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Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.

Fiat Chrysler posts $690M Q1 loss

If there is one thing that should be remembered when looking at quarterly and annual earnings, it's that the headline numbers rarely tell the whole story when it comes to an automaker's health. Chrysler's first-quarter earnings are just such an example.
Yes, the Auburn Hills-based manufacturer lost $690 million, which is quite a large sum of money. The reasons for the loss, according to Chrysler, were "Unfavorable infrequent items," which includes a $504 million payment to rid itself of the debts it took on for prepaying the UAW's VEBA healthcare trust. Chrysler was also hit with a $672 million charge to the UAW, which was part of a deal that allowed Fiat to purchase the remaining shares of Chrysler owned by the VEBA.
Ignoring those one-time deals, the first quarter was quite a successful one for Chrysler. It would have made $486 million if you erased the merger costs, which would have been a year-over-year increase of $320 million. Even more promising is the fact that Chrysler snagged the largest increase in market share of any automaker during Q1 at 1.1 percent, bringing its overall share to 12.7 percent of the US market. Chrysler saw a 30-percent improvement in sales of trucks and SUVs, along with an 11-percent increase in year-over-year sales and a 23-percent increase in revenue, to $19 billion.

2020 Chrysler 300 gets new colors, a new package, and new prices

Although the Chrysler 300 is doing a pretty good impression of a listless, drifting ghost ship, there are product planners at the helm, and they have giveth and taken away for the 2020 model year. As with the last time we got news about the 300, some of this comes from Mopar Insiders instead of Fiat Chrysler, and it appears the Chrysler build site hasn't caught up to everything yet. Perhaps most important to prospective buyers, which is reflected on the build page, prices have risen anywhere from $50 to $370 across the lineup. The 2020 prices and the changes compared to 2019 are: Touring RWD, $29,590 (+$120) Touring AWD, $32,340 (+$370) Touring L RWD, $33,115 (Unchanged) Touring L AWD, $35,865 (+$250) S RWD, $36,695 (+$50) Limited RWD, $38,595 (+$100) S AWD, $39,445 (+$300) Limited AWD, $41,345 (+$350) C RWD, $41,995 (+$50) The Sport Appearance Package on the Touring trim needs a little more money, too, going from $1,295 to $1,495. The package puts on a 300S grille with a black chrome surround, gloss black window surrounds, black headlight bezels, black LED taillights, bright chrome wing badges with black inserts, and 20-inch Black Noise wheels on the RWD model, 19-inchers on the AWD. From last year's palette of eight colors, two are no more: Maximum Steel and Ceramic Grey. Frostbite, a popular white offered on the Dodge Challenger and Charger, has been added to the 300's choices. New hues Amethyst and Canyon Sunset will be added but are late availability. Inside, Black/Linen and Mocha interior colors increase the choice. The $475 Interior Appearance Group that brought features like bright pedals and premium floor mats has been done away with, too. The build site doesn't show the Red S Appearance Package for the 300S trim, but it's a thing. The option includes Black Noise exterior badging with red inserts on the wing badge, a red "S" badge on the decklid, and 20-inch Black Noise wheels on the RWD model. It can be paired with a new Radar Red interior which is also nowhere to be found on the configurator. The Red S Appearance Package can be paired with any exterior color except Frostbite, and costs $295.