recently asked Takata to issue a national recall, Takata declined, citing a minuscule failure rate and the fact that it's still investigating the issue. Toyota and Honda then made an industry-wide appeal for "a coordinated, comprehensive testing program" that would pinpoint the problem inflators and get them replaced, and that's what the Detroit meeting was about. Numerous issues, however, will make this a long row to hoe: simply getting the parts to replace the nearly 20 million inflators in cars recalled around the world so far - even working with other suppliers - will take a years, but more importantly, no one knows if the replacement inflators currently being installed will suffer the same issue. Answers will hopefully come quickly with Takata, the ten automakers and NHTSA all independently investigating the problem.

Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Chrysler Airflow being redesigned and renamed for production

The Chrysler Airflow concept is dead in name and form. Motor Trend spoke to Stellantis design chief Ralph Gilles, who said brand CEO Chris Feuell "wanted a statement that had literally zero to do with anything that you have seen today, even the Airflow concept car. It is evolving in a new direction." When MT spoke to Feuell about the name, she said, "There is a group of people who love the Airflow name and just as many who beg us not to use it." The magazine believes a new-to-the-brand name will get the nod, Chrysler perhaps hoping to perform a hard reset on buyer perceptions. The redesign is far enough along to have been previewed in Los Angeles earlier this year, Feuell saying reactions tell them "we have a hit on our hands," Gilles saying "It blew the doors off." We won't see it until next year, and no one at the brand has offered a clue about how it's changed from the Airflow concept now a couple of years old. We know Feuell is plotting a remake of the entire the Chrysler experience, from shopping its products online and at dealers to after-sales care. She's said before she wants Chrysler to become Stellantis' "startup brand," offering "clean mobility, seamless technology," and affordable pricing. Affordable doesn't mean what it used to mean, so we don't know where product planners intend to slot the coming vehicles. Tesla buyers have been mentioned as one of Feuell's targets, but we're clearly still in the early days of transformation when marketing Venn diagrams encompass aspirations and projections that will be whittled out as production nears. Even for all that, the Airflow didn't scream "Chrysler transformed!" save for its battery-electric powertrain. Chrysler's tracking like Jaguar at the moment, with a lean range for dealers until the EV revolution begins in 2025. And as with Jaguar, considering how long Chrysler's plateaued, putting it kindly, it's not surprising the boss wants a more compelling wrapper. When the Pentastar's two-row crossover debuts, it will sit on the STLA Large platform, offer 400- and 800-volt electrical architectures, and pack batteries that power up to 400 miles of range. More important, it will establish the baseline for the product overhaul leading to an entirely new portfolio by 2028. We'd love to see Chrysler get it right. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.