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GM, Ford and FCA expected to extend coronavirus shutdown into April

U.S. automakers General Motors, Ford and Fiat Chrysler are expected to extend their current shutdown in North America into the month of April as the fight to slow the spread of the coronavirus continues. At this point, the exact dates that Detroit's Big Three automakers will restart vehicle production remains up in the air. Ford said in a statement that it does not plan to restart production until at least April 6 but warned it could be further delayed into April. United Auto Workers President Rory Gamble sent a letter to union members saying that FCA had "no plans to reopen on March 30." GM has yet to confirm its plans — its last statement said the decision when to reopen "will be reevaluated week-to-week after" March 30 — but unnamed sources told Reuters that it will also comply with Michigan Governor Gretchen Whitmer's order barring non-essential businesses from operating until April 13. Gamble's letter said the union is "waiting to hear from GM and are demanding that they put our membersÂ’ safety first and adhere to government and health officialsÂ’ recommendations to stay-at-home." A spokeswoman for Whitmer was unable to clarify on Tuesday whether auto production is considered essential or not. Michigan has declared vehicle sales by auto dealers to be impermissible under the order, but dealerships and other facilities can make repairs.  The UAW also said two Fiat Chrysler union members — one in Indiana and one in Michigan — have died after contracting the coronavirus. A group representing major U.S. and foreign automakers warned in a letter to U.S. lawmakers with other industry groups on Monday that, "Auto industry analysts are expecting sales to be down by as much as 40 percent in March compared to 2019." The letter said 95% of North American auto plants are currently closed. Reuters contributed to this report. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Hirings/Firings/Layoffs Plants/Manufacturing Chrysler Fiat Ford GM coronavirus

Autoblog Minute: Marchionne seems prepared to lead FCA in takeover of GM

FCA CEO Sergio Marchionne wants industry consolidation but without any deal takers it seems as though he's ready to consider a hostile takeover. Autoblog's Chris McGraw reports on this edition of Autoblog Minute with commentary from Autoblog editor-in-chief Mike Austin. Show full video transcript text [00:00:00] It's no secret that FCA CEO Sergio Marchionne wants industry consolidation but without any deal takers it seems as though he's ready to consider a hostile takeover. I'm Chris McGraw and this is your Autoblog Minute. Marchionne is tired of waiting for the industry to get on board with his consolidation plan. In an interview with Automotive News Marchionne was quoted as saying, "it would be unconscionable not to force a partner." And when pushed further about the nature of any potential takeover plan the FCA chief had this to say: "Not hostile. There are varying degrees of hugs. I can hug you nicely, I can hug you tightly, I can hug you like a bear, I can really hug you. Everything starts with physical contact. Then it can degrade, but it starts with physical contact." Metaphor aside, Marchionne suggests his numbers for a GM-FCA merger are irrefutable, pointing to potential global earnings of a 30 billion dollars. Without a merger deal on the horizon we have to wonder if an FCA takeover of GM even possible. For more we go to Autoblog's Mike Austin: [Mike Austin Interview] Marchionne says GM won't take his phone calls, and while he admits a merger with GM would be a hard road to haul it's one he's still determined to travel. We'll continue to monitor the story as it develops. For Autoblog, I'm Chris McGraw. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. UAW/Unions Chrysler Fiat GM Autoblog Minute Videos Original Video

Fiat Chrysler completes sale of Magneti Marelli

Fiat Chrysler Automobiles completed its sale of components maker Magneti Marelli to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation. The Japanese parts supplier paid $6.5 billion (5.8 billion euros), which is a bit less than the $7.1 billion deal that was initially announced in October of 2018. According to Reuters, the price was adjusted based on Magneti Marelli's estimated financial position as of the closing date. The influx of cash allowed FCA to offer a special cash distribution to its shareholders for the first time in a decade. At ˆ1.30 per share, the payout corresponds to a total distribution of approximately ˆ2 billion. The dividend will pay out on May 30. "FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier," FCA CEO Mike Manley said in a statement. "This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio." Earnings/Financials Chrysler Fiat magneti marelli