2000 Chrysler Sebring Convertible - Model Jx on 2040-cars

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Hyundai reportedly eyeing a takeover of FCA

The CEO of Hyundai Motor Group plans to launch a takeover bid for Fiat Chrysler ahead of the planned retirement of FCA Chief Executive Sergio Marchionne next spring, Asia Times reports, citing unnamed sources close the situation. CEO Chung Mong-koo will wait for an expected decline in the Italian-American automaker's shares to make his move. Hyundai isn't commenting on the rumors, unsurprisingly, but would presumably stand to benefit by gaining Chrysler's dealer network and the lucrative Jeep brand and probably Ram, too. An FCA spokeswoman in Auburn Hills told Autoblog the company had no comment. But like any story about a possible takeover, this one gets complicated with inside players — and President Trump's posturing on international trade issues. FCA has been the subject of takeover interest before, including by Hyundai, but Marchionne has denied a merger was likely, instead saying his company was in talks with the Korean automaker about a technical partnership. In 2015, Marchionne lobbied General Motors hard, but unsuccessfully, for a tie-up; he was also spurned by Volkswagen. Marchionne had repeatedly stressed the need for car companies to merge to decrease overcapacity and better afford the massive investments needed for things like autonomous and electric vehicles. In the case of Hyundai's reported interest, there is a cast of characters. One is Paul Singer, principal of the hedge fund Elliott Management, an activist shareholder with a $1 billion stake in Hyundai and a major owner of equities in Fiat's home turf of Italy. Then there is FCA Chairman John Elkann, who reportedly disagrees with Marchionne on a successor as CEO of Fiat Chrysler but has little interest in running the company himself and would prefer a merger. Compounding things is what the Trump administration would think of a further blending of Fiat Chrysler's international DNA, though a deal with a Korean automaker is thought to be more palatable to the president and members of Congress than by a Chinese conglomerate like Great Wall Motor, which has confirmed its interest in taking over all or parts of FCA. The full Asia Times piece is here. Related Video: News Source: Asia TimesImage Credit: REUTERS/Rebecca Cook Chrysler Fiat Hyundai Jeep RAM Sergio Marchionne FCA merger takeover

Fiat Chrysler execs, salaried employees taking pay cuts during coronavirus pandemic

Fiat Chrysler Automobiles' top executives and salaried workers around the globe will take pay cuts in an act of "shared sacrifice" brought on by the coronavirus pandemic that has shuttered the automaker's plants in Europe and North America, according to a company memo seen by Reuters. Chief Executive Officer Mike Manley said in the memo he will take a 50 percent pay cut for three months starting April 1, while Chairman John Elkann and FCA's board of directors will forego the remainder of their 2020 compensation. FCA said most global salaried employees will be asked to take a temporary 20 percent pay cut. "Protecting the financial health of the company is everyone’s responsibility and naturally starts with myself and the leadership of FCA," Manley wrote. Members of the automaker's group executive council will also take a 30 percent pay cut, according to the memo. Last week, No. 1 U.S. automaker General Motors said it planned to keep its plants closed indefinitely and was reducing the pay of salaried employees and executives and suspending some future product programs to conserve cash. GM's chief executive and chief financial officer issued a stark warning to company employees in an internal video, saying that "significant austerity measures" were needed to preserve the companyÂ’s long-term viability. Ford also said it was temporarily cutting top executivesÂ’ salaries.  

The 2020 Chrysler Voyager is a cheap Pacifica minivan

The Voyager is back, baby. Yep, you read that right. FCA is leaning hard on the nostalgia button right now, and the age-old minivan nameplate has rowed its way back from its long voyage (sorry) out to sea. We'll be seeing the Voyager name on a familiar vehicle, though, not a totally new minivan. You're looking at photos of a Pacifica with a Voyager badge on it, because that's essentially what the new Voyager is. Chrysler took the lower trim levels of the Pacifica and decided those would now be Voyagers. Higher trim levels of the Pacifica are still the Pacifica. To quell confusion, just consider the Voyager a budget-conscious Pacifica with a different name. Specifically, both the L and LX trims of Pacifica will be Voyagers, and Chrysler is introducing a fleet-only LXi model with a leatherette (vinyl) interior for mass appeal to rental car companies and businesses with similar needs. Pricing for the 2020 Voyager hasn't been announced yet, but the non-fleet version will probably start right around where the Pacifica L starts now at $28,730. That makes this more of a marketing play than an actual reduction in price. The Voyager is the cheap one, while the Pacifica is the expensive one. Simple as that. Interestingly, FCA still sells significantly more Dodge Grand Caravans than they do Pacificas every month, and it's all down to price. Despite the Pacifica being leagues better than the old Dodge, the average transaction price for the Pacifica in 2019 is over $13,000 more than a Grand Caravan — $38,540 for the Pacifica, versus $24,972 for the Grand Caravan. That makes the Dodge much cheaper than any comparably sized vehicle it competes with and results in the Dodge doubling the Pacifica up on sales regularly. Maybe the introduction of the Voyager could sway some folks in the direction of the new car, rather than being turned off by the high prices of the Pacifica. The feature set for the Voyager is similar to that of the Pacifica-badged models it's replacing. You'll only be able to tell it's a Voyager on the outside from the badge on the liftgate. Chrysler added satellite radio, second-row quad seats and in-floor storage bins to the interior. You'll still get the same Pentastar 3.6-liter V6 and nine-speed automatic transmission in the Voyager, but no plug-in hybrid model will be available. We'll be interested to see how this ultimately affects sales of the excellent Chrysler minivan.