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Fiat Chrysler parts firm Magneti Marelli sold for $7.1B

TOKYO/MILAN — Japan's Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler's Magneti Marelli for 6.2 billion euros ($7.1 billion) to form the seventh-largest independent car parts supplier. The first big deal by FCA's newly-appointed chief executive Mike Manley, who took over in July after the sudden death of long-time boss Sergio Marchionne, creates a company with revenue of 15.2 billion euros ($17.5 billion), the companies said. The newly formed Magneti Marelli CK Holdings is likely to cut costs through synergies and expand its customer base as components makers try to keep up with a shift by carmakers into autonomous driving, connected cars and electric vehicles. "This combination with Calsonic Kansei has emerged as an ideal opportunity to accelerate Magneti Marelli's future growth," Manley said on Monday of the FCA unit, which specializes in lighting, powertrain and high-tech electronics. FCA shares were up 5.2 percent at 0906 GMT as investors welcomed the hefty price tag, which will boost FCA's net cash position and raises expectations of a share buyback. "Getting this transaction completed at the price agreed is a significant early milestone and accomplishment," George Galliers, an analyst at Evercore ISI, said of Manley and his team's ability to match Marchionne's deal-making reputation. Marchionne had set in motion a process to spin off the unit and distribute its shares to FCA shareholders by early 2019, but said in June that FCA would still be "receptive" to an offer. Neither FCA nor its top shareholder, Fiat's founding Agnelli family, will have a stake in the combined business, but FCA said it would enter into a multi-year agreement to secure supplies to its plants and also to maintain operations and staff in Italy. Part of a global expansion KKR bought Calsonic from Nissan and other shareholders in 2016, saying it would help the parts maker, which relies on the Japanese carmaker for most of its sales, to expand globally. Calsonic has been in talks with FCA for months and made an initial 5.8 billion euro bid, sources have said. FCA does not break out earnings for Magneti Marelli, which sits within its components unit alongside robotics specialist Comau and castings firm Teksid. The unit employs around 43,000 people and operates in 19 countries. A takeover of Magneti Marelli had remained elusive as potential bidders were offering too little or were only interested in some parts of the business.

2018 Chrysler Pacifica Hybrid Long-Term Update | Keeping things fresh

We're big fans of our long-term 2018 Chrysler Pacifica Hybrid. In the few months we've had it, we've racked up quite a few miles. We have some road-trip stories coming later on (including a 2,500-mile round trip to New England), but I wanted to highlight a small but interesting feature on our Ocean Blue people mover, the "Fuel and Oil Refresh Mode". From the owner's manual: Since it is possible to operate this vehicle for extended periods of time without running the gas engine, the fuel within the vehicle's fuel tank can become stale. To prevent engine and/or fuel system damage due to stale fuel, as well as, maintaining internal engine lubrication, this vehicle is equipped with a "Fuel and Oil Refresh Mode". The vehicle will automatically enter into the Fuel and Oil Refresh Mode to minimize potential for stale fuel, and to ensure lubrication of internal engine components. When operating in this mode, the gas engine will run to provide vehicle propulsion (electric only operation is inhibited). A message will be displayed in the instrument cluster whenever Fuel and Oil Refresh Mode is active. The vehicle will automatically exit the Fuel and Oil Refresh Mode when conditions have been satisfied. If the vehicle enters Fuel and Oil Refresh Mode, due to fuel which has been in the fuel tank for a long period of time (becoming stale fuel), the engine will run whenever the vehicle is operational (no electric only operation) until the low fuel level warning is activated. It is possible to exit the Fuel and Oil Refresh Mode sooner by adding new fuel to the vehicle's fuel tank. Basically, the engine will automatically cycle on to help burn fuel and lubricate the engine if the Pacifica has been running on pure electricity for an extended period of time. This may sound wasteful, but fuel does go stale and it's not good for the Pacifica's V6 to go without circulating oil every once in a while. A message pops up on the instrument cluster and the engine runs until the computer decides its cycled enough. In our experience, it's not run for more than a few minutes at a time. Since most of us live within 15 or so miles of the office, we can usually make it home and back without expending the Pacifica's 33-mile electric range, even if we make a trip to the store or go out for dinner. The refresh mode has kicked on a few times already, and we expect it to kick on quite a few more times before our loan is up. Related Video:

