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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.

Michigan Gov. Gretchen Whitmer says manufacturing can reopen May 11

Michigan Governor Gretchen Whitmer on Thursday said the state's factories can reopen next Monday, May 11, removing one of the last major obstacles to North American automakers bringing thousands of laid-off employees back to work amid the coronavirus pandemic. While reopening the manufacturing sector, Whitmer also extended her state's stay-at-home order by about two weeks to May 28, citing a desire to avoid a second wave of COVID-19, the respiratory illness caused by the novel coronavirus. “WeÂ’re not out of the woods yet, but this is an important step forward," Whitmer said in a statement. "As we continue to phase in sectors of our economy, I will keep working around the clock to ensure our businesses adopt best practices to protect workers." This week, General Motors and Fiat Chrysler Automobiles said they were targeting resuming vehicle production in North America on May 18, but suppliers would need time to prepare ahead for that date. Ford has not said what date it is targeting. The governor previously extended the state's coronavirus stay-at-home order through May 15, but had lifted restrictions for some businesses. Neighboring Ohio had allowed manufacturing to resume this past Monday, putting pressure on Whitmer to follow suit. Michigan's shutdown had stymied efforts by the Detroit Three and rival automakers to restart vehicle assembly anywhere in the United States, because so many critical parts suppliers are based in the state. Automakers and their suppliers already have begun gearing up for a possible resumption of work at their U.S. plants, but needed the official go-ahead from Whitmer. Industry officials had been pressing Whitmer to allow suppliers to reopen starting May 11 so the automakers could resume operations on their target date. They also wanted the green light so they can press Mexico to open its auto sector as suppliers there are also critical for the industry restart. The automakers' plans were tacitly approved on Tuesday by the United Auto Workers union, which represents the Detroit automakers' hourly U.S. plant workers. The union had previously said early May was "too soon and too risky" to restart manufacturing. Under Whitmer's new order, factories must adopt measures to protect workers, including daily entry screening, no-touch temperature screening as soon as possible and use of protective gear like face masks. Automakers have already rolled out such policies.

Best car infotainment systems of 2022

Declaring one infotainment system the best over any other is an inherently subjective matter. You can look at quantitative testing for things like input response time and various screen load times, but ask a room full of people that have tried them all what their favorite is, and you’re likely to get a lot of different responses. Some prefer systems that are exclusively touch-based with a simplistic user interface. Others may prefer a non-touch system that is navigable via a scroll wheel. You can compare it to the phone operating system wars. Just like some folks prefer Android phones over iPhones, we all have our own opinions for what makes up the best infotainment interface. All that said, our combined experience tells us that a number of infotainment systems are at least better than the rest. WeÂ’ve narrowed it down to five total systems in their own subcategories that stand out to us. Read on below to see our picks, and feel free to make your own arguments in the comments. Best overall: UConnect — Various Stellantis products If thereÂ’s one infotainment system that all of us agree is excellent, itÂ’s UConnect. Both UConnect 4 and the latest UConnect 5 software are included in this praise, too. It has numerous qualities that make it great, but above all else, UConnect is simple and straightforward to use. Ease of operation is one of the most (if not the single most) vital parts of any infotainment system interface. If youÂ’re expected to be able to tap away on a touchscreen while driving and still pay attention to the road, a complex infotainment system is going to remove your attention from the number one task at hand: driving. UConnect uses a simple interface that puts all of your key functions in a clearly-represented row on the bottom of the screen. Tap any of them, and it instantly pulls up that menu. We like the radio/media interface — itÂ’s super easy to swap stations or sources. The menu structure is easy to grasp, and of course both Apple CarPlay/Android Auto are available if you want them. UConnect 5 is a big visual improvement over UConnect 4, but thankfully it retains the same ease of use as the outgoing system. WeÂ’ll also point out that Stellantis is able to adapt UConnect to different screen shapes and sizes with great success — it works stunningly well in the vertical 12-inch screen of the Ram.