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Marchionne's FCA-GM merger might come after Ferrari spinoff

Sergio Marchionne is continuing to rumble about working out a merger with General Motors, but don't expect anything big to happen before at least early next year. That's because Marchionne would likely wait for the Ferrari spin-off to be complete before beginning his next big deal, according to Automotive News. While the Ferrari IPO on the New York Stock Exchange is expected in the coming weeks, that only concerns 10 percent of the shares. The remaining 80 percent of stock is being distributed among shareholders in 2016. Piero Ferrari holds the final 10 percent with no intention to sell. This strategy allows FCA to claim 80 percent of the Prancing Horse's profits in the automaker's 2015 financial results. According to Automotive News, the tactic has other advantages, as well. FCA would be flush with cash by waiting for the spin-off to be complete, and it would keep Ferrari separate if a GM merger actually happens. Marchionne thinks Ferrari could be valued at over $11 billion in the IPO, and it could make FCA $3.3 billion richer when complete. Marchionne believes a combined FCA/GM could sell 17 million vehicles a year globally and rake in $30 billion in earnings. In the CEO's opinion, the two automakers are wasting money by developing components to do the same things on their vehicles. Although, so far the General's top execs are rebuffing all of his advances.

Editors' Picks March 2021 | Ford Mustang Mach-E, Polestar 2, Land Rover Defender and more

The month of March was unofficial minivan month here at Autoblog. We drove all of them but the Kia Carnival, but don’t worry, you wonÂ’t have to wait much longer to read that review. Among all the family-toting machines, we drove some more exciting vehicles including the Land Rover Defender and a pair of up-and-coming EVs. It was a month of excellent cars, meaning that this monthÂ’s litter of EditorsÂ’ Picks is stacked. In case you missed FebruaryÂ’s picks, hereÂ’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary or stand out in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in March that earned the honor of being an EditorsÂ’ Pick. 2021 Ford Bronco Sport 2021 Ford Bronco Sport First Edition View 32 Photos Quick take: Ford's baby Bronco is an authentic foil to the big Bronco 2-Door and 4-Door. It brings rugged styling, better-than-average off-road capability and thoughtful utility features to a generic segment of cars. Score: 8 What it competes with: Jeep Compass, Jeep Cherokee, Mazda CX-30, Subaru Crosstrek, Kia Seltos, Chevrolet Trailblazer Pros: Stellar design, excellent off-road, clever interior details throughout Cons: Pricier than most, average transmission, underwhelming interior quality and ambiance in lowest trims From the editors: Road Test Editor Zac Palmer — “I genuinely enjoy driving this cute crossover. It feels like a mini truck on the road, and Ford admirably translated the design from its big Bronco over to this Escape-based crossover. News Editor Joel Stocksdale — "The Bronco Sport isn't perfect, the transmission could use some work, and it's a little bumpy, but it's a characterful little thing with loads of style, great visibility and space, and impressive capabilities on and off road in the powerful Badlands form." In-depth analysis: 2021 Ford Bronco Sport Review | Bronco for the masses   2021 Land Rover Defender 2021 Land Rover Defender 110 View 64 Photos Quick take: The Land Rover Defender provides everything you'd hope for in a modern Land Rover: superlative off-road capability, surprisingly plush on-road demeanor, abundant interior space and abundant character. The base four-cylinder is likely all you'll need and lower trim levels provide more than enough equipment.

GM cites evidence of offshore accounts, wants FCA racketeering lawsuit revived

General Motors on Monday asked a U.S. federal judge to reinstate a racketeering lawsuit against Fiat Chrysler Automobiles NV (FCA), saying it has new information on foreign accounts used in an alleged bribery scheme involving its smaller rival and union leaders. In its filing to U.S. District Judge Paul Borman, GM says the scheme, which it alleges occurred between FCA executives and former United Auto Workers (UAW) leaders, "is much broader and deeper than previously suspected or revealed as it involved FCA Group apparently using various accounts in foreign countries ... to control corrupt individuals by compensating and corrupting those centrally involved in the scheme to harm GM." Last month, Borman threw out the racketeering lawsuit, saying the No. 1 U.S. automaker's alleged injuries were not caused by FCA's alleged violations. GM alleged FCA bribed UAW officials over many years to corrupt the bargaining process and gain advantages that cost GM billions of dollars. GM was seeking "substantial damages" that one analyst said could have totaled at least $6 billion. "These new facts warrant amending the court's prior judgment, so we are respectfully asking the court to reinstate the case," GM said in a statement. "FCA will continue to defend itself vigorously and pursue all available remedies in response to GM's attempts to resurrect this groundless lawsuit," FCA said in a statement. In affidavits accompanying GM's filing, attorneys for the automaker said "reliable information concerning the existence of foreign bank accounts" used in the alleged scheme had only come to light recently. "The UAW is unaware of any allegations regarding illicit off-shore accounts as claimed," by GM, the UAW said in a statement. "If GM actually has substantive information supporting its allegations, we ask that they provide it to us so we can take all appropriate actions." Earnings/Financials Government/Legal UAW/Unions Chrysler Fiat GM