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Classic Fiat 500 Abarth, a one-of-a-kind creation, goes on show in Milan

It’s a little car with a big name: the Fiat Abarth Classiche 500 Record Monza '58. Based on the much-revered Fiat 500, specifically the 1970 edition of the “Cinquecento,” this one-off model was assembled by the Stellantis Heritage team to celebrate the centenary of the Autodromo di Monza, the Formula 1 track located in a park just outside of Milan, It was Carlo Abarth who, in 1958, shattered six records at Monza in Abarth's first-ever tuned 500. This miniature classic, colored in a subtle shade of grey/green, was displayed earlier this month at the 12th Milano AutoClassica motor show, an event focusing on classic and sports cars. The two-cylinder engine has been tuned, with displacement increased to 595cc thanks to the Abarth Classiche 595 Tuning Kit. The company says this is inspired by the original kit offered by Abarth in the 1960s. There are several cosmetic applications as well to the car: cream-colored door trim and the single racing seat — another nod to the original — trimmed in a light cream upholstery. An elegant wooden steering wheel and Jaeger dials dominate the dashboard. Besides the display in Milan, Fiat also took to the stage last week at the Los Angeles Auto Show, announcing the CinquecentoÂ’s return to the United States in an updated package: powered by battery. The electric 500e hatchback, which will apparently stay true to the CinquecentoÂ’s essence of cute, will likely be powered by a 117-hp electric motor. The U.S. version will be similar to a setup already on sale in Europe, where it carries a driving range estimate of up to 199 miles per charge. Its expected in North America in early 2024. There will even be an electric Abarth version, but whether the U.S. will get that remains to be seen.

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.

Fiat Chrysler completes sale of Magneti Marelli

Fiat Chrysler Automobiles completed its sale of components maker Magneti Marelli to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation. The Japanese parts supplier paid $6.5 billion (5.8 billion euros), which is a bit less than the $7.1 billion deal that was initially announced in October of 2018. According to Reuters, the price was adjusted based on Magneti Marelli's estimated financial position as of the closing date. The influx of cash allowed FCA to offer a special cash distribution to its shareholders for the first time in a decade. At ˆ1.30 per share, the payout corresponds to a total distribution of approximately ˆ2 billion. The dividend will pay out on May 30. "FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier," FCA CEO Mike Manley said in a statement. "This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio." Earnings/Financials Chrysler Fiat magneti marelli