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FCA goes big on little Fiat 500 EV, plans to build 80,000

TURIN, Italy — Fiat Chrysler plans to invest 700 million euros ($787 million) in an electric makeover of its iconic Fiat 500, a top executive said on Thursday, as the automaker seeks to move on from its failed bid to merge with France's Renault. FCA's chief operating officer for Europe, Middle East and Africa, Pietro Gorlier, announced the investment — the Italian-American company's biggest single bet on an electric vehicle — at its Mirafiori plan in Turin, northern Italy. "The plan is confirmed," Gorlier told reporters, when asked if FCA's investment in electric vehicle technology would remain unchanged after its $35 billion plan to merge with Renault, an electric car pioneer, collapsed last month. He said FCA would invest the 700 million euros to build a new production line at Mirafiori to turn out 80,000 of the new 500 BEV, its first battery electric vehicle to be marketed in Europe after a smaller, initial foray in the United States. Production will start in the second quarter of 2020, with capacity to be expanded later, Gorlier said. The 500 compact car is one of the group's most famous models, launched by Fiat in the late 1950s and quickly becoming a symbol of Italian urban design. The 700 million euros investment is part of a plan announced last year to invest 5 billion euros in Italy up to 2021. In abandoning its merger offer for Renault, FCA blamed French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Featured Gallery Fiat 500e Green Chrysler Fiat Electric

FCA's profit rises ahead of Peugeot merger

MILAN — Fiat Chrysler (FCA) posted a 7% rise in fourth-quarter profit on Thursday, boosted by strong business in North America and better results in Latin America as it heads into a merger with France's PSA. The Italian-American carmaker said adjusted earnings before interest and tax (EBIT) rose to 2.12 billion euros ($2.3 billion), in line with a 2.11 billion forecast in Reuters poll of analysts. That left its adjusted operating profit for the year at 6.67 billion euros ($7.34 billion), just shy of its target of over 6.7 billion euros. Its adjusted EBITDA margin came in at 6.2%, in line with its target of more than 6.1%. A trader said Fiat Chrysler results were "a touch above" expectations and the carmaker's shares in Milan were up 3.4% at 1300 GMT following the results. Fiat Chrysler and Peugeot maker PSA agreed in December to combine forces in a $50 billion deal to create the world's No. 4 carmaker, in response to slower global demand and the mounting cost of making cleaner cars amid tighter emissions rules. Chief Executive Mike Manley said last month that talks with PSA were progressing well and that he hoped to complete the deal by early 2021. FCA reiterated its plan to boost adjusted EBIT to above 7 billion euros ($7.7 billion) this year. In slides prepared for an analyst call, FCA said it was monitoring the global impact of coronavirus in China. FCA operates in the country through a loss-making joint venture with Guangzhou Automobile Group (GAC) and has a 0.35% share of the Chinese passenger car market. Reporting by Giulio Piovaccari; Additional reporting by Danilo Masoni; Editing by Stephen Jewkes, Jason Neely and David Clarke. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2019 Fiat 124 Spider Abarth will at least look and sound faster

Fiat is bringing a slew of new options and appearances to the 2019 124 Spider Abarth. It's nowhere near as comprehensive as the 2019 Mazda Miata MX-5 refresh, though, with an optional dual-mode exhaust and appearance customizability headlining the changes. Named the "Record Monza Exhaust," the $995 dual-mode pipes add noise, but not power. We're still dealing with the same 164 hp and 184 lb-ft of torque here. The exhaust changes tone with throttle application — so punch it if you want to hear the little 1.4-liter turbo-four growl. The loud mode, which is only available on the Abarth trim, completely bypasses the muffler, so expect a noise similar to the raucous soundtrack emanating from the 500 Abarth. Further Abarth changes for 2019 include the addition of an optional Veleno appearance package. This will net you a bunch of red-painted trim including the mirror caps, red lower fascia lip and front tow hook. Abarth-branded floormats and an aluminum footrest round out the Veleno package. All that gear will run you $495. If you don't opt for the Abarth, then Fiat will be happy to sell you a "Double Rally Stripe" on the Classica trim for 2019. The stripe can be ordered in either red or white, and will set you back $295. Pricing ticks up $300 for the Lusso trim, and is only stated as "under $30,000" for the Abarth so far — it currently stickers for $29,290.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2019 Fiat 124 Spider Image Credit: Fiat Fiat Convertible Performance abarth 124 spider