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EIB ups financing for Fiat Chrysler's electric vehicles to $949 million

MILAN — The European Investment Bank (EIB) has increased to almost 800 million euros ($949 million) its funding to Fiat Chrysler Automobiles (FCA) to support production of electric and hybrid vehicles, they said in a joint statement. Investments to manufacture battery electric vehicles and plug-in hybrid electric vehicles will be mainly directed at FCA plants located in southern Italy, supporting employment and compliance with the strictest environmental criteria. To improve capacity utilization at FCA's Italian plants, the group has announced a 5 billion euro investment plan for the country through 2021 which envisages the launch of new electric and hybrid models. EIB and FCA had sealed 300 million euros in financing before the summer to fund investments for plug-in hybrid electric vehicle production lines at plants in Melfi, in the southern Basilicata region, and battery electric vehicles at Fiat's historic Turin plant of Mirafiori over the 2019-2021 period. FCA has now finalized a 485 million euro deal with EIB to support both an innovative line of plug-in hybrid electric vehicles at the Pomigliano plant in the southern Campania region as well as R&D activities at FCA laboratories in Turin. The EIB credit line covers 75% of the total value of FCA's investment in the project for the 2020-2023 period. Earnings/Financials Green Plants/Manufacturing Chrysler Fiat

U.S. auto sales in April expected to drop despite big discounts

DETROIT — U.S. auto sales in April likely fell nearly 8 percent from the same month in 2017 despite big discounts for consumers, industry consultants J.D. Power and LMC Automotive said on Thursday. For much of the past two years, the discounts offered by automakers have remained at levels that industry analysts say are unsustainable and unhealthy in the long term. April U.S. new vehicle sales will likely be about 1.31 million units, down from 1.42 million units a year earlier, the consultancies said. The forecast was based on the first 17 selling days of April. Automakers, including Ford and Fiat Chrysler Automobiles, will release April U.S. sales results on May 1. Earlier this month, No. 1 U.S. automaker General Motors said it will stop reporting monthly U.S. sales because the 30-day snapshot does not accurately reflect the market. GM will instead issue quarterly sales reports. U.S. new vehicle sales fell 2 percent in 2017 to 17.23 million units after hitting a record high in 2016. Sales are expected to drop further in 2018 as interest rates rise and more late-model used cars return to dealer lots to compete with new ones. LMC expects full-year 2018 U.S. new vehicle sales to come in at around 17 million units. "Uncertainty and unfavorable factors appear to be mounting for autos, including a volatile stock market, rising interest rates, rising oil prices and potential trade roadblocks," Jeff Schuster, LMC's head of global vehicle forecasts, said in a statement. The seasonally adjusted annualized rate of sales for April will be 16.6 million vehicles, down more than 2 percent from 17 million units in April 2017, the consultancies said. Retail sales to consumers, excluding lower-margin fleet sales to rental agencies, businesses and government, were set to decline about 9 percent in April. The level of consumer discounts, which can erode profit margins and undercut resale values, "remains the larger concern," the consultancies said. The average discount was $3,698, up $187 from April 2017. Discounts on trucks and SUVs were up $426, but down $226 on passenger cars. Reporting by Nick CareyRelated Video: Image Credit: Reuters Earnings/Financials Chrysler Ford GM JD Power

Mopar teases a big Hemi crate engine for SEMA

Mopar has released a new video teaser hinting at the release of a large and powerful crate Hemi engine at SEMA later this month in Las Vegas. The video functions like a lesson on symbolism in an English lit class. It opens with smoke and settles on a pair of backlit, large-clawed paw prints that look to be feline in origin. Then we hear earth-shaking pounding sounds of something larger than the paw prints that stomps over them. Then cue an overhead shot of what looks to be a vintage-model Dodge Charger and its growly Hemi engine entering the frame and then gunning the engine. Mopar already offers three crate Hemi V8 engines, topped by the 6.2-liter supercharged Hellcat, good for 707 horsepower and 650 pound-feet of torque, found in the Dodge Charger SRT Hellcat and marketed for pre-1976 classic muscle cars. So promising that "Something big is coming" is really saying something. Could it be a crate version of the 808-hp Hemi 6.2 that was found in the Dodge Demon, which was rated at 840 hp on racing fuel? Or is it something different? Curiously, Mopar says its reveal is planned for Tuesday, Oct. 30 at the odd time of 4:26 p.m. Could that time be a reference to the 426 Hemi — and specifically the Generation III 426 Hemi "Elephant" that Chrysler made several years ago? That technically qualifies as "bigger," and it would also align with both the muscle car-era Charger and round, earth-shaking footprints shown in the video. Time will prove whether we were right. Related Video: Image Credit: Mopar SEMA Show Chrysler Dodge Performance Classics dodge demon dodge charger srt hellcat