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Chrysler Pacifica hybrid minivans recalled due to fire risk

Chrysler Pacifica plug-in-hybrid minivans are being recalled because the connection to the vehicles' 12-volt battery may pose a fire risk. The company says 27,634 minivans are affected, from the 2017 through 2020 model years. The regular gas-engine Pacifica is not part of the recall. The issue is with the minivans' standard 12-volt battery that powers the vehicles' accessories, not the high-voltage battery that is part of the hybrid powertrain. The connection to the battery may degrade, posing the risk of fire. Chrysler says it knows of "a small number" of fires that have occurred and one minor injury. Dealers will inspect the connection to check for corrosion.  In the meantime, Pacifica hybrid owners are advised not to park their vehicle inside a garage, building, or other structure, or near other vehicles. They're also asked not to carry liquids that might spill in the second-row seating area. Starting June 16, Pacifica hybrid owners can enter their VIN number at the following websites to see if their vehicle is among those being recalled: recalls.mopar.com or, in Canada, recalls.mopar.ca. Chrysler also will be contacting owners of affected vehicles by mail. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.      

Weekly Recap: Chrysler forges ahead with new name, same mission

Chrysler is history. Sort of. The 89-year-old automaker was absorbed into the Fiat Chrysler Automobiles conglomerate that officially launched this fall, and now the local operations will no longer use the Chrysler Group name. Instead, it's FCA US LLC. Catchy, eh? Here's what it means: The sign outside Chrysler's Auburn Hills, MI, headquarters says FCA (which it already did) and obviously, all official documents use the new name, rather than Chrysler. That's about it. The executives, brands and location of the headquarters aren't changing. You'll still be able to buy a Chrysler 200. It's just made by FCA US LLC. This reinforces that FCA is one company going forward – the seventh largest automaker in the world – not a Fiat-Chrysler dual kingdom. While the move is symbolic, it is a conflicting moment for Detroiters, though nothing is really changing. Chrysler has been owned by someone else (Daimler, Cerberus) for the better part of two decades, but it still seemed like it was Chrysler in the traditional sense: A Big 3 automaker in Detroit. Now, it's clearly the US division of a multinational industrial empire; that's good thing for its future stability, but bittersweet nonetheless. Undoubtedly, it's an emotion that's also being felt at Fiat's Turin, Italy, headquarters as the company will no longer officially be called Fiat there. Digest that for a moment. What began in 1899 as the Societa Anonima Fabbrica Italiana di Automobili Torino – or FIAT – is now FCA Italy SpA. In a statement, FCA said the move "is intended to emphasize the fact that all group companies worldwide are part of a single organization." The new names are the latest changes orchestrated by CEO Sergio Marchionne, who continues to makeover FCA as an international automaker that has ties to its heritage – but isn't tied down by it. Everything from the planned spinoff of Ferrari, a new FCA headquarters in London and the pending demise of the Dodge Grand Caravan in 2016 has shown that the company is willing to move quickly, even if it's controversial. While renaming the United States and Italian divisions were the moves most likely to spur controversy, FCA said other regions across the globe will undergo similar name changes this year. Despite the mixed emotions, it's worth noting: The name of the merged company that oversees all of these far-flung units is Fiat Chrysler Automobiles. Obviously the Chrysler corporate name isn't completely history.

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.