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Fiat Chrysler seeks $6.8 billion state-backed loan in Italy

MILAN — Italian Prime Minister Giuseppe Conte said on Saturday that Fiat Chrysler was entitled to apply for Italy's state-backed loans because the automaker employs thousands of people in the country, even though its legal base is located abroad. The Italian-American group confirmed on Saturday its Italian unit was working with Rome to obtain state guarantees on a 6.3-billion-euro ($6.8 billion) loan facility designed to help Italy's automotive industry, comprised of approximately 10,000 small and medium-size businesses. The coronavirus outbreak, which has hit Italy especially hard, slammed the brakes on demand for new vehicles and forced automakers to halt most production, burning cash. Fiat Chrysler Automobiles said in a statement that talks were ongoing with lender Intesa Sanpaolo for a three-year credit facility exclusively dedicated to the group's activities in Italy. Asked whether FCA, which has its legal headquarters in the Netherlands, could get a loan guaranteed by the Italian government, Conte said the group qualified. "We're not talking about the parent company, we're talking about the group's companies in Italy, which employ thousands of people," the prime minister said. FCA runs several plants and research and development centers in Italy, directly employing around 55,000 people. In addition, over 200,000 people work in Italy's 5,500 parts suppliers and 120,000 people in car dealers and service companies, with the automotive industry accounting for 6.2% of Italy's domestic product, FCA said. News that FCA was asking the Italian government for liquidity support had raised criticism. The ruling party PD's deputy president, Andrea Orlando, earlier on Saturday said on Twitter that if a company asked the Italian government for sizable financing, it had to bring back its legal base to Italy. The scheme is part of emergency measures the Italian government is making available to the country's businesses. It offers more than 400 billion euros' worth of liquidity and bank loans to companies hit by the pandemic. FCA said the state-backed credit facility it is seeking will have "the sole purpose of providing operational support for payments to Italian suppliers to support their liquidity and, at the same, supporting the restart of production and investment at Italian plants." The group has gradually restarted operations in Italy since the end of April. Related Video: Earnings/Financials Government/Legal Chrysler Fiat coronavirus

Fiat Chrysler's dealers and mechanics to reopen on Monday in Italy

MILAN — Fiat Chrysler said on Thursday its Italian network of approved dealers and mechanic workshops would reopen on May 4, when the country is set to start lifting a national lockdown put in place to limit the spread of the coronavirus. A package of health and safety measures for workers and clients will be put in place across the entire network to comply with the rules set by Rome to prepare for a staged restart of economic activities after weeks of national lockdown triggered by the virus outbreak. A vast majority of FCA's dealers and workshops in Italy are run by private operators, while the automaker directly operates some large ones in big cities. FCA this week resumed van production at its Atessa plant in central Italy and some operations in other Italian plants, including preparatory works at its Melfi facility for the final development of Jeep's new hybrid cars, and at Turin's Mirafiori plant for its new electric 500 small car. Related Video:

Chrysler Pacifica Hybrid recalled over fire risks

WASHINGTON — Chrysler parent Stellantis is recalling 19,808 plug-in hybrid minivans and urged owners to stop recharging them, after reports of 12 fires in parked vehicles. The automaker said the recall covers 2017-2018 Chrysler Pacifica Hybrid vehicles. All were parked and turned off, while eight were connected to chargers. Stellantis said it was unaware of any related injuries or accidents. Stellantis is advising owners to refrain from recharging the vehicles and to park them away from structures and other vehicles. The automaker said it is working to confirm the cause of the fires. Owners can keep operating the vehicles using the internal combustion engine. The National Highway Traffic Safety Administration declined to comment. The recall comprises 16,741 vehicles in the United States, 2,317 in Canada and another 750 outside North America. Other automakers have faced fire issues with plug-in hybrid or full electric vehicles. General Motors halted production of its Chevrolet Bolt electric vehicle in August and has extended that halt through the end of this month. The largest U.S. automaker in August widened its recall of the Bolt to more than 140,000 vehicles to replace battery modules after a series of fires. GM has also indefinitely halted retail sales of new Bolt vehicles. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.