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Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.

2024 Fiat 500e U.S. specs and pricing revealed

After announcing it would bring the electric 500e to the U.S., Fiat has finally revealed pricing and specifications for the American version. It's not quite the value proposition as it is in Europe, but it will still deliver superb styling with some advantages in range and weight over current competitors. As far as design and performance, the American 500e is effectively identical to the European version. It has the same single front motor making 118 horsepower and 162 pound-feet of torque paired with a 42-kWh battery pack. Range is lower than for Europe, but this is certainly a result of the EPA testing procedure. As such it returns 149 miles on a charge, which is identical to the base Leaf S. It's also better by 35 miles than the current Mini Cooper SE. The Fiat also boasts faster 85-kW DC charging than the Nissan and Mini, and unlike the Nissan, the Fiat has liquid-cooled batteries (which helps keep range and charging more consistent and is good for battery longevity). Fiat claims the 500e will charge to 80% in 35 minutes. Suspension uses MacPherson struts up front and a torsion-beam setup for the rear. Braking duty is split between front discs and rear drums. At just 2,952 pounds, close to 200 pounds less than the Mini and more than 500 pounds less than the Nissan. Only one version of the Fiat will be available at launch, the 500e RED, which is a special edition collaboration with the RED charity that raises money to combat AIDS. So a portion of the purchase goes to that program, like all RED products. It's also, naturally, only available in a bright red paint scheme with matching interior accents. It comes with 17-inch alloy wheels, a 7-inch digital instrument cluster, 10.25-inch infotainment screen, wireless charging, wireless Apple CarPlay and Android Auto, manually adjustable seats, automatic climate control, lane-keep assist, adaptive cruise control and automatic emergency braking with pedestrian detection. A level 2 home charger or public charger credits are included, too, all at the 500e RED's base price of $34,095 (including $1,595 destination charge). That makes it a little more than $2,000 more expensive than the base Mini Cooper SE and more than $4,000 more expensive than the Nissan Leaf S. It goes on sale in the first quarter of next year. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ram boss says not to expect midsize pickup in America

Remember that mysterious midsize four-door pickup FCA was spotted testing recently? It may be sold as a Fiat in markets overseas, but don't expect it to join the Ram lineup in North America. At least not according to the latest word from the truck brand's new boss. Speaking with Automotive News at the New York Auto Show, Ram CEO Bob Hegbloom outlined four criteria for a successful midsize pickup, particularly in the North American marketplace: they have less capability than a fullsize truck, but return with a more compact form, lower price and considerably higher fuel economy. "I've been able to develop a strategy to come up with three of the four," said Hegbloom, but "I haven't seen anyone who can deliver on all four." Smaller and less capable are easy, but getting both the price and the fuel consumption down at the same time is where it gets tricky. As it is, a Ram 1500 with the diesel engine and rear-wheel drive delivers 29 miles per gallon on the highway, which is already more than the 27-mpg rating on the midsize Chevy Colorado and GMC Canyon. But Hegbloom figures that in order to justify a midsize pickup, American buyers would expect at least 35 mpg on the highway, and in order to do so, FCA would have to employ some trick tech, which would in turn raise the price beyond an attractive level. The last time Chrysler offered a midsize truck in America was with the Dakota that was discontinued in 2011. Ford similarly ceased offering the Ranger in North America in 2012, leaving the new Colorado and Canyon to take on the Toyota Tacoma and Nissan Frontier in the compact/midsize pickup market in the US. With the prospect of a Ram version apparently off the table, then, Fiat's midsize four-door pickup is likely take on the likes of the Volkswagen Amarok, Mitsubishi Triton and Toyota Hilux in markets like Europe and South America. But like those trucks, it will likely never see the inside of an American showroom.