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Ferrari and FCA are officially separated

It's been a long time in the making, but it's officially happened: Ferrari is no longer part of Fiat Chrysler Automobiles. Following the Italian automaker's initial public offering, it has officially split off from its former parent company. As part of the spin-off, FCA's stakeholders will each receive one common share in Ferrari for every ten they hold in Fiat Chrysler. Special voting shares will be distributed in the same proportions to certain shareholders as well. Those shares being distributed will account for 80 percent of the company's ownership. Another ten percent was floated as part of the company's IPO, while the remaining 10 percent is held by Enzo's son Piero Ferrari (pictured above at center), who serves as vice chairman of the company. The shares will continue to be traded under the ticker symbol RACE on the New York Stock Exchange, and will begin trading this week as well under the same symbol on the Mercato Telematico Azionario, part of the Borsa Italiana in Milan. Since the extended Agnelli family headed by chairman John Elkann (above, right) holds the largest stake in FCA, expect it to continue controlling the largest portion of Ferrari shares as well. Between them, nearly half of the shares in the supercar manufacturer – and we suspect a little more than half of the voting rights – will be controlled by the Agnelli and Ferrari families, who are expected to cooperate to ensure the remaining shareholders don't attempt a takeover of the company. Similar to its former parent company, which operates out of Turin and Detroit, the Ferrari NV holding company is nominally incorporated in the Netherlands, but the automaker will continue to base its operations in Maranello, Italy. That's where it's always been headquartered, on the outskirts of Modena. For the time being, Sergio Marchionne (above, left) remains both chairman of Ferrari and chief executive of FCA – a position to which he is not unaccustomed, having previously headed both Fiat and Chrysler before the two officially merged. Related Video: Separation of Ferrari from FCA Completed LONDON, January 3, 2016 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) and Ferrari N.V. ("Ferrari") (NYSE/MTA: RACE) announced today that the separation of the Ferrari business from the FCA group was completed on January 3, 2016. FCA shareholders are entitled to receive one common share of Ferrari for every 10 FCA common shares held.

Court ruling to delay Fiat's Chrysler buyout?

We've already reported on the attempts of Fiat to purchase the remaining 41.5-percent stake in Chrysler, currently owned by the United Auto Workers' VEBA healthcare trust. And while the issues still aren't resolved, Fiat has received both a bit of good news and a bit of bad news from a Delaware judge.
The good news is that the court ruled in favor on two key arguments of Fiat's, relating to what is a fair price for the Chrysler shares. The rulings essentially slash half a billion dollars off the price of the 54,000 shares owned by VEBA, according to a report from Reuters.
The bad news is that this makes the UAW an even more difficult opponent in negotiations. Its VEBA fund is meant to cover ever escalating retiree healthcare costs, so naturally, the UAW wants to get as much money as possible. Losing a big chunk of cash isn't likely to make the union more cooperative.

Fiat 600e unveiled as a retro-flavored, 500-inspired crossover

Fiat's model offensive continues with the launch of a crossover named 600e. Developed primarily for the European market, the soft-roader borrows several heritage-laced styling cues from the latest version of the 500, and it will be offered with hybrid and electric drivetrains. Named after one of Fiat's all-time best-sellers, and built on the same platform as the Jeep Avenger, the 600e stretches approximately 164 inches long, 70 inches wide, and 60 inches tall. It's about three inches shorter and lower than the 500X, and both models feature similar proportions, but the 600e isn't the 500X's direct replacement — the two models will be sold side-by-side for an undetermined period of time. Visually, the 600e borrows several styling cues from the 500e, including oval headlights with LED accents. There's no "Fiat" emblem on the front end, the bumpers wears a "600" badge, while the bottom part of the bumper gets a big, body-colored air vent. The 500e influence continues out back with vertical lights. Black accents on the bumpers, wheel arches, and rocker panels add a rugged touch to the design. The similarities between the 600e and the 500e continue inside, and that's not a bad thing — the 500e's interior impressed us when we drove a European-market model in Italy earlier in 2023. The driver faces a two-spoke steering wheel, a seven-inch digital instrument cluster with a refreshingly simple design, and a 10.25-inch touchscreen for the Uconnect infotainment system. Fiat added several clever features, including a folding cover for the center console's storage compartment, and the 600e offers approximately 12.7 cubic feet of trunk space. Fiat will add a gasoline-electric hybrid powertrain to the 600e range during the first half of 2024. Until then, the crossover will exclusively be offered with an electric drivetrain that consists of a 54-kilowatt-hour lithium-ion battery pack and a 154-horsepower motor that zaps the front wheels into motion. Driving range checks in at up to 248 miles when tested using Europe's WLTP cycle, which leans towards the optimistic side of the scale, and the system is compatible with 100-kilowatt fast-charging. Fiat quotes nine seconds to reach 62 mph from a stop. On sale now, the Fiat 600e will reach European showrooms in September 2023. There's no word on whether we'll see it in the United States. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.