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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

Lee Iacocca's very first Dodge Viper RT/10 nets $285,500 at auction

The first 1992 Dodge Viper RT/10 to roll down the assembly line, which was snapped up by Chrysler chief Lee Iacocca, yesterday hammered at the Bonhams auction in Arizona for $285,500, more than double the pre-sale estimate. According to a history of the car published by the auction house, Iacocca, in his introduction of the Viper to the press, pointed to the car on stage and said, "This one right here is mine." That historic Viper, with serial number 001, has never been available on the open market, as Iacocca kept the car from new until he passed away last year. The car has been driven just 6,200 miles and was being sold by his estate. Other Lee Iacocca cars offered at the same sale fared less well. A 1986 Chrysler LeBaron Town & Country convertible — the ultimate expression of Iacocca's company-saving K-cars — with 20,500 miles on it sold for $19,040. That's less than the $20,000 to $25,000 the auction house had estimated the car would bring. A third car from the former auto executive's estate was a customized 2009 Ford Mustang. The pony car was one of a limited run of 45 Iacocca-branded custom Mustangs, which were reworked by Metalcrafters and sold by Galpin Ford in Los Angeles. The Iacocca Mustang, never titled and with 220 miles on it, hammered for $49,280. Related Video:     Featured Gallery Lee Iacocca's 1992 Dodge Viper RT/10 View 13 Photos Celebrities Chrysler Dodge Auctions Automotive History

Chrysler expecting up to 200,000 9-speed transmissions for 3 models this year

Striving for improved fuel economy, we already knew that Chrysler will begin using a nine-speed automatic transmission in some of its new products this year, but what we haven't known is that volume at which this gearbox will be used. According to Bloomberg, Chrysler CEO Sergio Marchionne has been quoted as saying that the automaker expects to sell close to 200,000 units equipped with this new transmission in 2013. Those gear-rich trannies will be spread out across three models, consisting of the redesigned Chrysler 200, the still-unnamed Jeep Liberty replacement and the Dodge Dart.
This transmission should play a pivotal role in making Chrysler vehicles more competitive in their respective segments. Just for comparison, one of the Dart's key competitors, the Toyota Corolla, still uses a four-speed automatic, and a previous report indicates that the next-generation 200 could get up to 38 miles per gallon on the highway, which is better than most non-hybrid midsize sedans on the market. Marchionne says that the new Jeep model is expected during the second quarter of this year, but there is no word as to when the new 200 or nine-speed Dart will debut, but clearly Dodge would like to have the transmission in its compact yesterday. As for that volume figure, it definitely doesn't seem out of reach since the Dart, Liberty and 200 combined for a total of more than 225,000 units in 2012.
How many more gears can we expect in future cars? Probably not many more, since the CEO of transmission-builder ZF, Stefan Sommer, previously stated that nine speeds was the "natural limit" for transmissions.