Fiat 500 Convertible on 2040-cars

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Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

Fiat debuts 500 Ribelle, 500L Urbana Trekking

Fiat has introduced a pair of special edition models at the 2014 Miami Auto Show, trotting out the 500 Ribelle and the 500L Urbana Trekking.
The smaller of the two, the compact 500 Ribelle, expands on the 500's retro-chic looks by adding a red roof, spoiler and mirror caps, which should contrast nicely with the limited color palette of Bianco, Billet Argento, Grigio and Nero Puro. Aside from the paint changes, Fiat has added gloss black headlight and taillight bezels and black wheels. The cabin comes with a choice of two upholstery colors: gray and red or gray and black.
The five-door 500L Urbana Trekking adds a few pieces of matte-painted trim, in the form of new mirror caps, side sills and body side molding. Matte-black, 17-inch wheels spice up the exterior and match the standard black roof, while Fiat's six selectable colors (Verde Bosco Perla, Rosso Perla, Giallo, Bianco, Grigio Scuro and Blue Tornado) add a degree of customization to the limited-edition five-door. For some reason, the pretty matte paint shown in the gallery was a one-off item for the debut car, and won't be offered to consumers. Gloss black interior trim pieces and a mix of black leather and leatherette change up the interior ever so slightly. Beats Audio and satellite radio are both standard features.

Ward's Automotive Ten Best Engines of 2014 dominated by diesels, turbos

With the Car and Driver Ten Best decided, the North American Car and Truck of the Year finalists announced and Cadillac, Ram and Subaru chalking up wins with Motor Trend, it's fair to say that the automotive awards season is in full swing. The next set of trophies to be handed out will be from Ward's Automotive, which has announced the winners of its 2014 10 Best Engines.
The latest contest was marked by the widespread emergence of diesel power and the continued success of turbocharged engines. There was even an electric motor on this year's list. In fact, only three of the ten winners were naturally aspirated and only two winners returned from last year.
"We weren't looking to throw the bums out, as they might say about an election. We were just really impressed with the flood of new powertrains," said Ward's Automotive Editor-in-Chief Drew Winter. Those new powertrains include the 83-kilowatt electric motor from the Fiat 500e, the 1.0-liter, EcoBoost three-cylinder from the Ford Fiesta and the 2.0-liter turbodiesel from the Chevrolet Cruze.