New Fiat Chrysler CEO picks management team to tackle industry in flux

MILAN/DETROIT — Fiat Chrysler's new boss unveiled his management team on Monday, seeking to revive the automaker in Europe, forge ahead in North America and keep the group in contention in the industry's race to develop self-driving and electric cars. Mike Manley took over in July after long-time chief Sergio Marchionne fell ill and later died after succumbing to complications from surgery. British-born Manley has since pledged to carry through a strategy Marchionne outlined in June to keep FCA "strong and independent." "The next five years will continue to be extremely challenging for our industry, with tougher regulations, intense competition and probably slower industry growth around the world," Manley said in a letter to employees on Monday. "Nevertheless, with a laser focus on execution and a continued flexibility that allows us to adjust as circumstances change ... we have a clear line of sight to achieving our five-year ambitions." Manley appointed Pietro Gorlier, thus far chief operating officer of FCA's components business, as FCA's next European chief to tackle a region where profitability is below that of peers, many workers are stuck in furloughs and various plants run at below capacity. The carmaker's previous European chief Alfredo Altavilla left after FCA appointed Manley as Marchionne's successor. As head of the components unit, Gorlier has also led Magneti Marelli, the parts unit that FCA may either spin off or sell. He will be succeeded at Magneti Marelli by the parts maker's lighting division head Ermanno Ferrari. Japan's Calsonic Kansei has been in talks with FCA about buying the unit, sources familiar with the matter have said, but no binding agreement has been reached and the deal could still fall apart. Choosing an Italian as head of Europe might soothe some fears in Italy that FCA could weaken its link to Fiat's roots. In his last strategy unveiled in June, Marchionne vowed to convert Italian plants to churn out Alfa Romeos, Jeeps and Maseratis instead of less profitable mass market vehicles to preserve jobs and boost margins. Europe will also become a big part of the company's electrification drive. FCA will copy in Europe what worked in the United States, where it retooled plants to build pricier SUVs and trucks in a move since emulated by bigger rivals Ford and GM. Manley also named new managers to succeed him at Jeep and RAM, the two brands which have been driving profits in recent years and remain at the core of growth plans.

Pair of 1970 Plymouth Superbird barn finds hits eBay

Here are a couple noteworthy barn finds for sale right now on eBay: a pair of 1970 Plymouth Superbird muscle cars, found with their giant rear wings, retractable headlights and 440 Super Commando V8s apparently perfectly intact after being stored for decades in a garage in Maine, with their condition reportedly "very good for 40 years of dry storage." In his lengthy writeup, the seller notes the short-lived, modified Road Runner is "One of the most collectible muscle cars with one of the most incredible automotive Aerodynamic (sic) designs in automotive history." The Superbird, which saw only one production year, is approaching its 50th anniversary, with their values expected to soar, he notes. The seller explains that he learned about the Superbirds after he purchased his own blue Superbird from the Owls Head Transportation Museum auction in Maine in August for $187,000. "Just after I won the blue 1970 Super Bird with white bucket seat interior a man approached me and sat down next to me and stated he has 2 Super Birds in storage that he has owned for the last 40 years," he wrote on his listing. "He told me he purchased them from the original owners." One was B5 blue with white bucket seats, just like the one he'd just purchased. The other was Alpine White with black bucket seats. According to the back story, both cars were originally sold off the lot in 1970 at Blouin Chrysler Plymouth Dodge in Augusta, Maine, and the man who'd been keeping them in his garage said he knew both of the original owners, having purchased both cars from them around 1978. The man, who is reportedly a Mopar expert, kept them both registered until 1985 and 1987, with the registration stickers still intact on the windshields, then prepared both for storage, putting straight antifreeze in the motors and filling the cylinders with lubricating oil. Both cars are currently being stored in a garage in Massachusetts. The Alpine White Superbird has 42,497 miles on it. The highest of 84 bids as of this writing was $135,000. The blue version has just 27,416 miles on the odometer, with the highest of 93 bids at $151,100. Both were updated with Pioneer cassette decks that the seller says "are classics in themselves." The seller also notes he hasn't tried to get either car started but that both motors turn freely and that the head and taillights all work. Bidding ends Sept. 27.

Fiat Chrysler working on an inline-six to replace the Pentastar V6?

