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Fiat Chrysler, Peugeot owner PSA reportedly in merger talks

Fiat Chrysler and Peugeot owner PSA are in talks to combine in a deal that could create a $50 billion automaker, the Wall Street Journal reported on Tuesday, citing sources. The deal could be in the form of an all-stock deal, the report said. Fiat Chrysler shares rose sharply after the report and were up more than 7% in late afternoon trading. Fiat Chrysler and Peugeot had no comment. Investors have speculated for several years that Fiat Chrysler was hunting for a merger partner, encouraged by the rhetoric of the company's late chief executive, Sergio Marchionne. In 2015, Marchionne outlined the case for consolidation of the auto industry, and tried unsuccessfully to interest General Motors in a deal. Peugeot and Fiat Chrysler had discussed a combination earlier this year, before Fiat Chrysler proposed a $35 billion merger with French automaker Renault SA. Fiat Chrysler Chairman John Elkann broke off talks with Renault in June after French government officials intervened, and pushed for Renault to first resolve tensions with its Japanese alliance partner, Nissan. Following the collapse of the Renault merger plan, Fiat Chrysler CEO Mike Manley left the door open for talks with would-be partners, but said the Italian-American automaker could go it alone despite mounting costs to develop electric vehicles and comply with tougher emissions rules in Europe, the United States and China. Peugeot CEO Carlos Tavares dismissed the idea of a combination with Fiat Chrysler during a discussion with reporters at the Frankfurt auto show last month. "We don't need it," Tavares said when asked whether he was still interested in a deal with Fiat Chrysler. Fiat Chrysler has a commercial vehicle partnership with Peugeot.

Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Fiat says all Abarth models to be electric from 2024

Fiat didn’t have the big, bold product announcements in Stellantis EV Day that Ram, Dodge and Jeep did, but the Italian company still gave us a little something to chew on.  For starters, Fiat says all future Abarth products will be electric from 2024 and onward. There are currently no Fiat Abarth products sold in the U.S., but the news could still be relevant to us as it concerns future Abarths. News that future Abarths will be electric by a certain time is essentially confirmation that such a vehicle or vehicles are on the way, so expect an electric Abarth sometime around 2024. Consider the 500 Abarth and 124 Abarth to be the last two gasoline-powered Abarth-branded vehicles to be sold in the U.S. Seeing the closeness of the 2024 cutoff, theyÂ’ll also likely be the last gasoline Abarth models sold globally, too. The EV promise extends further than just Abarth models, though. Fiat previously said it would become an EV-only brand by 2030, but the transition was laid out with greater specificity today. By 2024, every model line in FiatÂ’s lineup will have a full-BEV option. Fiat doesnÂ’t have a massive lineup, but it means the company will need to electrify models beyond the new 500 that is already electric. Lastly, Fiat promises that all of its commercial vehicles will offer an electric option starting in 2022, and the company is counting fuel cell vehicles as part of this lineup. The commitment to go all-EV by 2030 still stands, though Fiat now says it could get there any time between 2025-2030. Fiat says the switchover will be made whenever it can sell EVs for the same price as their combustion engine equivalents, as it wants to keep costs in a place where your typical Fiat owner can still buy its vehicles. Stellantis EV Day coverage: Dodge will launch the 'world's first electric muscle car' in 2024 Fully electric Ram 1500 will begin production in 2024 Jeep will have 4xe plug-in hybrid models across the lineup by 2025 Stellantis teases mystery electric Chrysler concept Stellantis previews 4 electric platforms: Here's how they'll be used Fiat says all Abarth models to be electric from 2024 Opel Manta E will be the electric revival of the classic German coupe Stellantis says its 2021 performance has been better than expected Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.