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Fiat Chrysler seeks $6.8 billion state-backed loan in Italy

MILAN — Italian Prime Minister Giuseppe Conte said on Saturday that Fiat Chrysler was entitled to apply for Italy's state-backed loans because the automaker employs thousands of people in the country, even though its legal base is located abroad. The Italian-American group confirmed on Saturday its Italian unit was working with Rome to obtain state guarantees on a 6.3-billion-euro ($6.8 billion) loan facility designed to help Italy's automotive industry, comprised of approximately 10,000 small and medium-size businesses. The coronavirus outbreak, which has hit Italy especially hard, slammed the brakes on demand for new vehicles and forced automakers to halt most production, burning cash. Fiat Chrysler Automobiles said in a statement that talks were ongoing with lender Intesa Sanpaolo for a three-year credit facility exclusively dedicated to the group's activities in Italy. Asked whether FCA, which has its legal headquarters in the Netherlands, could get a loan guaranteed by the Italian government, Conte said the group qualified. "We're not talking about the parent company, we're talking about the group's companies in Italy, which employ thousands of people," the prime minister said. FCA runs several plants and research and development centers in Italy, directly employing around 55,000 people. In addition, over 200,000 people work in Italy's 5,500 parts suppliers and 120,000 people in car dealers and service companies, with the automotive industry accounting for 6.2% of Italy's domestic product, FCA said. News that FCA was asking the Italian government for liquidity support had raised criticism. The ruling party PD's deputy president, Andrea Orlando, earlier on Saturday said on Twitter that if a company asked the Italian government for sizable financing, it had to bring back its legal base to Italy. The scheme is part of emergency measures the Italian government is making available to the country's businesses. It offers more than 400 billion euros' worth of liquidity and bank loans to companies hit by the pandemic. FCA said the state-backed credit facility it is seeking will have "the sole purpose of providing operational support for payments to Italian suppliers to support their liquidity and, at the same, supporting the restart of production and investment at Italian plants." The group has gradually restarted operations in Italy since the end of April. Related Video: Earnings/Financials Government/Legal Chrysler Fiat coronavirus

Stellantis and LG launch joint venture for North American battery plant

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world's No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan. Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines. Stellantis and LGES's joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided. The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later. Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030. The batteries produced under the deal will supply Stellantis' U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030. The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup. Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States. Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis' electrification process. It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells. Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. Related video: Green Plants/Manufacturing Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall Electric Hybrid EV batteries LG

2020 Fiat 500X Sport Design Driveway Test

The Fiat 500X received a big update for 2019 with a new 1.3-liter turbocharged engine. As such, it's no surprise the 2020 Fiat 500X only sees minor updates, but one of them is rather striking, the introduction of the Sport trim level. However, it's only an appearance change, so it doesn't drive any better than the base model. The changes are impressively effective at evoking sportiness, though. All of the fender flares and side skirts are changed to body color, giving the car a lower, wider look. This is aided by the revised front and rear bumpers. At the front, the bumper gets larger grilles, and at the rear is a faux diffuser and vent design instead of a faux skid plate finish. Adding a bit of contrast are satin grey metallic accents on the front bumper, door handles and mirrors. The same color is applied to the large 19-inch alloy wheels. The look is smart and sporty all around, and really helps distinguish the 500X in a sea of tiny crossovers cosplaying as more rugged SUVs. Our particular example also came with the optional contrasting black roof. It's $445 and seems worth it, particularly with one of the bright gloss colors such as our Rovente Red — Italia Blue or Bianco Gelato are also acceptable alternatives. It highlights those bright colors effectively and adds some visual interest to the package. Fiat also added some interior touches to complement the sporty character. The Alcantara-trimmed steering wheel and Alcantara wrappings on the instrument cluster are both immediately noticeable. And, with how common Alcantara has become in high-end sports cars, these are effective at conveying a sporty feeling, as do the paddle shifters that the package also adds. The dashboard's satin gray paint is another highlight that matches the exterior accents. While body color panels would be brighter and more cheerful, this satin paint feels more premium than gloss paint when running your hands across it. The embroidered 500 logo in the seats is another premium-feeling accent. These are appreciated in a cabin where there are less prominent plastics that feel especially low rent. Now, the Sport trim is easily our favorite looking version of the 500X, but there's an added cost for the improved looks. It's $2,305 above the base trim, not including the two-tone paint, and it really only nets you the appearance items and the shift paddles.