Get out your Skeptics Hat for this one and keep it close by. Allpar cites "reliable sources" to write that Fiat Chrysler appears to be working on a new inline-six engine to be slotted into company products around the globe. The purported engine would be based on the 2.0-liter Global Medium Engine inline-four. Allpar first reported on the potential development in February 2017 and has filed a few updates since then, one citing "internal communications referring to a GME T6" — the "T" meaning turbocharged. It's said that some engineers have changed their online resumes to reflect their focus on the new motor. Apparently, FCA tried adding forced induction to the Pentastar V6 but didn't like the results. The new direction then turned toward a "compact straight-six." In at least one guise, the GME I-6 would come in at just under three liters in order to escape taxes on engines 3.0-liters and above in certain European markets; the 2.0-liter four-cylinder has an actual displacement of 1.995 liters. The present V6 Pentastar comes in 3.2-liter and 3.6-liter guises; a turbocharged 3.0-liter straight-six should be able to replace both as far as output. Hooking up to the company's eTorque system used on the 3.6-liter Pentastar and 5.7-liter Hemi would make things even more punchy. With the trend in truck engine downsizing, it wouldn't be crazy to see such an engine head straight to Ram. The four-cylinder GME unit serves in the Alfa Romeo Giulia and Stelvio, and Jeep Cherokee, Wrangler, and Grand Commander. The big Alfa Romeos and full-size Jeep and Ram models shouldn't have any problem with a longer inline engine. Maserati, which doesn't use the Pentastar engine, could be a candidate as well should it choose to step away from its Ferrari-developed engine cred. Speaking of Ferrari, the Italian brand is working up a new V6 based, in its words, on "a very, very particular architecture." It isn't clear where it will go or if one of the other Italian brands will get access to it, but the Allpar piece says the Ferrari V6 will be based on the core GME architecture for Maserati. Chrysler gave up its last inline-six 11 years ago when the 4.0-liter I-6 retired alongside the JK-series Jeep Wrangler. The engine format is back in vogue, and its reincarnations have received good reviews. But inline-sixes are generally longer, hence FCA's focus on a compact unit, and that could limit the purported engine's placement options.

Chrysler reportedly to drop 300 sedan, build Portal millennial minivan

Automotive News Canada pointed its divination stick at Chrysler as part of its Future Product Pipeline series. The publication dug up two revelations, one being that the Chrysler 300 has two more years to live, ending production come 2020. The article said nothing about the 300's platform twin, the Dodge Charger. The death of the 300 would leave the Pentastar brand with just one offering, the Pacifica minivan. AN Canada's other revelation was Chrysler would allay that fate by putting the "six-passenger multi-purpose" Portal concept into production for 2020. The automaker that wants to be known for its people haulers introduced the Portal concept at the 2017 Consumer Electronics Show. The big bang at the time was the Portal having been designed by millennials in Chrysler's design department, specifically for millennial buyers. Feature bait for the confounding demographic included facial and voice recognition so the Portal knew who was in the car and could tailor the driving environment and cockpit to their tastes; a panoramic dashboard; a configurable interior so the owner can create space where needed, up front or in the cargo area; vehicle-to-vehicle and vehicle-to-infrastructure tech; upgradeable Level 3 autonomy; a retractable aviation-like steering wheel; and customizable light signatures. We didn't get many specs on the show car, but the all-electric powertain employed a 100-kWh lithium-ion battery, had a range of at least 250 miles, and could restore 150 of those miles in 20 minutes hooked up to a DC fast charger. Reasonable specs for a real vehicle. It wouldn't be an outrageous move for Chrysler to create a production version of the Portal. When the concept came to the 2018 Detroit Auto Show, former Fiat Chrysler CEO Sergio Marchionne told media he intended to roll out the "fifth generation" of family cars — the next evolution of the wagon-minivan-SUV-crossover progression — and he expected the Portal or something similar to make production at some point. The Detroit News predicted we'd get a Portal sometime after 2018. Tim Kuniskis, then head of FCA passenger cars in North America, said the company viewed the Portal as that fifth-gen product and "the future of family transportation." On top of that, the designers based the front-wheel-drive Portal on the Pacifica's platform, and Marchionne was vocal in his desire for another retail product on that architecture. He had said, "I need another minivan.

Woman who gives birth on video in moving car gets another surprise

A mother of (now) five gave birth on video in her minivan on the way to the hospital last week, and she was just gifted a brand new Chrysler Pacifica minivan by none other than Jimmy Kimmel. He brought the now viral family live on air to talk about the crazy experience. The birth video is stunning, scary, but hilarious too once you realize who all is in the car. Alexis Swinney, the mother, was reportedly only minutes away from the hospital when the baby just couldn't wait any longer. Swinney's husband filmed the entire thing while driving (not recommended) on the way to the hospital. Kimmel echoed our thoughts on this exactly, "The whole time I'm watching, I'm thinking put the camera down and drive the car!" As she gives birth, he swivels the camera back to their other children in the rear seat with shocked looks on their faces — they just witnessed their mother giving birth to their new sister. Obviously the car was a complete mess after giving birth, so Kimmel did the best he could to help them out. "We were concerned that things might not be clean in the car anymore, so we called our friends at Chrysler ... so we're upgrading you. Go ahead, go in there, have a couple more kids," Kimmel said. This story transitioned from scary to unbelievable, and finally, incredibly heartwarming. The family can now pack all of their kids into the wonderful children transporting machine that the Pacifica is.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Mike Manley and Louis Camilleri appointments confirmed after shareholder votes

