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BMW M5 and FCA's 5-year plan | Autoblog Podcast #544

On this week's Autoblog Podcast, Associate Editor Reese Counts is joined by Green Editor John Beltz Snyder and Consumer Editor Jeremy Korzeniewski. We talk about driving the Subaru Ascent and BMW M5, and discuss FCA's five-year plan and the Audi Q8. As always, we help spend a listener's cash on a new car in the "Spend My Money" segment. Autoblog Podcast #544 Your browser does not support the audio element. Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we've been driving: 2019 Subaru Ascent and BMW M5 FCA's five-year plan Audi Q8 Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Podcasts Audi BMW Chrysler Dodge Subaru Car Buying Used Car Buying FCA subaru ascent

Local UAW leaders recommend membership approve FCA contract

DETROIT — Union leaders from Fiat Chrysler factories are sending a new four-year contract to a membership vote. The 47,000 members of the United Auto Workers union at the company will vote on the deal starting Friday. Local leaders assembled on Wednesday in Detroit to go over the pact, which includes a $9,000 bonus per worker upon ratification. The company also has promised $4.5 billion worth of new investments in U.S. factories. The union reached agreement with Fiat Chrysler last weekend. The new contract also offers a mix of lump sums and pay raises for longtime workers, full top wages for new hires within four years and a path for temporary employees to become full-time after three years of work. The Fiat Chrysler contract also adds 12.5% to the union workers' profit-sharing formula, giving them $900 per 1% of profit margin generated North American. That's up from $800, and a $12,000 cap was lifted. The UAW says the deal created more than 7,900 jobs, including a $4.5 billion investment previously announced at two factories in Detroit. Fiat Chrysler is the last of the Detroit automakers to settle with the union. Workers at General Motors ratified their contract Oct. 31, ending a 40-day strike that paralyzed GM's U.S. factories. Ford workers followed by approving a contract in November. In a summary of the contract, the union said FCA agreed to extend a moratorium on outsourcing of jobs and will maintain its U.S. manufacturing presence through the life of the contract. The $9 billion of factory investment includes $4.5 billion previously announced at two factories in Detroit, including a new assembly plant. Also included is an agreement to build fresh models off the Jeep Cherokee SUV underpinnings and invest $55 million into the Belvidere, Illinois, assembly plant, where the Cherokee is built. At the Toledo, Ohio, North Assembly plant, which builds the Jeep Wrangler SUV, the company will invest $160 million and hire 100 more people to build a plug-in hybrid version of the Wrangler. The Toledo South plant gets $120 million to keep building the Jeep Gladiator pickup. At an assembly plant in Sterling Heights, Michigan, Fiat Chrysler will invest $210 million to keep building light-duty Ram pickup and new high-performance version of the truck. Another truck plant in Warren, Michigan, will get $2.8 billion including engineering and development expenses to keep building the Ram pickup and a new three-row SUV called the Wagoneer and Grand Wagoneer.

FCA compromises with France, moving Renault merger bid forward

FRANKFURT/PARIS – Renault directors were preparing to review Fiat Chrysler's $35 billion merger offer on Tuesday, after the Italian-American carmaker resolved differences with the French government overnight, three sources said. The compromise on French government influence over a combined FCA-Renault may clear the way for Renault's board to approve a framework agreement beginning the long process of a full merger, unless new issues surface at the meeting. France, Renault's biggest shareholder with a 15% stake, had been pressing for its own guaranteed seat on the new board and an effective veto on CEO appointments. But after late-night talks with FCA Chairman John Elkann, the French government has accepted a compromise that would see it occupy one of four board seats allocated to Renault, balanced by four FCA appointees, the sources said. Renault would also cede one of its two seats on a four-member CEO nominations committee to the French state, they said. Renault, FCA and the French government all declined to comment on the discussions. The same evening that the compromise was was negotiated, activist hedge fund CIAM wrote to the board of Renault to say it "strongly opposed" a planned $35 billion merger with Fiat Chrysler. Calling the deal "opportunistic," the fund said the current deal terms strongly favored Fiat Chrysler and offered no control premium. (Reporting by Arno Schuetze and Laurence Frost; additional reporting by Giulio Piovaccari in Milan and Simon Jessop; editing by Jason Neely and Rachel Armstrong) Government/Legal Chrysler Fiat Mitsubishi Nissan Renault merger