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Hundreds of Detroit residents line up to ride in autonomous cars

DETROIT — Members of the public got the chance Friday to take a free ride in a self-driving vehicle as part of an effort to clear up confusion about the technology. Hundreds signed up for the 6-minute journey that led riders through a course set up inside a Detroit convention center. Mary Van Der Maas heard about the opportunity on the radio and decided to give it a shot. The 73-year-old retiree from Grosse Pointe, Michigan, hopped into an autonomous Chrysler Pacifica Hybrid minivan, and off she went. "I think that it's just ignorance that keeps us from wanting to do this. And once you experience it, it's marvelous," she said afterward. Daniel Schroeder, 17, said he "thought it was interesting how the car knew its route." "And then it could identify things in the road," said the high school junior from Troy, Michigan, who spent one of the days of his spring break at the demo inside Cobo Hall downtown. Rep. Debbie Dingell also rode in the driverless Pacifica, asking more than a few questions of organizers along the way. "Public confidence in autonomous vehicles has decreased, not increased, over the last year for a variety of reasons," the Democratic congresswoman said. "And people need to get to know it. They need to be hands-on. They need to see that it works." Dingell said she had asked her husband, the late John Dingell, the longest-serving member of Congress in the institution's history, to serve as an advocate for driverless cars, citing the technology's potential to benefit older Americans. "He just quite frankly didn't trust it," Debbie Dingell said. Technological hurdles and apprehension have limited attempts to deploy fully autonomous vehicles on public roadways. Uber pulled its self-driving cars out of Arizona last year after one of the ride-hailing service's autonomous cars struck and killed a woman as she crossed the street. Mary Moore of SAE International, an association of mobility engineers, said the idea behind the Detroit event is to "use the facts, use what's on the market today to explain what the capabilities are today and then also give a glimpse into what can happen in the future." The event was sponsored by SAE International as well as Partners for Automated Vehicle Education, a coalition of industry, nonprofit and academic institutions whose goal is to inform and educate the public and policymakers about automated vehicles. It runs through Sunday and is free to attend.

Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Why a Renault-FCA merger could be good news for Nissan, Mitsubishi

TOKYO — Nissan's advanced technologies including platforms and electric powertrains could give it leverage in a merger involving Renault and Fiat Chrysler, thanks to a royalty system it has with the former, two people with knowledge of the matter said. A merged Renault-Fiat Chrysler could face an extra hurdle each time it uses technology developed by Nissan or Mitsubishi Motors, while the two Japanese automakers stand to gain a client in Fiat Chrysler (FCA), one of the people said. Both sources declined to be identified because of the sensitivity of the matter. Nissan's technology, particularly in electrification and emissions reduction, could give it some sway in the $35 billion potential tie-up between Renault and FCA, even as its stake in the newly formed company would be diluted. Currently Renault SA pays less for technology developed by Nissan than the Japanese automaker pays for French technology, a third person said. This has long been a sticking point for Nissan, and an area where Nissan could seek more favorable terms. "Whenever Nissan transfers platform, powertrain or other technology to Renault, there is a margin or royalty which Renault has to pay for use of that tech," one of the people said. "In that sense, FCA, if everything went well, would become another 'client' of ours and that's good. More business for us." A Nissan spokesman declined to comment on its royalty system. The potential Renault-FCA deal has complicated the Japanese automaker's already uneasy alliance with Renault. A further deal with Fiat Chrysler looks likely at least in the near term to weaken Nissan's influence in the 20-year-old partnership. Renault owns a 43.4% stake in Nissan and is its top shareholder. Nissan holds a 15% non-voting stake in Renault and would see that diluted to 7.5% after the FCA deal, albeit with voting rights. The imbalance between the two has long rankled Nissan, which is by far the larger company. Alliance imbalance Renault had previously angled for a merger with Nissan but has been rebuffed by CEO Hiroto Saikawa. Securing benefits from the merger deal will be important for Saikawa, who is grappling with poor financial performance while he struggles to right the company after the ouster of former chairman Carlos Ghosn last year.