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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

Michigan ponders its automotive future in the connected age

Few people take cars more seriously than Michiganders. I've been to the home of BMW in Germany. I've been to Kia's HQ in Korea. I've seen Honda's goods in Japan. No one, from the factory worker to the executive in her pinstriped suit, is more obsessed with cars than Michigan Inc. That's why it was interesting this week to see the state have a moment of introspection four hours north of the Motor City on a scenic island called Mackinac. Ironically, cars are not allowed here. Normally a tourist trap, it played placed host to the Mackinac Public Policy conference this week. While politics took center stage ( I may be the only person here not considering a run for governor) the evolution of the industry through connectivity and data was a theme of the conference. If you're reading this in New York, Silicon Valley, or one of the automotive heartlands listed above, you do care about this. If Michigan rethinks its approach to the car business – and makes moves to become more competitive – that affects you the consumer and enthusiast. It's jobs. It's technology, and it's a competition to see who's going to be the leader. More than a century after Henry Ford made mass production a thing, more than 70 years after Detroit's Arsenal of Democracy helped win World War II, and nearly a decade after the historic bankruptcies of General Motors and Chrysler, the car business is on solid footing again and looking to the future. What's next? Michigan is still home to thousands of auto workers, tech centers (including gleaming facilities built by Toyota and Hyundai), and the headquarters of the three American carmakers. Just because the economy is good doesn't mean it's a given connected cars and mobility advancements are going to come from this state. A lot of it's not. Tesla, Uber, Lyft, Faraday Future, and other transportation mediums have spouted up other places. Michigan leaders and Detroit's carmakers understand this reality. Reflecting on the past means admitting the future is not a given, a key undertone this week in Mackinac. It's about using existing resources, like skilled labor, to move forward. "We do have the number of technicians and technical expertise here in this state," says Stephen Polk," conference chair and former CEO of auto data firm R.L. Polk & Co. To that end, Ford is placing increased emphasis on a division called Smart Mobility, which is an in-house unit focusing on autonomy, connectivity, and forward-looking ideas.

Junkyard Gem: 1986 Plymouth Horizon

Chrysler imported quite a few Mitsubishis and sold them as Dodge and Plymouth Colts, but the Colts of the 1980s had to compete with the Plymouth Horizon and its Dodge Omni sibling. Based on a Chrysler Europe design, production of the Plymouth Horizon ran in virtually unchanged form from the 1979 through 1990 model years. A simple, cheap econobox, the Plymouth Horizon sold well enough, but was such a disposable car that very few remain today. Here's one that lasted long enough to end its days in a California wrecking yard at age 31. The genealogy of the Omnirizon gets a bit tangled when you go back far enough; the car is based on the chassis design of the 1975 Simca 1307, though by the time it got to Detroit it had evolved considerably. Chrysler was desperate for an American-built economy car during the late 1970s, and the Omnirizon got the job done. The 1978-1982 Horizons had 1.7-liter Volkswagen engines, while the 1983-1986 models came with a 1.6-liter Simca mill as the base engine. The Chrysler 2.2-liter four was an optional Horizon powerplant starting in 1981, and the only engine available from 1987 through the final Horizons built in 1990. This car has the 2.2, rated at 96 horses in 1986. The '86 Horizon weighed a mere 2,100 pounds (about the same as a 2017 Mitsubishi Mirage), and so 96 horsepower made it peppy enough by mid-1980s econo-commuter standards. The interior is right out of the Slippery Plastic With Fake Stitching™ playbook, but nobody bought an Omnirizon for the luxury. This car was basically identical to its Dodge Omni sibling, and both had MSRPs of $6,209 in 1986 (about $13,900 in inflation-adjusted 2017 bucks). You could get cheaper new cars in 1986— the $4,995 Hyundai Excel and $3,990 Yugo GV come to mind— but the Omnirizon five-doors were better-built and had the sales advantage of being known quantities. Even by 1986, the Omnirizon was showing its age (though not as much as the amusingly obsolete Chevrolet Chevette, which was sold through the 1987 model year). Still, it remained sufficiently relevant to sell in decent number for another four years. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The pride is back! Featured Gallery Junked 1986 Plymouth Horizon View 14 Photos Auto News Chrysler Hatchback Classics