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    Fiat Increases Its Stake In Chrysler


    William Maley

    Staff Writer - CheersandGears.com

    July 9, 2013

    Yesterday, Fiat exercised its option to purchase another 3.3 percent of Chrysler shares from the UAW's VEBA retirement fund. This brings Fiat's current share of Chrysler to 68.49 percent. This is the third time that Fiat has purchased shares from VEBA. Last July and earlier this year, the Italian automaker purchased 3.3 percent of the VEBA shares.

    Fiat CEO Sergio Marchionne wants to buy up the remaining shares so Fiat can have full control of the company and hopefully help curb the large losses the Italian automaker is currently experiencing. That doesn't look like it will happen anytime soon. Currently, Fiat and VEBA are in court to try and reach agreement on buying the remaining shares.

    Source: Automotive News (Subscription Required)

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

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    At 68% ownership, they have the controlling interest in the company... what does 100% get them that 68% does not? Car companies share platforms and technology with far lower owernship stakes.

    This makes me very suspicious of Fiat's intentions.....

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    Sad that the Unions have no interest in having ownership in the company they work for. The Union Leaders just want the cash to squander and then later on tell the people that paid in there is nothing left for them after they have used up the money. I see this not ending well for the union.

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    Sad that the Unions have no interest in having ownership in the company they work for. The Union Leaders just want the cash to squander and then later on tell the people that paid in there is nothing left for them after they have used up the money. I see this not ending well for the union.

    Again with the tin-foil hat... :tinfoil: :tinfoil:

    VEBA is not managed by the UAW though the UAW is the primary beneficiary. VEBA is the vehicle to distribute contractual benefits to retirees and former employees of Chrysler and GM. It is not meant to be an indefinite fund and they do need the cash to pay those benefits. Selling those shares was planned from the start... the only reason this is news is because Fiat will be the largest purchaser.

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    Sad that the Unions have no interest in having ownership in the company they work for. The Union Leaders just want the cash to squander and then later on tell the people that paid in there is nothing left for them after they have used up the money. I see this not ending well for the union.

    Again with the tin-foil hat... :tinfoil: :tinfoil:

    VEBA is not managed by the UAW though the UAW is the primary beneficiary. VEBA is the vehicle to distribute contractual benefits to retirees and former employees of Chrysler and GM. It is not meant to be an indefinite fund and they do need the cash to pay those benefits. Selling those shares was planned from the start... the only reason this is news is because Fiat will be the largest purchaser.

    :rofl: We'll if I have a Tin Hat on so be it, but the way the media has stated this left me with the impression that VEBA and the UAW were joined at the hip as one big group different divisions. I appreciate the clarity as I had not heard it put this way before.

    Still sad that they could not think of a way to hold onto shares as part of the investment portfolio that generates the funds to pay the retire benefits.

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    VEBA needs to be free to make investment changes as much as they want to... the truth may be that ownership of Chrysler may not be in their best long term financial interests or having such a large chunk of their assets tied to a single entity may be considered high risk.

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    With over 2/3 ownership, seems like they'll be able to do whatever they want. And I don't think they bought Chrysler because they loved what Dodge has, or the 200 or 300. I think they saw Jeep as a profitable unit and this is a way to get Fiat/Alfa out of Europe and into the American Market.

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    With over 2/3 ownership, seems like they'll be able to do whatever they want. And I don't think they bought Chrysler because they loved what Dodge has, or the 200 or 300. I think they saw Jeep as a profitable unit and this is a way to get Fiat/Alfa out of Europe and into the American Market.

    You could be right that Fiat wants to try and crack the nut again of the US market, but then they are going to have to change their designs as currently the Fiat lineup will not appeal to the majority of the US population. Then again, they could be looking to do what Europe really needs to do and that is close down the over capacity production lines and lay off people and this could allow them to swallow and consolidate and force change that gov's have been fighting just for political survival.

    I think the next 3-5 years we will still see 2-3 more companies go to the History books as the global corporations consolidate and streamline product plans. Next big hiccup will come from China where they have a ton of gov supported car companies that are cloning what is in the market already and once they try to push out beyound China, some will make it and most will die.

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    With over 2/3 ownership, seems like they'll be able to do whatever they want. And I don't think they bought Chrysler because they loved what Dodge has, or the 200 or 300. I think they saw Jeep as a profitable unit and this is a way to get Fiat/Alfa out of Europe and into the American Market.

