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Fiat shareholders green-light Chrysler merger, end of an Italian era

Fiat has just taken a major step away from its Italian heritage, as shareholders officially approved the company's merger with Chrysler. That move will lead to the formation of Fiat Chrysler Automobiles NV, a Dutch company based in Great Britain and listed on the New York Stock Exchange, according to Automotive News Europe.
The company captured the two-thirds majority at a special shareholders meeting, although there are still a few situations that could defeat the movement. According to ANE, roughly eight percent of shareholders opposed the merger, which is a group large enough to defeat the plan, should they all exercise their exit rights outlined in the merger conditions.
Meanwhile, Fiat Chairman John Elkann (pictured above, right, with CEO Sergio Marchionne and Ferrari Chairman Luca Cordero di Montezemolo), the great-great-grandson of Fiat founder Giovanni Agnelli, reaffirmed his family's commitment to the company beyond the merger. Exor, the Agnelli family's holding company, still maintains a 30-percent stake in Fiat.

Abarth 124 Spider is one furious Fiata

If you've been thinking of picking up a nimble new roadster, but can't decide between the Mazda MX-5 Miata and its Italian counterpart the Fiat 124 Spider, the vehicle you see here might tip the balance. It's the new Abarth 124 Spider, tuned by the Italian automaker's performance division. And it's just made its debut here on the floor of the 2016 Geneva Motor Show. The Abarth version, of course, is based on the Fiat model, which in turn is based on the Mazda. But the one with the Scorpion emblem offers a number of performance upgrades. Under the hood is still a 1.4-liter turbo four, producing the same 184 pound-feet of torque, but in Abarth spec offers a more prodigious 170 horsepower (up from 160). Buyers will still be able to choose between a six-speed manual or automatic transmission, but the rest of the components are no-brainers: Brembo brakes, Bilstein dampers, and a Record Monza exhaust. The steering is electrically assisted, but it has a proper mechanical limited slip differential, there's a Sport button, and the electronic nannies can be fully defeated for hooning around on track. The sum total is a 0-62 time quoted at 6.8 seconds and a top speed at 143 miles per hour. Bear in mind that these are specs for the European model, though, and could change if and when the Abarth spider makes its way to our shores. View 11 Photos Of course the technicians at Mirafiori didn't leave it there, equipping the Abarth 124 Spider with an array of visual enhancements as well. There's a full aero kit, larger air vents, 17-inch alloys, and a black hood to cut down on glare (and make it look more businesslike). The interior is all done up in Alcantara, with a small-diameter steering wheel, short gear lever, aluminum pedals... the works. As if all that isn't enough to get your motor running, Abarth has also worked up a rally version to recall its glory days of old. The Abarth 124 Rally is built to FIA R-GT regulations, and ditches the 1.4-liter engine for a 1.8 mounted further back and producing an impressive 300 hp. It also has a fixed roof, full roll cage, and a long list of other competition-spec upgrades that are too long to list here, but you can read all about them in the second of the two press releases below. View 17 Photos This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Trucks, SUVs drive U.S. October new vehicle sales

DETROIT — Major automakers posted mixed U.S. new vehicle sales in October on Wednesday, though America's love affair with high-margin pickup trucks and SUVs remained in full bloom as larger, pricier vehicles fared better than passenger cars. Auto industry publication WardsAuto put the seasonally-adjusted annualized rate (SAAR) for light vehicle sales in October at a robust level of 18 million units. But after a long boom cycle, carmakers are still ill-prepared for the slight decline in sales anticipated for full-year 2017 and have taken too few steps to trim production, said Doug Mehl, a partner in consultancy A.T. Kearney's automotive practice. "When you make a new vehicle, you have volume assumptions tagged to it, and who wants to be the guy who says, 'I'm going to make less of this really cool model'?" Mehl said. "But eventually the market is the reality, and it's going to force companies one way or other here." General Motors GM reported a sales drop of 2.2 percent for the month, with consumer sales down 6.6 percent. But sales of high-margin pickup trucks, sport utility vehicles and crossovers all rose. GM also cut its inventory of unsold vehicles — a source of concern for the market — slightly. The automaker has worked to reduce its volume of excess inventory, including through significant production shutdowns in the third quarter. GM had said its inventory would rise in October. "We are heading into the fourth quarter with good momentum, thanks to a strong U.S. economy and very strong pickup and crossover sales," said Kurt McNeil, GM vice president for U.S. sales operations. GM slightly reduced consumer discounts as a percentage of average transaction prices to 13.5 percent, from 13.7 percent in the third quarter. Industry experts believe consumer discounts above 10 percent of the average transaction price are unhealthy as they erode resale values and are unsustainable in the long term. Consultants J.D. Power and LMC said last week that based on preliminary October sales numbers, discounts have exceeded 10 percent in 15 of the past 16 months. Ford The U.S. auto industry posted record sales of 17.55 million vehicles in 2016. New sales received a strong boost in September as consumers replaced vehicles damaged in southeast Texas by Hurricane Harvey the previous month. Full-year 2017 sales are expected to be slightly lower than 2016.