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Chrysler IPO to be filed as early as this week

An initial public offering for the Chrysler Group could happen this week, following Sergio Marchionne's comments to Financial Times in London, according to a report from The Detroit News. Fiat, which owns 58.5 percent of Chrysler, has been in a battle with the UAW retiree healthcare trust over its minority stake in the company. While the automotive union recognizes its role as a temporary shareholder, the two couldn't come to an agreement on how the shares should be priced.
As Marchionne explained to FT, a Chrysler IPO allows the market, rather than the two competing sides, to determine the value of the shares. The public offering is a risky move, which could potentially hang one side out to dry - if the shares go high, it's bad news for Fiat, but if they go low, the UAW stands to lose. Regardless of where the stock prices go in an IPO, though, it's a move that's being supported by analysts, who are quick to cite Chrysler's near-constant growth and a product lineup that is getting healthier with each new introduction.

Fiat Chrysler denies GM's 'preposterous' bribery allegations

DETROIT — Allegations by General Motors that Fiat Chrysler Automobiles bribed union officials are “preposterous” and read like a script from a “third-rate spy movie,” FCA lawyers wrote in court documents filed Monday. GM, in a court motion last week, alleged that Fiat Chrysler used foreign bank accounts to bribe union officials so they would stick GM with higher labor costs. But in a response, the Italian-American automaker fired back, calling GMÂ’s claims “defamatory and baseless.” GM alleged in a court filing last week that FCA spent millions on bribes by stashing the money in foreign accounts. The allegations of new evidence were made in a motion asking a federal judge to reconsider his July dismissal of a federal racketeering lawsuit against Fiat Chrysler. In trying to revive the lawsuit, GM alleged that bribes were paid to two former United Auto Workers presidents, as well as a former union vice president and at least one former GM employee. In its response, Fiat Chrysler said GM has to know that the prospect of getting the judge to overturn the dismissal is slim to none. “So this motion is apparently a vehicle to make more defamatory and baseless accusations about a competitor that is winning in the marketplace.” FCA denied allegations by GM that FCA paid two “moles” to infiltrate GM and send inside information. The company also denied that foreign bank accounts were involved. “That GM has extended its attacks to individual FCA officers and employees, making wild allegations against them without a shred of factual support, is despicable,” FCA lawyers wrote. GM's claims are based on the alleged existence of foreign bank accounts, which are legal, Fiat Chrysler wrote. “There is not one well-pled allegation in the proposed amended complaint (by GM) that these foreign bank accounts were used to pay bribes or facilitate any other illegal conduct,” FCA's response said. GM contends that bribes were paid to former United Auto Workers Presidents Dennis Williams and Ron Gettelfinger, as well as Vice President Joe Ashton. It also alleges money was paid to GM employees including Al Iacobelli, a former FCA labor negotiator who was hired and later released by GM. GM alleges that payments were made so the officials would saddle GM with more than $1 billion in additional labor costs.

Fiat 500X Pop gets Sport Appearance Package

At last November's L.A. Auto Show, Fiat debuted a new trim for the 500X compact crossover, the 500X Sport. Attempting to add a "youthful, sporty appearance" to the 500X lineup, the Sport model included the new Rovente Red color, shed the dark molding and cladding on other trims, and adopted new exterior elements like fog lights and dual chrome-finished tailpipes. The model hasn't made it to the Fiat USA site yet, but Mopar Insiders says there is more sportiness on the way for the 500X. The base Pop trim will get a Sport Appearance Package to inject some exterior pizzazz at for thousands less than the price of the Sport model. The package add the front and rear fascias from the Sport model, front fog lights, body-colored wheel arch moldings and side sills, 18-inch aluminum sport wheels, dark gray accents throughout, and "dual bright exhaust tips." As far as we can tell, the Pop with the Sport Appearance Package differs outside from the proper Sport trim by retaining the halogen projector headlights, fitting darker fog light housings, and being limited to 18-inch wheels. The standard Pop only comes with 17-inch wheels, the standard Sport trim with an 18-inch wheel but it offers an optional 19-inch wheel wrapped in Michelin rubber. Also, major options on the Pop don't change, meaning it won't offer the choice of a black roof as on the Sport trim. The Sport trim makes a host of changes to the inside, too, which the Sport Appearance Package doesn't. Buyers can order the jaunty overhaul for the Pop in four colors: Bianco White, Grigio Moda, Italia Blue, and Rovente Red. The Sport Appearance Package will cost $795, meaning one could get out for $27,030 after destination but before taxes and fees. The Sport trim was announced with an MSRP of $29,390, making it the second-most-expensive 500X in the range, above the $27,740 Trekking, below the $30,990 Trekking Plus. The Sport Appearance Package has not appeared on the Fiat USA configurator yet, but it shouldn't be far off.  Update: A previous version of this story incorrectly stated the Sport trim was not on the Fiat USA configurator. Only the Sport Appearance Package hasn't appeared yet. The mistake has been corrected. Related Video: