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Fiat Chrysler agrees to new $3.8 billion credit facility with banks

MILAN — Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus. Most of FCA's plants around the world are currently shut in response to the virus emergency. Italian investment firm Exor, which controls FCA, said on Wednesday that the temporary closures might continue and increase depending on how the coronavirus outbreak develops. FCA said the credit facility would be available "for general corporate purposes and for working capital needs" of the group and that it was structured as a "bridge facility" to support its access to capital markets. "This transaction confirms the continued strong support of FCA's international key relationship banks in the current extraordinary circumstances," the automaker said in a statement, without making any explicit link between the new facility and the impact the virus is having on the global economy. The facility can be drawn in a single tranche of 3.5 billion euros ($3.8 billion), with an initial 12-month term which can be extended for further six months. It adds to existing credit facilities worth 7.7 billion euros, including lines for 1.5 billion euros that the company has started to draw down, FCA said. FCA is in merger talks with Peugeot owner PSA to create the world's fourth biggest carmaker. The deal is expected to be finalized by the first quarter of next year. Equita's analyst Martino De Ambroggi said that, based on his new assumption of a 10% drop of global auto market this year, the crisis triggered by the coronavirus would impact the merged automaker's free cash flow by over 5 billion euros. Earlier this week, General Motors announced it will draw about $16 billion from its credit lines in a bid to beef up liquidity amid rising business impact from the fast-spreading coronavirus outbreak. And last week, rival Ford abandoned its 2020 forecast and said it was drawing down $15.4 billion from two credit facilities to bolster its balance sheet. Related Video:

2017 Fiat 500 Abarth Quick Spin | Old dog masters old tricks

It's hard to believe, but the raucous little hatchback we know as the Fiat 500 Abarth is nearly a decade old. The 160-horsepower version we get here first appeared in Europe at the end of 2008, and while ours didn't arrive until the 2012 model year, it was mostly the same car. That's a really long time for a car to be on sale without any major changes or mechanical updates. So we spent some time with a 2017 model to see how it's holding up. Here's what we learned: It's still a lot of fun for a number of reasons, not least of which is the exhaust. This is by far the best sounding exhaust for the money. It growls, it pops, it's generally a riot. Sure it can drone a bit on long highway jaunts, and you might annoy your neighbors in the morning, but it's worth it. Other manufacturers could learn a thing or two about making their cars more exciting to hear. (I'm talking especially to you, Honda, because the Civic Si is too quiet). The turbo 1.4-liter engine will still nudge you back at full throttle and pull you through corners quickly. The boost comes on very smoothly, too, making it easy to work with. Just make sure you have the car in Sport mode. Boost is limited in Normal mode, so if you want to enjoy everything the car has to offer, hit that button the moment you fire up the Fiat. The seating position is the closest thing this side of a Smart ForTwo to feeling like a road-going motorized bar-stool. The very tall driving position and short, narrow body make for one of the most unique driving feelings on the market. It's not good, it's not bad, just different. And fortunately, you don't feel like the car is going to tip over. In fact, it feels pretty secure... ...most of the time. The short wheelbase does make the Abarth feel a tad nervous when driving through long, fast corners such as freeway ramps. It probably wouldn't bite you with the driving aids on, but you'll find yourself concentrating a little harder in some corners than in cars longer than a Little Tikes Cozy Coupe. Steering is a bit of a mixed bag, too. It's the same electrically-assisted rack the car has used over the years, and it's still vague off-center and slow. Maybe this was on purpose to keep people from unsettling such a short little car. Hints of torque steer show up, as well, and the car does like to follow the contour of the road. On the upside, the steering is weighted well, and the car doesn't lean much and grips well.

FCA inline-six rumored to be real, headed for Jeep Wagoneer

In September, Allpar reported that that clues being dropped at Fiat- Chrysler headquarters, in the carmaker's factories, and on engineer resumes pointed to the development of an inline six-cylinder engine. The site has just proclaimed the rumor is reality, writing that the straight-six, "turbocharged to meet or beat 5.7 Hemi power ratings, with a smoother torque curve, is on the way." The motor's first outing is expected to be either the next-generation Jeep Grand Cherokee, debuting perhaps next year, or the Jeep Wagoneer, debuting in 2020 or 2021. "Tornado" is the purported codename for the power plant said to be just under three liters in displacement, expanding the family begun with the Global Medium Engine 2.0-liter turbo codenamed Hurricane. Engine bay constraints and a long use horizon mean engineers won't simply add two more cylinders to the GME, however. Allpar says the brief is to keep the Tornado GME-T6 — the alphanumeric for "turbocharged six" — no more than three inches longer than the Tigershark 2.4-liter four-cylinder. That means "major design changes" that could include a space-saving head, more closely spaced cylinders, and no cylinder liners. An FCA division called Comau could be called on for its "SmartSpray" plasma lining technology. Allpar muses that the standard version of the engine for Chrysler, Dodge, Jeep, and Ram could get a single twin-scroll turbocharger. Performance trims for Alfa Romeo and Maserati could get different heads and maybe twin turbos, an SRT version might also get both those tweaks. History shows that the Italian versions would make changes to the block, as well. Even so, the Tornado would be less expensive than any Ferrari-supplied V6. A straight-six would put FCA in company with current adopters BMW and Mercedes-Benz, future users like Jaguar, and perhaps Aston Martin. The engine would span the widest range of use cases in the U.S. carmaker's portfolio, though. Potential applications include being a base engine for Ram trucks, serving double duty as a base engine and 5.7-liter Hemi replacement for the Dodge Charger and Challenger, working in the high-end Jeeps, and as a properly hot trim — with Ferrari-designed heads — in the luxury Italian sports cars. The Alfa Romeo Giulia begs for just such motivation to fill the gap between the 280-hp, $42,695 Ti Sport RWD and the 505-hp, $73,700 Giulia Quadrifoglio RWD. And a twin-turbo inline-six in a Maserati Alfieri would stack up nicely with the Germans.