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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

This government surveillance van is both cool and creepy, and it could be yours

Whether you're planning a heist and need to gather information, or you're a government agency tracking down the leader of a crime ring, Hollywood has taught us that the unmarked van is the ideal machine for gathering intel. And apparently that's not just a Hollywood trope, because you can buy this actual, honest-to-goodness ex-government surveillance van: a 1998 Plymouth Grand Voyager. It's being sold by the Chicago suburb of Streamwood, Ill., on the government surplus auction site GovDeals. According to the description, the van was acquired by the town as part of a drug seizure and converted to surveillance duty. It looks like a plain white Grand Voyager for the most part, except for the amber flashing light on the roof. Or at least it looks like a light. It's actually the disguise for the camera periscope. Open up the sliding door of the van and you'll discover a swivel mount for the camera, a TV mounted to the back of the driver's seat, and a toolbox that holds all the electronic equipment, including battery chargers for the van and the camera. There are also solid panels behind the windows so that people walking by can't peer in and see all the equipment. It's a bit less wild than some of the vans we've seen on film, but those Hollywood vans are usually larger commercial vans that can store more people and stuff. Less interesting details include the fact that this Grand Voyager has a 3.3-liter V6 with an automatic transmission. It has just over 100,000 miles and was good for a little more than 150 horsepower and 200 pound-feet of torque when it was new. The interior looks impressively clean, as does most of the exterior, but the description and photos highlight the fact that the front strut towers are rusty and in need of repair. Included are new strut towers, but obviously the welding in and painting is the expensive part. Also, while we think this van is pretty neat, since it's an actual surveillance van like we've seen on film for years, we would feel creepy actually owning it. After all, it's a vehicle for watching people, and while a government might have a legitimate reason for doing that, your average person doesn't. Unless you need a prop for a film, are going to show it off at car shows, or are another city government needing a cheap surveillance car, we think having this would be a little too weird. But if you have one of those reasons, or are less worried about what people think, you have a few more days to bid.

Pickup prices rising at 2x industry average

We've said it before, but bears repeating: Pickup trucks are the financial engines of America's automakers. Good thing, then, that the segment is in rude health - in fact, Automotive News is suggesting that pickup truck sales are arguably healthier than they were pre-recession, even though the segment's volume is still significantly down from where it was before the bottom fell out of the US economy. That's because per-unit profits on full-size trucks are skyrocketing, outpacing the industry's average price increases by more than double since 2005. According to data from Edmunds, the average transaction price of a full-size pickup is now $39,915 - a heady increase over the $31,059 average price in 2005 - a gain of over 8 percent after inflation is factored in.
Just how important are trucks to automakers' bottom lines? Automotive News quotes a Morgan Stanley analyst as saying the Ford F-Series is responsible for 90 percent of the company's 2012 profits, and General Motors isn't far behind, with the Chevrolet Silverado and GMC Sierra twins chipping in about two-thirds of the automaker's earnings.
Automotive News points out that Detroit's automakers now have the money to invest in modernizing their full-size truck offerings, in part because they don't have the same overhead and legacy costs that pushed General Motors and Chrysler into bankruptcy. Certainly, the pickup segment has seen a lot of innovations as of late, including turbocharged V6s, coil-spring rear suspensions and active aero. Those improvements in important areas like fuel economy and ride comfort have given existing pickup buyers new reasons to upgrade. In addition, automakers are piling on the tech and luxury goodies, creating more and more high-content, high-profit models like the Ford F-150 King Ranch, Ram 1500 Laramie Longhorn and Chevrolet Silverado High Country (shown).