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FCA nears plea deal in diesel emissions fraud probe

Fiat Chrysler Automobiles (FCA) is nearing an agreement to plead guilty to criminal conduct to resolve a multiyear emissions fraud probe surrounding Ram pickup trucks and Jeep sport-utility vehicles with diesel engines, people familiar with the matter said. FCA lawyers and U.S. Justice Department officials are brokering a plea deal that could be unveiled in coming weeks and include financial penalties totaling between $250 million and $300 million, the people said. Such a resolution with FCA, which is now part of Stellantis NV, would come more than four years after Volkswagen AG pleaded guilty to criminal charges  to resolve its own diesel-emissions scandal involving nearly 600,000 vehicles.It would also mark the final significant chapter in the government crackdown on automakers' emissions practices that was precipitated by Volkswagen's deception, which became known as "Dieselgate." The FCA investigation focuses on roughly 100,000 diesel-powered vehicles that allegedly evaded emissions requirements. The plea negotiations are fluid and some terms, including the size of any financial penalties, could change as discussions continue, the people said. Justice Department officials are preparing paperwork that will likely be negotiated with FCA to finalize the plea deal, which could result in changes and also present an outside chance for the agreement to fall apart, the people said. A plea agreement would cap a series of investigations dating back to 2015 surrounding diesel-powered vehicles in FCA's U.S. lineup. The current criminal investigation targets the U.S unit of the Italian-American automaker. The affected vehicles span model years 2014 to 2016. Representatives for FCA parent Stellantis and the Justice Department declined to comment. The scandals over emissions cheating tarnished diesel technology and accelerated the industry's shift to electric vehicles. The European automakers had promoted "clean diesel" technology as a way to reduce carbon dioxide emissions and ease a transition to an all-electric future. When regulators on both sides of the Atlantic uncovered evidence that diesel vehicles polluted far more in real world driving, the argument for a slower transition to battery electric vehicles was shredded. Now, automakers are accelerating battery electric vehicle development to comply with tougher, post-Dieselgate pollution standards.

Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Fiat 500 Lego Ideas kit is super cool and close to production

Back in 2016, we highlighted an awesome Lego Fiat 500 model that was submitted to the Lego Ideas website. The website, for those of you unfamiliar, is where Lego fans can submit their creations to potentially become production kits that other people could buy. That kit was still in the early stages of hitting 10,000 supporters, the number needed to officially be considered by Lego. We have learned that the kit is now really close to hitting the goal. It has reached 8,255 supporters at the time of writing, and it has 139 days remaining to hit the goal. It's worth supporting, too, if you haven't. We felt that way when we first wrote about it. We were impressed by its opening doors, hood, trunk lid and sunroof. Plus, it's full of cool little details such as windshield wipers, a spare tire under the hood, a little rendition of the 500's already small engine in the back, and a nicely detailed interior. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. We're also impressed at how the creators, Felix Stiessen and Gabriele Zannotti, have been refining the model since we last saw it. It now has clear bricks to form a solid windshield, and there are a number of areas in which the model has been smoothed out and cleaned up. The car's front and roof are key examples. The bumper is now rounded at the corners, and the hood takes advantage of more curved pieces that slope forward for a rounder look. If you want the chance to get one of these 500 kits yourself, definitely go to the Lego Ideas website, sign up, and hit the support button. It doesn't cost anything, and you can find other neat kits to support. There's a very real possibility of the kit reaching production, too. A really cool Lego Caterham kit that garnered enough support on Lego Ideas was approved for production back in 2016, and it's still available for purchase at the Lego website for $79.99. Related Video: Featured Gallery Lego Fiat 500 Image Credit: Felix Stiessen and Gabriele Zannotti Toys/Games Fiat Hatchback Classics Lego