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Junkyard Gem: 1978 Fiat X1/9

Fiat did pretty well selling cars in the United States during the 1970s, especially after the 1973 Oil Crisis made fuel economy a very persuasive selling point. While sales of the larger 131/Brava and weird-looking Strada never amounted to much here, 128s, 124 Sport Spiders and X1/9s were all over American roads during the Malaise Era. Today's Junkyard Gem is one of those X1/9s, found in a boneyard near Pikes Peak in Colorado. The design of the X1/9 was inspired by the 1969 Autobianchi A112 Bertone concept car, and it featured the engine/transaxle assembly and front suspension from the Fiat 128 mounted just behind the seats. A bit more than a decade later, GM copied that idea by using Chevrolet Citation running gear and front suspension in the back of the Pontiac Fiero. The result was a lightweight, nimble mid-engined targa convertible that achieved excellent fuel economy and looked far quicker than it actually was. The X1/9 was available in the United States from the 1973 through 1987 model years. Because Fiat fled the United States in 1982, the 1983-1987 X1/9s were imported by Malcolm Bricklin (yes, at the same time he was the Yugo King) and sold with Bertone badging. The Bricklin-imported 124 Sport Spider was available here during that period as the Pininfarina Azurra. The MSRP for the '78 X1/9 was $5,445, or about $26,804 in 2023 dollars. Meanwhile, the 124 Sport Spider listed at $6,495 ($31,973 after inflation), though it had quite a bit more horsepower (90 versus the X1/9's 67). The next-cheapest mid-engined Italian two-seater Americans could buy that year was the Ferrari 308, which started at an eye-watering $28,580 ($140,692 today); the '78 Maserati Bora cost $29,800 ($146,698 now). A year earlier, there would have been a bit of competition with the Lancia Scorpion, but the last model year here for that somewhat cheap machine was 1977. The U.S.-market X1/9 was underpowered, no getting around that, but it managed to be fun to drive. Install a quad-cam Alfa Romeo V6 from a 164 in one, though, and you get a terrifyingly fast track machine. I used X1/9 side scoops on the hood of my 1965 Impala sedan project, back in the 1990s. The little access hatch to the distributor, located behind the passenger seat, is a thoughtful touch by Fiat. Its final parking space has a good view of Pikes Peak (the snow-covered mountain behind the Xterra), at least.

FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

France tries to dodge blame for blowing up FCA-Renault merger deal

PARIS — France sought to fend off a hail of criticism on Thursday after it was blamed for scuppering a $35 billion-plus merger between carmakers Fiat-Chrysler and Renault only 10 days after it was officially announced. Shares in Italian-American FCA and France's Renault fell sharply in early trading after FCA pulled out of talks, saying "the political conditions in France do not currently exist for such a combination to proceed successfully." French finance minister Bruno Le Maire said the government, which has a 15% stake in Renault, had engaged constructively, but had not been prepared to back a deal without the endorsement of Renault's current alliance partner Nissan. Nissan had said it would abstain at a Renault board meeting to vote on the merger proposal. However, a source close to FCA played down the significance of Nissan's stance in the discussions, believing French President Emmanuel Macron was looking for a way out of the deal after coming under pressure at home. Context The FCA-Renault talks were conducted against the backdrop of a French public outcry over 1,044 layoffs at a General Electric factory. The U.S. company had promised to safeguard jobs there when it acquired France's Alstom in 2015. The collapse of the deal, which would have created the world's third-biggest carmaker behind Japan's Toyota and Germany's Volkswagen, revives questions about how both FCA and Renault will meet the challenges of costly investments in electric and self-driving cars on their own. The merger had aimed to achieve 5 billion euros ($5.6 billion) in annual synergies, with FCA gaining access to Renault's and Nissan's superior electric drive technology and the French firm getting a share of FCA's lucrative Jeep and Ram brands. FCA has long been looking for a merger partner, and some analysts say its search for a deal is becoming more urgent as it is ill-prepared for tougher new regulations on emissions. It previously held unsuccessful talks with Peugeot maker PSA Group, in which the French state also owns a stake. French budget minister Gerald Darmanin said the door should not be closed on the possibility of a deal with Renault, adding Paris would be happy to re-examine any new proposal from FCA. "Talks could resume at some time in the future," he told FranceInfo radio.