Pop Hatchback 1.4l Cd 6 Speakers Am/fm Radio Mp3 Decoder Radio Data System on 2040-cars

Auto blog

Chrysler purchases remaining shares from VEBA Trust, announces funding plan

It's official: The Detroit Three is now The Detroit Two and The Fiat Subsidiary, Chrysler. Both the Italian carmaker and The Pentastar announced the completion of cash payments and a Memorandum of Understanding (MOU) on future payments necessary to make the Chrysler Group a wholly-owned subsidiary of Fiat. As previously detailed, Chrysler made a cash payment of $1.9 billion and Fiat North America made a cash payment of $1.75 billion to the Voluntary Employment Benefit Association (VEBA) run by the United Auto Workers union.
On top of that, Chrysler Group signed an MOU that agrees to payments of $700 million to the VEBA in four installments, the first of which was made concurrently with the other cash payments. And for you trivia mavens, the full name of the UAW is the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America. So go impress your loved ones with that nugget after you check out the press release below.

Chrysler stays IPO until 2014

There will not be a Chrysler IPO in 2013. Fiat, according to a report from Forbes, has announced that it will not be able to make the American brand's initial public offering before the end of the year, saying that the short, five-week window that makes up the rest of 2013 is "not practicable."
Not surprisingly, the issue with the Chrysler IPO is the same as it's always been - a disagreement between parent company Fiat, which owns 58.5 percent of the Chrysler Group and a UAW healthcare trust, which owns 41.5 percent. Fiat wants to buy out the UAW VEBA healthcare trust, which is responsible for shouldering retiree healthcare costs, but the two sides are hung up on an actual price tag for the remaining two-fifths of the company.
The original idea saw an IPO as a way of setting a fair market price for the remaining shares, although it's not entirely clear what broke down and led to a delay of the IPO plan. As Forbes points out, by waiting until 2014, Chrysler could be risking a cool-off in the IPO market, which could mean less money in its pocket when the automaker finally goes public.

Maserati looking to book 13,000 sales of new Quattroporte in 2013

Europe's continuing financial woe is forcing automakers to get creative, and while Fiat may be scaling back its volume vehicles, it's looking to ramp up production of the exclusive Maserati brand. Following the debut of a new Quattroporte sedan, Fiat wants to boost Maserati sales to 50,000 vehicles by 2015. Maserati may lose as much as €7 million ($9.05 million) this year, and Fiat is betting big on Chrysler platforms and dealers to turn that around.
Currently regarded as a low-volume boutique carmaker, Maserati sold just 6,159 units last year, and 4,700 units through three quarters of this year. For 2013, Fiat boss Sergio Marchionne is targeting 13,000 in sales of the redesigned Quattroporte alone. Fiat apparently wants the brand's low volume image to change, hoping to position it closer to BMW and Porsche in the market.
The recent unveiling of the new Quattroporte will be followed by more new vehicle launches, including a crossover utility called Levante, and a long-promised sub-Quattroporte sedan, called Ghibli. The latter will share certain components with the Chrysler 300 sedan in an effort to optimize production costs. The Ghibli will be positioned to take on the BMW 5 Series and Mercedes-Benz E-Class. It's all in an effort to turn the profit tide for Maserati and its parent company Fiat amidst European economic turmoil.