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Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video:

Chrysler appoints new heads of Alfa Romeo and Ram

Chrysler has announced to two key appointments to its senior leadership, both of them taking immediate effect. First up is Reid Bigland, who has been named head of the Alfa Romeo brand for North America. Bigland has served until now as head of the Ram Truck brand, a portfolio he now hands over to Robert Hegbloom, who had served until now as its director.
As a result of the appointments, both Bigland and Hegbloom will take up seats on Chrysler's NAFTA Leadership Team, and Bigland will also join the Fiat Chrysler Group Executive Council - the highest decision-making body in the Fiat Chrysler Automobiles empire.
As per Sergio Marchionne's leadership style, Bigland will continue to serve in two major capacities, maintaining his role as president and CEO of Chrysler Canada. Other senior executives who hold multiple key portfolios include Harald Wester (who serves as the group's Chief Technology Officer and also overseas Alfa Romeo, Maserati and Abarth), Olivier Francois (group Chief Marketing Officer and head of the Fiat brand) and Michael Manley (head of the Asia-Pacific region and the Jeep brand).

FCA and Cummins named in diesel emissions class-action lawsuit

Chrysler is now the first United States-based carmaker to be sued for allegedly skewing emissions results. In a move that sounds eerily similar to the troubles of European manufacturers, Chrysler is claimed to have hid diesel engine characteristics causing emissions as much as 14 times higher than permitted by regulations. According to Bloomberg, the lawsuit alleges that Chrysler, together with its diesel engine partner Cummins, has concealed the nitrogen oxide output of certain Ram vehicles produced between 2007 and 2012. The NOx pollutants were meant to be broken down in a process called regeneration in the truck's NAC system, or NOx Absorption Catalyst, which predated the 2013-introduced SCR, or Selective Catalytic Reduction system. By design, the NAC captures and stores NOx emissions, converting them to nitrogen and oxygen through a catalytic process. The lawsuit claims the Cummins engine's system has a limited capacity to store the emissions, and as a result the pollutants escape, increasing emissions, worsening fuel consumption and wearing down the catalytic converter. The later, cleaner SCR system uses a urea-water injection, and it gradually replaced the NAC on Cummins 6.7-liter engines, as it was first implemented in 2011 and made standard in 2013. As Bloomberg notes, the model years of Ram trucks involved in the lawsuit predate the earliest Volkswagen "Dieselgate" models by two years. The lawsuit, filed on behalf of 500,000 truck owners, accuses Chrysler and Cummins of fraud, false advertising and racketeering. As an underlying motive, the filing mentions a 2001 change in EPA emissions standards. Announced to become effective in 2010, the EPA requirements drove Chrysler and Cummins to try and reach those already by 2007. However, the NAC system is said to have fallen short of these goals, and the filing claims that Chrysler and Cummins chose to "rig" the engines instead. The affected vehicles predate the 2014 merger of Chrysler and Fiat. FCA US has released a statement regarding the lawsuit, saying it will contest the lawsuit "vigorously". News Source: BloombergImage Credit: Getty Editorial Government/Legal Green Chrysler Dodge RAM Emissions Diesel Vehicles FCA cummins diesel