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Fiat and UAW back at negotiating table over Chrysler stake

We knew there'd be no Chrysler IPO before the end of this year, but Fiat is determined to get the best run going into 2014 and is back at the poker table with the UAW. The delay was said to be Chrysler's desire to clean up a tax issue with the IRS; turns out that also bought the carmaker time to try and close a deal for the UAW's 48.5-percent stake in the company before the IPO happens.
Whereas the price Chrysler was willing to pay was once more than $1 billion under the UAW's asking price, the gap has closed to just $800 million of late. A recent valuation of the company at $10 billion - a valuation the UAW has disputed - means Fiat would be looking to pay about $4.2 billion instead of the $5 billion that the UAW seeks. But the UAW needs to hold out for the highest amount it can get because its pension obligations through the Voluntary Employee Benefit Association (VEBA) are $3.1 billion greater than the VEBA's assets, which include the Chrysler stake.
There's a clause in the agreement that Fiat can buy the VEBA shares for $6 billion, but Fiat CEO Sergio Marchionne has said that the UAW "should buy a ticket for the lottery" if they even want $5 billion. The UAW, though, has more time to wait; it's Fiat that wants access to Chrysler's $11.9-billion war chest and that would like to avoid the risk of paying the full $6 billion for the UAW share if the float really takes off. With other valuations of Chrysler as high as $19 billion, a hot IPO could make that $6 billion look like a bargain.

Fiat's billboard helps drivers parallel park

In some vehicles with bad visibility out the back and no rear sensors for help, parallel parking can get a little difficult. For drivers at one particular parking spot in Germany, though, it could hardly be easier. Fiat and advertising agency Leo Burnett Germany created an interactive billboard where a variety of characters assist drivers in parking. Ultrasonic sensors that are attached to the other vehicles in the surrounding parking spots are the key to this novel idea. They monitor how close a driver's car is getting, and the character on the screen shows how much room is left before crashing. For some added visual interest, the helpers change each time, including a woman in a Playboy bunny outfit, an old man, a little girl, and others. The stunt looks quite inventive in this video and is meant to promote Fiat's Park Assist feature.

Abarth 600e electric crossover previewed with 240 horsepower

The second electric member of the Abarth family is nearly ready to make its debut. Based on the Fiat 600e crossover unveiled in 2023 for the European market, it features a muscular-looking exterior design and the most powerful drivetrain the brand has ever put in a car. Finished in Hypnotic Purple, the Abarth 600e sits much lower than the Fiat-branded model. The picture released by the firm shows the Scorpionissima trim, which will be limited to 1,949 units and only offered at launch, so keep in mind that the standard car might look a little different. With that said, it gets a deeper front bumper, 20-inch wheels designed to clear bigger brakes, and a massive roof-mounted spoiler. Abarth hasn't released full technical specifications. All we know at this stage is that the 600e Scorpionissima Edition will ship with a 240-horsepower drivetrain. That figure makes it the most powerful regular-production model in the brand's history, but it doesn't tell the full story. The 600e stretches 164 inches long, so it's likely the biggest car in Abarth's history, and there's a chance it will be the heaviest as well. That's not to say it won't be fun to drive. Abarth wrapped the big wheels with sticky tires and, significantly, fitted a mechanical limited-slip differential. We'll need to be patient to find out what the 600e looks like inside; Abarth has only clarified that the model will be "loaded." More details about the Abarth 600e Scorpionissima Edition will emerge in the coming months, though nothing suggests we'll see the model in the United States. And, while the standard 600e has a gasoline-burning counterpart, it doesn't sound like the Abarth will get one. Related video: