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Fiat Chrysler global HQ lands in London's ultra-posh West End

It seems Fiat is bent on bolstering its image as a global automaker, as word has leaked out that the Italian/American conglomerate has chosen to locate its global headquarters in a rather swanky neighborhood in London. According to Bloomberg, the rental location on St. James Street in London's West End is a 10-minute walk from Buckingham Palace, and Fiat Chrysler Automobiles will fill up three complete floors of an office building that also houses The Economist magazine.
As a neutral location between Italy and the United States, the London-based headquarters makes sense, though, at $277 per square foot, this area is said to be the most expensive office space in the world. There's no mention of what FCA has actually agreed to pay for renting the space, but we're certain it isn't coming cheap.
Not surprisingly, Bloomberg also cites research indicating that the largest number of immigrants moving into London from January through August of this year hail from Italy, which makes sense considering the number of Italian executives and workers we'd expect would have to relocate to the UK in order to work at Fiat's new home. The company reportedly plans to be in place in London by the time it holds its next round of board meetings in October.

Chrysler Voyager minivan goes fleet-only for 2022

Private motorists will not be able to buy a new Chrysler Voyager in the 2022 model year; the minivan is now a fleet-only model. The cheaper alternative to the Pacifica loses most of its trim levels, but it gains a longer list of standard features during the transition. Fleet buyers take on many shapes and forms, but in minivan-speak the term usually denotes rental car companies. Chrysler simplified buying by paring down the lineup from three to one trim. Called LX, it gains a 7.0-inch touchscreen that runs the Uconnect 5 infotainment system, second-row Stow 'n Go seats, power-operated sliding doors, heated front seats, and a heated steering wheel; that's not bad for something you're picking up at the airport to spend a weekend in. There's also a new air filtration system shared with the Pacifica.   Related: Least expensive vehicles to insure in America   The list of options now includes a package called Safety and Premium Group that bundles a blind-spot monitoring system, rear parking sensors, rear cross-path detection, full-speed forward collision warning, automatic emergency braking, and a 10.1-inch touchscreen with navigation. However, upmarket features like leather upholstery and a 19-speaker Harman-Kardon surround-sound system are not offered. Chrysler is not making mechanical changes, so power for the Voyager comes from a 3.6-liter Pentastar V6 rated at 287 horsepower and 262 pound-feet of torque. It spins the front wheels via a nine-speed automatic transmission. All-wheel drive is not available; only the Pacifica can get its power sent to four wheels. Similarly, there are no visual changes to report. The Voyager still looks like a pre-facelift Pacifica. Pricing information for the 2022 Voyager will be announced closer to its on-sale date. At launch, buyers will have five colors called Silver Mist, Brilliant Black, Bright White, Granite Crystal, and Velvet Red, respectively. The former (shown in the gallery) is new for 2022. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. How to use the Stow 'N Go seats on the 2021 Chrysler Pacifica

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.