Chrysler Newport 1966 4 Door Nevada Car on 2040-cars

Auto blog

As it did with Ferrari, Fiat Chrysler spinning off Magneti Marelli

MILAN — Fiat Chrysler said on Thursday its board had tasked management to proceed with spinning off Magneti Marelli and distributing shares in a new holding for the 99-year old parts business to FCA investors. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli, which sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid, and which analysts say could be worth between 3.6 and 5 billion euros ($4.4-6.1 billion). "The separation will deliver value to FCA shareholders, while providing the operational flexibility necessary for Magneti Marelli's strategic growth in the coming years," Marchionne said in a statement. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics, and its spinoff is part of a five-year business plan FCA is due to present on June 1. "The spinoff will also allow FCA to further focus on its core portfolio while at the same time improving its capital position," Marchionne added. Marchionne has a long history of such moves. The 65-year-old was behind the spinoff and listing of trucks and tractor maker CNH Industrial and supercar brand Ferrari. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, with shares in the company expected to be listed on the Milan stock exchange. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family - FCA's main shareholder - were put off by low industry valuations and did not want their stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters last month. Magneti Marelli has often been touted as a takeover target and FCA has fielded interest from various rivals and private equity firms over the years. South Korea's Samsung Electronics made a bid approach in 2016 but negotiations fell through as it was only interested in parts of the business, other sources have said. The spinoff is subject to regulatory approvals, tax and legal considerations and a final approval by the FCA board. The carmaker may modify or call off the transaction at any time and for any reason, it added.

New Fiat Chrysler CEO picks management team to tackle industry in flux

MILAN/DETROIT — Fiat Chrysler's new boss unveiled his management team on Monday, seeking to revive the automaker in Europe, forge ahead in North America and keep the group in contention in the industry's race to develop self-driving and electric cars. Mike Manley took over in July after long-time chief Sergio Marchionne fell ill and later died after succumbing to complications from surgery. British-born Manley has since pledged to carry through a strategy Marchionne outlined in June to keep FCA "strong and independent." "The next five years will continue to be extremely challenging for our industry, with tougher regulations, intense competition and probably slower industry growth around the world," Manley said in a letter to employees on Monday. "Nevertheless, with a laser focus on execution and a continued flexibility that allows us to adjust as circumstances change ... we have a clear line of sight to achieving our five-year ambitions." Manley appointed Pietro Gorlier, thus far chief operating officer of FCA's components business, as FCA's next European chief to tackle a region where profitability is below that of peers, many workers are stuck in furloughs and various plants run at below capacity. The carmaker's previous European chief Alfredo Altavilla left after FCA appointed Manley as Marchionne's successor. As head of the components unit, Gorlier has also led Magneti Marelli, the parts unit that FCA may either spin off or sell. He will be succeeded at Magneti Marelli by the parts maker's lighting division head Ermanno Ferrari. Japan's Calsonic Kansei has been in talks with FCA about buying the unit, sources familiar with the matter have said, but no binding agreement has been reached and the deal could still fall apart. Choosing an Italian as head of Europe might soothe some fears in Italy that FCA could weaken its link to Fiat's roots. In his last strategy unveiled in June, Marchionne vowed to convert Italian plants to churn out Alfa Romeos, Jeeps and Maseratis instead of less profitable mass market vehicles to preserve jobs and boost margins. Europe will also become a big part of the company's electrification drive. FCA will copy in Europe what worked in the United States, where it retooled plants to build pricier SUVs and trucks in a move since emulated by bigger rivals Ford and GM. Manley also named new managers to succeed him at Jeep and RAM, the two brands which have been driving profits in recent years and remain at the core of growth plans.

2018 Chrysler Pacifica Hybrid Long-term Review | Introducing something green

BIRMINGHAM, Mich. — I'm stoked to drive this minivan. Legitimately. The 2018 Chrysler Pacifica hybrid is an impressive evolution of the minivan and a smart execution of electric technology. Why hasn't someone made a hybrid minivan until now? I ponder this as I unplug the charger and take my first spin in the Pacifica, the newest addition to the Autoblog long-term fleet. Sinking into the leather seats, I'm immediately relaxed. That's why you buy a minivan: comfort and convenience. Hybrid tech? Well that makes this thing sustainable and even cool. Whether your friends are swanky or wonky, play the plug-in hybrid card and your people hauler is cooler than theirs. What we got We went with the Pacifica Hybrid Limited. It starts at $44,995 and wears a beautiful shade of Ocean Blue. The interior features black and alloy pieces and leather. Power comes from the sturdy 3.6-liter Pentastar V6 dubbed the eHybrid for this application, and it works with an eFlite electrically variable transmission home to two motors making 84 and 114 hp. The hybrid battery pack has 96 lithium-ion cells that generate 16 kWh of energy. The net system power is 260 horsepower. In real-world driving, it's quick, torquey and more fun to drive than the average minivan. It can charge in two hours using a Level 2 charger and offers 33 miles of range on pure electricity. Collectively, it puts out 84 MPGe, and using just the Pentastar it's still rated at a robust 32 mpg in combined city and highway driving conditions. The Limited is the top-of-the line Pacifica trim, offering heated and vented front seats, an 8.4-inch Uconnect touchscreen and 13 Alpine speakers as standard equipment. We added a safety and tech package ($995) that includes parking assist, a 360-degree surround view camera, lane departure warning, adaptive cruise control, seatback video screens and a Blu-ray DVD player. We also ticked the box for the hybrid appearance package ($395) to add 18-inch polished aluminum wheels, body color treatments for the mirrors and door handles, and a "Black Spear Applique" for the rear fascia. It's not worth your money. We topped it off with the $1,595 tri-pane sunroof, which is totally worth your money. Final cost including destination: $49,325. It's reasonable, considering the level of luxury the Limited offers, and as we all know, hybrid tech isn't cheap. If you can get the $7,500 federal tax credit the government offers on electrics, it's a great value.