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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

FCA CEO Manley says alliances are still possible but aren't necessary

DETROIT — Fiat Chrysler Automobiles Chief Executive has a message for Renault SA and other would-be partners: We are happy to talk, but we can go it alone. "Strategically, we have a solid future and clear plans that are being invested in and are underway now," Mike Manley said during a session with reporters the day after the company released better than expected second-quarter results. "That isn't to say if there is a better future through an alliance or partnership or merger we wouldnÂ’t be open and interested to it." Fiat Chrysler is open to re-starting merger negotiations with French automaker Renault, Manley said, but added the French car maker is not the only potential partner to gain scale or plug gaps in Fiat Chrysler's technology or vehicle lineup. "To say are they the only opportunity, the answer to that question would be a definitive ‘No,Â’" Manley said. Fiat Chrysler in June withdrew a $35 billion merger proposal with Renault after French government officials intervened in the talks and sought to delay a decision on the deal. The Wall Street Journal reported on Friday that Renault and Nissan are trying again to reshape their alliance and resolve disagreements that helped to derail the merger talks with Fiat Chrysler. Fiat Chrysler has a commercial vehicle partnership with French rival Peugeot SA, and the two companies discussed a broader combination before Fiat Chrysler made its offer to Renault, people familiar with the situation have said. Manley said automakers are not the only potential partners. "There are cooperations that can help in specific technologies. There are cooperations as we think about the consumer-car interface," he said. "You could see collaborations that never would be there in the past." Fiat Chrysler's North American business is strong thanks to Ram trucks and Jeep SUVs, but in other markets the automaker faces continued challenges. The company is overhauling its mass-market business in Europe, which is anchored by the Fiat brand. Fiat Chrysler's Europe, Middle East and Africa operations were marginally profitable in the second quarter and achieved 1.8% profit margin in 2018. Manley has set a goal of 3% operating margins, well short of the 10% margins the company forecast for North America.

Chrysler Airflow EV crossover concept headed to production in 2024

At the 2020 Consumer Electronics Show (CES), the Airflow Vision Concept took the starring role on the Chrysler stand. More than a year later, Stellantis used its EV Day to show what looked like a running, rolling evolution of the Airflow Vision Concept, but the automaker didn't reference any names for the product. Finally, at one point during the company's Software Day this week, the company brought the production-looking battery-electric crossover out once again, only this time it has a name: Chrysler Airflow. The Stellantis roadmap contains blank spots in the 2022 and 2023 new reveal columns for the Chrysler brand. Car and Driver believes the Airflow could be one of Chrysler's new debuts in 2024. The automaker hasn't offered any details, so the most that can be done with the Airflow is to examine the pieces that Stellantis had already spoken of and see which ones fit. The OEM filed a trademark application for the Airflow name in 2019 and 2021. C/D thinks the five-seat production vehicle will ride on STLA Medium platform and be about the size of the Ford Mustang Mach-E and Volkswagen ID.4. The STLA Medium architecture will serve premium offerings for the C and D segments, will fit battery backs between 87 kWh and 104 kWh and two sizes of e-motors — a smaller motor producing from 168 to 242 horsepower, and a bigger motor putting out anywhere from 201 to 443 hp. Maximum range could be as much as 440 miles, depending on battery and motor combination. The platform slots between the STLA Small and STLA Large, a fourth STLA Frame platform serving trucks and vans.  Just before a four-minute video segment that showed Stellantis CEO Carlos Tavares driving the Airflow, the automaker's head of software said, "It's closer than you think and more than a pure concept." The video shows a range of screens lining the instrument panel, plus a couple more in the back, as well as what look like plush materials and the obligatory panoramic sunroof. With the company aiming to hit 20 billion euros ($22.7B U.S.) in revenue from software by 2030, it said, "The Chrysler Airflow Concept shown in the Stellantis Software Day presentation represents the future of connected vehicles." The first we'll see of that could be the three new software platforms planned to roll out in 2024, all of them powered by AI. CES 2022 isn't far off, and Stellantis has told us there's a big announcement for 2022.