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Chrysler purchases remaining shares from VEBA Trust, announces funding plan

It's official: The Detroit Three is now The Detroit Two and The Fiat Subsidiary, Chrysler. Both the Italian carmaker and The Pentastar announced the completion of cash payments and a Memorandum of Understanding (MOU) on future payments necessary to make the Chrysler Group a wholly-owned subsidiary of Fiat. As previously detailed, Chrysler made a cash payment of $1.9 billion and Fiat North America made a cash payment of $1.75 billion to the Voluntary Employment Benefit Association (VEBA) run by the United Auto Workers union.
On top of that, Chrysler Group signed an MOU that agrees to payments of $700 million to the VEBA in four installments, the first of which was made concurrently with the other cash payments. And for you trivia mavens, the full name of the UAW is the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America. So go impress your loved ones with that nugget after you check out the press release below.

Chrysler reportedly to drop 300 sedan, build Portal millennial minivan

Automotive News Canada pointed its divination stick at Chrysler as part of its Future Product Pipeline series. The publication dug up two revelations, one being that the Chrysler 300 has two more years to live, ending production come 2020. The article said nothing about the 300's platform twin, the Dodge Charger. The death of the 300 would leave the Pentastar brand with just one offering, the Pacifica minivan. AN Canada's other revelation was Chrysler would allay that fate by putting the "six-passenger multi-purpose" Portal concept into production for 2020. The automaker that wants to be known for its people haulers introduced the Portal concept at the 2017 Consumer Electronics Show. The big bang at the time was the Portal having been designed by millennials in Chrysler's design department, specifically for millennial buyers. Feature bait for the confounding demographic included facial and voice recognition so the Portal knew who was in the car and could tailor the driving environment and cockpit to their tastes; a panoramic dashboard; a configurable interior so the owner can create space where needed, up front or in the cargo area; vehicle-to-vehicle and vehicle-to-infrastructure tech; upgradeable Level 3 autonomy; a retractable aviation-like steering wheel; and customizable light signatures. We didn't get many specs on the show car, but the all-electric powertain employed a 100-kWh lithium-ion battery, had a range of at least 250 miles, and could restore 150 of those miles in 20 minutes hooked up to a DC fast charger. Reasonable specs for a real vehicle. It wouldn't be an outrageous move for Chrysler to create a production version of the Portal. When the concept came to the 2018 Detroit Auto Show, former Fiat Chrysler CEO Sergio Marchionne told media he intended to roll out the "fifth generation" of family cars — the next evolution of the wagon-minivan-SUV-crossover progression — and he expected the Portal or something similar to make production at some point. The Detroit News predicted we'd get a Portal sometime after 2018. Tim Kuniskis, then head of FCA passenger cars in North America, said the company viewed the Portal as that fifth-gen product and "the future of family transportation." On top of that, the designers based the front-wheel-drive Portal on the Pacifica's platform, and Marchionne was vocal in his desire for another retail product on that architecture. He had said, "I need another minivan.

Stellantis wants to trim 3,500 hourly U.S. jobs, UAW says

WASHINGTON — Chrysler-parent Stellantis NV wants to cut approximately 3,500 hourly U.S. jobs and is offering voluntary exit packages, according to a United Auto Workers union letter made public Tuesday. The automaker is looking to reduce its hourly workforce offering incentive packages that include $50,000 payments for workers hired before 2007, UAW Local 1264 said in a letter dated Monday posted on its Facebook page. Stellantis spokeswoman Jodi Tinson declined to comment. A person briefed on the matter said the figure might be lower than the figure cited in the UAW letter. In late February, Stellantis indefinitely halted operations at an assembly plant in Illinois, citing rising costs of electric vehicle production. The action impacted about 1,350 workers at the Belvidere, Illinois, plant that built the Jeep Cherokee SUV and resulted in indefinite layoffs. The automaker has warned it may not resume operations as it considers other options. The UAW letter said openings created by workers leaving would be filled by workers on indefinite layoff. Stellantis said in February that about 40,000 U.S. hourly workers were eligible for profit sharing. Last week, UAW President Shawn Fain said Stellantis' decision to idle the Illinois plant was "a flat-out violation" of the union's contract with the UAW and is unacceptable. The UAW will enter talks with the Detroit Three before labor contracts expire in mid-September. Earlier this month, General Motors said about 5,000 salaried workers accepted buyouts to leave the automaker. GM CEO Mary Barra said February job cuts of a few hundred jobs and the 5,000 buyouts "provided approximately $1 billion towards" a $2 billion cost cutting target. Ford Motor Co recently announced significant job cuts in Spain, Germany and other parts of Europe and in August said it would cut a total of 3,000 salaried and contract jobs, mostly in North America and India. Hirings/Firings/Layoffs UAW/Unions Chrysler Dodge Fiat Jeep Maserati RAM Stellantis