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If Tesla Model 3 is successful, Sergio Marchionne will copy it

Fiat Chrysler CEO Sergio Marchionne hasn't hidden his disdain for electric vehicles, but he would copy the Tesla Model 3 if it is successful, according to Automotive News Europe. If Elon Musk "can show me that the car will be profitable at that price, I will copy the formula, add the Italian design flair and get it to the market within 12 months," Marchionne told Automotive News Europe during FCA's annual meeting in Amsterdam. In terms of pre-orders, the Model 3 is a success. Musk tweeted on April 7 that the company had over 325,000 reservations for the sedan, which he estimated were worth around $14 billion. The car will start at $35,000 before incentives. Marchionne, however, isn't optimistic Tesla can actually make the electric sedan work financially. "I'm am not surprised by the high number of reservations but you have then to build and deliver them and also be profitable," he told ANE. The FCA boss is a noted skeptic of EVs. In 2012, he said that the company only built the 500e because of California's zero-emissions vehicle mandate and to give engineers experience with the technology. He doubled-down in 2014 when he claimed FCA lost $14,000 on each 500e and said he would rather people didn't buy them. More recently, he infamously said "you'd have to shoot me first," before he'd allow a fully electric Ferrari. Related Video:

This week in EVs: Electric Jeeps, Chevy Equinox, reborn VW bus

There's going to be tons of car news next week as the Detroit Auto Show makes its return after 48 years. OK, so the pandemic and the show's shifting calendar only made it feel like 48 years, but January 2019 was still a long time ago. As we await that wave of headlines, let's look back at the substantial week that already was, specifically in terms of the electric car news that broke. Electric Jeep Recon and Wagoneer S blaze trail to brand's EV future Jeep declared Thursday to be 4xe Day as it revealed loads of previously unknown information about its future electrification efforts. The biggest surprise was the extremely cool and 100% electric Jeep Recon. Although it looks like a Wrangler, it's absolutely not a Wrangler replacement, and is indeed quite different for reasons besides its powertrain (independent front and rear suspension, fully enclosed fenders, fixed roof). As the photos attest, though, you'll be able to remove the doors and rear-quarter windows just like a Wrangler. And again, it's electric. Expect the Recon to be one of the most eagerly anticipated new vehicles over the next couple of years. Yes, years, plural. Production will start in 2024 with reservations accepted starting early next year. Jeep Recon View 5 Photos   There was then the Wagoneer S. Despite the name, it isn't a sportier Wagoneer variant or even an electric Wagoneer. In fact, the name is temporary according to chief designer Ralph Gilles. This sleek SUV, which sure looks like Jeep's attempt at a Range Rover Vilar (not a bad thing), will apparently have a 600-horsepower electric powertrain. It too will be produced in North America starting in 2024 with reservations starting early next year. Jeep Wagoneer S View 4 Photos   There actually WILL be an electrified Wagoneer, however: the Grand Wagoneer 4xe PHEV. That's good since the Grand Wagoneer gets pretty atrocious fuel economy. Details were light regarding specs, but we did get a half-decent photo. Finally, the first of these electrified Jeeps to launch will be the Avenger. Yes, Chrysler/Stellantis is dusting off an old Dodge name for a Jeep. That Dodge in question wasn't sold in Europe, though (good for them), which is important since the Jeep Avenger will only be sold on the other side of the pond. It's mechanically based on the same platform as several French Stellantis EV SUVs, and only goes 249 miles on the far more generous European WLTP test cycle.

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.