AMSTERDAM – Fiat Chrysler shareholders held a meeting yesterday to officially vote on the appointments of Mike Manley as CEO of FCA and Louis Camilleri as the CEO of Ferrari. Manley and Camilleri were announced as the replacements for Sergio Marchionne following the former chief's sudden death. At the same time, FCA announced that it would place John Elkann in the role of Chairman. A minute-long moment of silence was held at the start of the meeting in honor of Marchionne. According to reports, 99 percent of shareholder votes were in favor of Manley's appointment at FCA, and 98 percent were in favor of Camilleri taking the CEO role at Ferrari. Manley said at the shareholder's meeting that he will announce his organizational plans for the automaker by the end of September. "When we learned Sergio Marchionne could not return to work the board decided to appoint Mike Manley, who was the only candidate," Chairman John Elkann said. The chairman added the decision was based on succession plans the board was working on with Marchionne for his planned departure in 2019. Of Camilleri's direction at Ferrari, Elkann said, "Sergio Marchionne strengthened the foundations of Ferrari, now we can build on that for the future, which will be a bright future."Reuters contributed to this report.Related Video: Image Credit: Daniel Acker/Bloomberg via Getty Chrysler Fiat Sergio Marchionne FCA Mike Manley

Fiat Chrysler to open $30M autonomous driving test facility in Michigan

Fiat Chrysler said Wednesday it's invested more than $30 million in a new facility to develop and test autonomous vehicle and advanced safety technologies at its Chelsea Proving Grounds in southeast Michigan. The facility is the first of its kind for the automaker, which has mostly relied on partnerships with the likes of Uber and Google subsidiary Waymo to develop the hardware and software used in self-driving vehicles and avoided making large investments itself under former CEO Sergio Marchionne. The company this spring announced plans to deliver as many as 62,000 additional Chrysler Pacifica Hybrid minivans to Waymo and make Waymo's tech available in customer vehicles via a licensing deal. The new facility features a dedicated highway-speed track for testing self-driving cars with obstacles, tunnels and other features, a 35-acre safety feature testing area and a high-tech, 6,500-square-foot command center equipped with computers that can track GPS coordinates and test vehicle-to-infrastructure communications. It will allow FCA to test for different levels of automated driving, automatic electronic braking and automated parking simulations, and test protocols from third parties such as the Insurance Institute for Highway Safety, U.S. New Car Assessment Program and European New Car Assessment Program. Testing starts later this month. "The all-new facility at Chelsea Proving Grounds will help support and enable the successful rollout of the company's five-year plan laid out earlier this year," Mike Manley, FCA's new CEO and chief operating officer for the NAFTA region, said in a statement. "Our ability to test for autonomous and advanced safety technologies enables FCA to offer our customers the features they want across our brand portfolio." The Chelsea Proving Grounds, near Ann Arbor, opened in 1954 and now cover about 4,000 acres. About 900 people work there, the company says. Related Video: Image Credit: Getty Chrysler Fiat Technology Emerging Technologies Autonomous Vehicles Uber Waymo testing

Why this could be the perfect time for Apple to make a car play

While the automotive and technology worlds have been pouring billions into autonomous vehicles (AVs) and preparing to bring them to market soon as shared robo-taxis, Apple has mostly sat on the sidelines. Of course, Apple is the last company to ever make its intentions known, and the super-secret tech cult giant hasn't been totally out of the AV game based on the clues that have slipped out of its Cupertino, Calif., citadel over the past few years. Related: Apple self-driving cars are real — one was just in an accident News first broke in 2015 that it had assembled an automotive development team, in part by poaching high-profile talent from car companies, to work on a top-secret self-driving vehicle project code-named Titan. (Thank you very much, Nissan.) Apple also subsequently broke cover by making inquiries into using a Northern California AV testing facility and receiving a permit to test AVs on public roads in California. But then as the AV race started to heat up in the last few years, Apple reportedly began scaling back its car activities by downsizing team Titan. More recently, Apple's car project has shown signs of life with the hiring a high-level engineer away from Waymo and luring one Tesla's top engineers and a former employee back to Apple. It also inked a deal with Volkswagen to provide a technology platform and software to convert the automaker's new T6 Transporter vans into autonomous shuttles for employees at tech company's new campus. That is a far cry from giving rides to Wal-Mart shoppers, like Waymo is doing as part of its AV testing in Phoenix. But this could be the perfect time for Apple to enter the AV market now that ride-sharing is reaching critical mass and automakers and others are planning to deploy fleets of robo-taxis. Apple could easily establish a niche as a high-end ride-sharing service – and charge a premium – given its cult-like brand loyalty and design savvy. The growth of car subscription models could also play in Apple's favor since is already has many people hooked on paying for phones in monthly installments – and eager to upgrade when a new and better model becomes available. To achieve this, some believe Apple will fulfill co-founder and CEO Steve Job's dream of building a car. And as the world's first and only $1 trillion company it's sitting on a mountain of cash that certainly gives it the means. But other tech darlings like Tesla and Google have discovered how difficult it can be to build cars at scale.