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Ram confirms Fiat Ducato vans to form new Promaster series for US

Chrysler has officially confirmed that Ram will develop an all-new large van for the US market based on the Fiat Ducato. The commercial rig will go on sale in the third quarter of next year, joining the Ram C/V on the company's professional van line. Expect to see the Promaster face off against the Ford Transit and revised Chevrolet Express.
Chrysler is pretty skimpy on details when it comes to the Promaster, but it has said the vehicle will make use of "familiar Ram Truck styling cues." The van will reportedly also bow with powertrains targeted specifically at the North American market.
Chrysler and Ram made the announcement ahead of the LA Auto Show alongside news that the company will launch a new Ram commercial truck division.

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.

FCA to idle Belvidere Jeep plant again for a week in February

Bloomberg reports that Fiat Chrysler will shut down the Belvidere, Ill., plant that assembles the Jeep Cherokee for a week this month, starting February 17. FCA has been tweaking the plant's headcount and production schedule for a while now, usually downward. The automaker laid off 1,371 workers last February and fired 32 more in May, the same month it eliminated the third production shift. In August, the automaker shut down the plant for one week, then did so again for two weeks last month. As in August and January, FCA explained this month's idling by saying it needs to get production in alignment with demand. Cherokee sales declined 20% in the U.S. last year, helping to account for Jeep's overall 5% domestic drop in 2019. On top of the shutdown, FCA is offering buyouts to certain plant workers among the 3,600 hourly and 300 salaried personnel. The choices are either taking a "separation package" that comes with a $60,000 lump sum payment, or accepting voluntary termination that pays a lump sum based on seniority. Employees that choose a buyout can't return to Chrysler, becoming no longer "eligible for recall, rehire or reemployment." Belvidere personnel have until March 11 to make their decisions. Bloomberg says the aim is to reduce the number of workers with more seniority and higher pay grades; a company spokesperson said the move would "create opportunities for those employees still on layoff," who were lesser-paid. Around 900 of those laid-off workers remain on standby for reassignment to another plant. Analysts predict a soft year for car sales, so FCA might not be the only automaker pruning the rolls. Early estimates have come in below 17 million, and if that comes true, 2020 will be the slowest year since 2014, when 16,531,070 units left lots. The new contract between FCA and the UAW made provisions for Belvidere, which has tempered talk of a total shutdown.The automaker will invest $55 million for "fresh models/features off of the current (KL) platform" that underpins the Cherokee as well as the Chinese-market Jeep Grand Commander (it was previously used for the Dodge Dart and Chrysler 200). Outside of that, some observers think the carmaker could be planning a three-row Chrysler crossover based on the KL platform, akin to the Grand Commander, for the United States. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.