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Fiat buying rest of Chrysler in $4.35 billion deal, IPO avoided

Chrysler will now become a wholly owned member of the Fiat family, as it's been announced that the 41.46-percent stake in the Auburn Hills, MI-based manufacturer owned by the United Auto Workers' VEBA trust fund will be sold to the Italian company. Concluding the agreement will mark the closure of a piecemeal purchase process that could have resulted in an initial public offering.
The total cost of the sale will see the VEBA healthcare trust receive $4.35 billion, $3.65 billion of which will come from Fiat. $1.75 billion of that will be cash, while an additional $1.9 billion will be part of a "special distribution." An additional $700 million will be paid over four separate installments according to reports from Automotive News Europe and USA Today, although the shares will belong to Fiat following the first payment. The deal was reportedly initially struck on Sunday (though it is just being announced today), and is being portrayed as particularly good news for Fiat and Chrysler, which have now prevented the remaining shares going to the stock market in a UAW-forced IPO.
"The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization that will ensure all employees a challenging and rewarding environment," Fiat CEO Sergio Marchionne said in a statement.

2022 Fiat 500X gets Yacht Club Capri special edition

Fifteen years ago, Fiat released a product roadmap identifying 10 new models to appear between 2007 and 2010 that would join seven extant models across Europe and the U.S. Today, Fiat's home market of Italy only sells five models, three of them versions of the 500, and the U.S. has just one, the 500X. As for that model, it sold 1,443 units here in 2020; based on the 980 sales through the end of September this year, Fiat won't even reach that abysmal mark. Yet the show must go on, so Fiat's got two touches of flair in store for the 2022 500X. Starting small, there will be an "Al-Fresco" retractable fabric roof available for all trims. To ensure the sprezzatura a 500X driver demands, the top can be had in four colors, three of them being black, gray, or red.  The last color, blue, is reserved for the bigger news: A new Yacht Club Capri trim, a special edition model that is also blue. The model is named for the island of Capri, not far from Naples, Italy, and the numerous yachts that stop in there. Based on the penultimate Sport trim, it comes awash in Venenzia blue paint and sits on 18-inch wheels with Venezia blue accents outside, and gets Yacht Club Capri badging. Inside, Ivory leather seats with blue piping face an instrument panel with a woodgrain insert and shift lever given a satin finish. In other markets this same model is known as the Yachting Collector's Edition and is also available on the two-door all-electric 500, the build allotment limited to 500 numbered units. Fiat didn't mention limited production for the U.S. Every 500X is powered by a 1.3-liter turbocharged four-cylinder with 177 horsepower and 210 pound-feet of torque sending power to all four wheels through a nine-speed automatic. Fiat hasn't officially released pricing, but based on information found on auto pricing sites, it appears the automaker could have a $680 price increase in mind. Fiat says the current four trims will carry over, Pop, Trekking, Sport, and Trekking Plus. According to the info we found, only three are priced so far. Tentative pricing for 2022, including the whopping $1,495 destination charge, is: Pop: $28,120 Trekking: $29,255 Sport: $30,110 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Marchionne hopes Apple will partner with Fiat

Apple wants to make a car. Fiat already makes cars. Therefore, Apple and Fiat should partner to make an Apple Car. Makes sense, right? Clearly, it's not quite that easy, but FCA chief Sergio Marchionne hopes that Cupertino will consider Fiat a worthy candidate for partnership, assuming, of course, that Apple follows through with its overtures into the automobile industry. Marchionne is, according to Bloomberg, a self-proclaimed "Apple freak" who owns every kind of product Apple makes. He suggests that he understands the tech company's needs and wants. "Apple has a language, and you have to be able to speak that language," said Marchionne. "Usually the industry comes into that dialogue with a high degree of arrogance as we know how to make cars. That's not very helpful as their syntax is worth more than our ability to build cars." By "syntax," we assume Marchionne means Apple's sleek and modern design language more than the code behind its software. It's interesting to note that the FCA CEO seems to indicate that Apple would bring more to any partnership than the automaker would. Fair or not, we'd wager that more buyers would care about a potential Apple Car's design and branding than would be concerned with which automaker helped assembled it. A partnership with Apple may be exactly the kind of cure that the FCA CEO believes ails the auto industry. After finding it impossible to further pursue industry consolidation, a tie-up with the massive tech industry, particularly Apple, could generate some much-needed positive cash flow. At present, though, it's all just conjecture – Apple hasn't offered any hints as to the true nature of its so-called Project Titan automotive project, and doesn't seem likely to anytime soon. Related Video: