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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

Chrysler 300C returns for 2023 with SRT power and more

Chrysler will revive the SRT formula for a special 2023 300C model equipped with the snarling 6.4-liter Hemi V8. While the badge itself won't return, the 2023 300C will offer everything the old 300 SRT had and more, including a limited-slip differential, big brakes, a sport exhaust and active dampers. Chrysler 300 Scat Pack, here we come — but you'd better act fast, as only 2,000 of them will be produced for the U.S. market (plus another 200 for Canada). And after 2023, the whole Chrysler 300 lineup will be gone for good.  "WeÂ’re celebrating the Chrysler 300 and itÂ’s iconic legacy in the automotive world," said Chrysler brand chief Chris Feuell. "The Chrysler 300 changed the automotive world in so many ways, and we will carry that spirit of ingenuity forward as we transform Chrysler with a fully electrified future and breakthrough customer experiences." Chrysler last sold the 300C variant (with its standard 5.7-liter Hemi V8) for the 2020 model year. While the 5.7 was still available in the 300S, the C was long the pinnacle of non-SRT models in the 300 lineup. In much the same way that Lexus IS500 F Sport Performance revived the underlying formula of the old IS F, this limited-edition 300C brings back the magic that made the SRT8 (later just SRT) model so desirable.  Before it was canned for the U.S. market in 2015, the 300 SRT was briefly offered with the 6.4, albeit with the five-speed automatic that dated to the Daimler-Chrysler years. The 2023 revival packs 485 horsepower (up from the old SRT's 470) and 470 pound-feet of torque. Power goes to the rear wheels by way of an eight-speed automatic and limited-slip differential. Chrysler says this combo is good for a 4.3-second sprint to 60 and a quarter-mile time of 12.4 seconds.  2023 Chrysler 300C View 28 Photos From there, the list of goodies on this limited-run 300C lines up pretty closely with a standard Dodge Charger Scat Pack. Chassis improvements include four-piston Brembo brakes and active dampers, and the round black tips are attached to an active exhaust to allow for mild cruising or wild hooning. Unique 20-inch wheels, black chrome accents on the grille and bumpers, blacked out head- and taillights and a new tri-color Chrysler badge will help the 2023 300C stand out in a crowd.  Inside, unique elements include Black Laguna leather seats embossed with the 300C logo, unique silver stitching, carbon fiber inserts and gloss black trim.

FCA and PSA sign merger agreement

Confirming an earlier rumor, PSA Group and Fiat-Chrysler Automobiles (FCA) signed a binding merger agreement to create the world's fourth-largest automaker. The partners hope to leverage the benefits of economies of scale as they develop new technologies and expand their global presence. The announcement ends FCA's years-long search for a partner, which nearly ended earlier in 2019 when it came close to merging with Renault, PSA's rival. It brings Fiat, Chrysler, Dodge, Ram, Jeep, Alfa Romeo, Maserati, Lancia, Peugeot, Citroen, DS, and Opel/Vauxhall under the same roof. That's a huge portfolio of brands that often overlap, but executives pledged to keep them all open, as well as all their respective factories as a result of the transaction. They're committed to making this big family of automakers work by building on each one's strengths, whether they're technical or regional. FCA and PSA jointly predicted they'll sell about 8.7 million cars annually around the globe, while posting an ˆ11 billion (about $12.2 million) profit. North America, a strong market for FCA, will provide 43% of its revenues, and 46% will be generated in Europe, where Peugeot's brands are doing better than ever. Together, they plan to achieve ˆ3.7 billion (about $4.1 million) in annual run-rate synergies. They'll notably have the purchasing power to negotiate a better price with suppliers, and they'll merge their research and development efforts where it makes sense to do so. Over two thirds of the group's annual volume will be built on two shared platforms. One will underpin about three million small cars annually, and the other will serve as the foundation for approximately three million compact and mid-sized cars. Details about these architectures haven't been made public yet, but a quick look at both companies' product portfolios reveals the small car will very likely come from Peugeot. Recent additions to its range, like the second-generation 208, are built on a new architecture named Common Modular Platform (CMP) developed with electric powertrains in mind. Meanwhile, Fiat is still making the cheeky 500 on an evolution of the platform found under the second-generation Panda released in 2003. The bigger architecture could come from FCA, however. The group's brands will share engines, transmissions, electric powertrains, infotainment systems, various sensors used to power electronic driving aids, and other components like wiring looms, but each one will retain its own identity.