2006 Chrysler Crossfire Limited Coupe - Alabaster White - Automatic - 80k Miles on 2040-cars

Auto blog

Chrysler recalling 630k Jeep models worldwide

Despite its refusal to recall 2.7 million Jeep Grand Cherokee and Liberty models this week over a gas tank fire risk, Chrysler will be recalling 630,000 Jeep Compass (pictured), Patriot and Wrangler vehicles around the globe for a pair of entirely different reasons.
The affected Compass and Patriot models are all from the 2010 to 2012 model years - 254,000 in the United States, 45,400 in Canada and 109,000 elsewhere in the world. In these models, a software error may result in the late deployment of the side airbags and seatbelt tensioners. In the event of a crash, failure of these systems could result in more serious injuries for the vehicle's occupants.
Jeep's go-anywhere Wrangler also faces a separate recall due to power steering fluid lines that can possibly wear a hole in the transmission oil cooler line. According to Chrysler, the vehicles could then leak fluid, possibly damaging the transmissions. Roughly 221,100 Wrangler models are being recalled because of this issue, all of which are fitted with Jeep's 3.6-liter Pentastar V6 engine. In the US, 181,000 vehicles are affected, with an additional 18,400 in Canada and 21,700 additional units worldwide. A Chrysler spokesperson said that no crashes or injuries have been reported with either case, according to the Associated Press.

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.

Stellantis says its 2021 performance has been better than expected

MILAN — Stellantis softened up investors ahead of its electrification strategy event on Thursday by flagging that 2021 got off to a better-than-expected start despite a chip shortage that has hit automakers worldwide. Stellantis, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, faces an investor community keen to hear how it plans to come up with a range of electrified vehicles (EVs) to rival Tesla. At its "EV Day 2021" kicking off at 1230 GMT, Stellantis will disclose significant investments in electrification technology and connected software as it aims to be an industry frontrunner, it said in a statement. In April, Chief Executive Carlos Tavares said it would offer low-emission versions — either battery or hybrid electric — of almost all of its European models by 2025, and they should make up 70% of European sales and 35% of U.S. sales by 2030. Stellantis, the world's fourth-biggest automaker, has 14 brands in its stable, including Jeep, Ram, Opel, Fiat, Peugeot and Maserati.   Stellantis EV Day coverage: Dodge will launch the 'world's first electric muscle car' in 2024 Fully electric Ram 1500 will begin production in 2024 Jeep will have 4xe plug-in hybrid models across the lineup by 2025 Stellantis teases mystery electric Chrysler concept Stellantis previews 4 electric platforms: Here's how they'll be used Fiat says all Abarth models to be electric from 2024 Opel Manta E will be the electric revival of the classic German coupe Stellantis says its 2021 performance has been better than expected   At a similar EV strategy event last week, French rival Renault announced that 90% of its main brand models would be all-electric by 2030, whereas previously it had included hybrids in its target. Germany's Volkswagen, the world's second-biggest automaker after Toyota, expects all-electric vehicles to make up 55% of its total sales in Europe by 2030, and more than 70% of sales at its Volkswagen brand. Stellantis said its margins on adjusted operating profits in the first half of 2021 were expected to exceed an annual target of between 5.5% and 7.5%, despite production losses due to a global shortage of semiconductor supplies. Stellantis shares listed in Milan were down 2.6% at 0920 GMT, underperforming the broader European car index. Bestinver analyst Marco Opipari said Thursday's news was positive but that the stock was suffering from profit taking as it had moved up about 20% since the end of April.