1964 Chrysler Newport Convertible on 2040-cars

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FCA may sell off Magneti Marelli

FCA is reportedly just days away from filing the official prospectus for the Ferrari initial public offering, and it could put the Italian sportscar maker's value at $11 billion. Although, Sergio Marchionne always seems to have another iron in the fire, and his next big deal could shed the automotive giant's Magneti Marelli parts business to the tune of $3.3 billion. According to Reuters citing anonymous insider sources, at least two private equity firms are considering joint submitting bids with firms already in the industry. This deal has reportedly been in the works for at least the last few weeks. According to Reuters, FCA already rejected a roughly $2.7-billion offer in June. Marchionne apparently wants at least the equivalent of $3.3 billion for the company. Publicly, FCA isn't talking, though. Company spokesperson Gualberto Ranieri told Reuters and reiterated to Autoblog simply that Magneti Marelli wasn't for sale. However, a move to get rid of the parts company has been discussed in the past. In 2013, the business was rumored to be part of a purported arrangement to sell Alfa Romeo to Audi. While there's no final decision yet, according to Reuters, if the Magneti Marelli sale does move forward the decision would likely come sometime after the Ferrari IPO. The company would likely be split up among the various divisions. "Everyone will take a fair share of it," one of the anonymous sources to Reuters. News Source: ReutersImage Credit: Jeff Kowalsky / Bloomberg via Getty Images Earnings/Financials Chrysler Fiat Sergio Marchionne FCA fca us magneti marelli

Chrysler prices updated 2021 Voyager and Pacifica line

Chrysler is updating the Voyager and the Pacifica with a fresh design, available all-wheel drive, plus a handful of improvements inside and out for the 2021 model year. Unsurprising, the changes come with a higher price. Priced at $28,730 including a mandatory $1,495 destination charge, the Voyager L remains the company's entry-level model, and it's $250 more expensive than the 2020 model. Next up is the LX, which starts at $31,540. It's followed by the fleet-only LXi model; if you operate a fleet, or if you're just curious, it's priced at $34,740. Moving up, the Pacifica is a nicer alternative to the Voyager with additional features, a more upscale look, and a correspondingly higher price. It's also offered with all-wheel drive and with a gasoline-electric hybrid powertrain, though the two options are not compatible. The entry point into the range is the Touring priced at $36,540 including the aforementioned destination charge, which is a $1,000 increase compared to the 2020 model.   Related: Least expensive vehicles to insure in America   New for 2021, all-wheel drive is a long-awaited $2,995 option that brings the Touring's price up to $39,535, while selecting the hybrid model bumps that figure to $41,490. Interestingly, the Touring and Touring L models are the only front-wheel drive, non-electrified variants of the Pacifica. Called Limited and Pinnacle, respectively, the next two are only available with one or the other, and they're priced accordingly. The top-of-the-line all-wheel drive Pinnacle is priced in luxury car territory at $54,885, while the hybrid starts at $52,340.  It's worth mentioning the positioning of the all-wheel drive and hybrid models is reversed as buyers move up in the trim hierarchy. Shop for a Touring L, and you'll pay $1,155 more for a hybrid van than for one equipped with all-wheel drive. Step up to the Pinnacle model, and all-wheel drive costs $2,545 more than the hybrid system. 2021 marks the end of the 35th Anniversary and Red S models. Don't expect a 36th, 37th, or 38th Anniversary model to appear, but a sportier-looking version along the lines of the Red S could reappear. Built in Canada, the 2021 Chrysler Voyager and 2021 Chrysler Pacifica will begin arriving in American showrooms in the fourth quarter of 2020. Although the minivan segment isn't nearly as important as it once was, it's still relatively big and several of its main players are receiving comprehensive updates for 2021.

Fiat, PSA poised to win EU approval for $38 billion Stellantis merger

BRUSSELS/MILAN — Fiat Chrysler and PSA are set to win EU approval for their $38 billion merger to create the world's No.4 carmaker, people close to the matter said, as they strive to meet the industry's dual challenges of funding cleaner vehicles and the global pandemic. The green light from the European Commission would formalize the creation of Stellantis, a carmaking group that could tap hefty profits from selling Ram pickup trucks and Jeep SUVs to U.S. drivers to fund the expensive development of zero-emission vehicles for sale in Europe and China. The all-share merger announced late last year would unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS — while targeting annual cost cuts of 5 billion euros ($6 billion) without closing factories. The Commission and Italian-American group Fiat Chrysler Automobiles (FCA) declined to comment. France's PSA did not immediately respond to a request for comment. PSA and FCA shares reversed losses after the Reuters story was published. PSA stock was last up 2% at 16.83 euros, while FCA shares were 1.9% higher at 11.31 euros. To allay EU antitrust concerns, PSA has offered to strengthen Japanese rival Toyota Motor Corp, with which it has a van joint venture, by ramping up production and selling it vans at close to cost price, the people said. FCA and PSA will also allow their dealers in certain cities to repair rival brands. Following feedback from rivals and customers, the carmakers only had to tweak the wording of their concessions, with no changes to the substance, the people said. The companies did not have to use the COVID-19 pandemic to argue for the merger, they added. FCA and PSA have said they hope to complete the merger in the first quarter of 2021. The challenge of switching to electric cars has been complicated by the COVID-19 pandemic. Just last month, FCA and PSA restructured the terms of their deal to conserve cash and raised their targeted cost savings because of the economic fallout from the health crisis. The companies have said about 40% of the savings will come from product-related expenses, 40% from purchasing and 20% from other areas, such as marketing, IT and logistics.