    It's not often that you and I agree... but when we do.. we really do.

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    To dfelt's point, I don't think the Dodge car lineup is too appealing to the US market either.

    I think the US car market, especially as 2025 CAFE standards draw near, is going to become more like Europe's car market. Fiat's lineup may not appeal to the US market now, but as the current 18-25 year olds start buying new cars over the next 5-10 years, they may like something like a Fiat.

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      Three Jeep brand models recorded sales increases in February. Both the Jeep Grand Cherokee – the brand’s volume leader for the month – and the Jeep Renegade posted 11 percent year-over-year sales increases. In addition, the Jeep Wrangler logged a 2 percent increase in February. Jeep brand retail sales were up year over year in February. The latest Wrangler – the new 2017Jeep Wrangler Rubicon Recon – debuted at the Chicago Auto Show last month, featuring improved off-road prowess with a stronger front axle, enhanced rock rails and heavy-duty cast differential covers. Also last month, KBB.com announced at the Chicago Auto Show that the Jeep Wrangler Unlimited earned its 5-Year Cost to Own Award in the Mid-size SUV/Crossover category for a third-consecutive year.
       
      FIAT Brand
      Sales of the Fiat 500 were up 1 percent in February, compared with the same month a year ago. Sales of the new Fiat 124 Spider were up 26 percent compared with the previous month of January. The 124 Spider was named in February as one of the Best Cars for the Money in the Sports Car category by U.S. News & World Report. In addition, the Fiat 124 Spider Abarth, according to the valuation experts at Hagerty, is one of 10 vehicles this year that stand out as the likeliest to grow in value and appeal to classic car enthusiasts. That puts the 124 Spider Abarth on the “Hagerty Hot List” for 2017. 
       
      Chrysler Brand
      Sales of the all-new 2017 Chrysler Pacifica – the most awarded minivan of 2016 and 2017 – were up in its second month of year-over-year comparisons, and increased 36 percent compared with sales in the previous month of January. The Pacifica continues to earn a plethora of awards and accolades in 2017. In February, the Pacifica was named Best Minivan for the Money by U.S. News & World Report, 2017 Family Vehicle of the Year by the Midwest Automotive Media Association (MAMA), and MotorWeek’s 2017 Drivers’ Choice Award for Best Minivan. The Chrysler 300 full-size sedan turned in a 2 percent year-over-year increase in February.
        
      Alfa Romeo Brand
      Alfa Romeo brand sales of 443 units were up 843 percent compared with the same month in 2016.
       
      Maserati Brand
      Maserati brand sales of 1,087 units were up 49 percent compared with the same month a year ago.
       
      U.S. Sales Summary February 2017
                Month Sales
      Vol %
      CYTD Sales
      Vol %
      Model
      Curr Yr
      Pr Yr
      Change
      Curr Yr
      Pr Yr
      Change
      Compass
      2,737
      8,893
      -69%
      5,901
      15,164
      -61%
      Patriot
      5,512
      11,363
      -51%
      10,212
      19,947
      -49%
      Wrangler
      13,641
      13,349
      2%
      24,975
      24,336
      3%
      Cherokee
      13,615
      15,353
      -11%
      26,166
      32,136
      -19%
      Grand Cherokee
      18,925
      16,990
      11%
      36,226
      30,965
      17%
      Renegade
      7,915
      7,115
      11%
      17,280
      13,282
      30%
      JEEP BRAND
      62,345
      73,063
      -15%
      120,760
      135,830
      -11%
      200
      2,194
      6,259
      -65%
      4,055
      10,944
      -63%
      300
      5,386
      5,304
      2%
      10,094
      10,969
      -8%
      Town & Country
      108
      11,645
      -99%
      246
      23,028
      -99%
      Pacifica
      9,042
      71
      New
      15,712
      110
      New
      CHRYSLER BRAND
      16,730
      23,279
      -28%
      30,107
      45,051
      -33%
      Dart
      1,683
      5,824
      -71%
      3,080
      11,104
      -72%
      Avenger
      0
      6
      -100%
      0
      15
      -100%
      Charger
      6,930
      8,765
      -21%
      14,083
      17,547
      -20%
      Challenger
      6,107
      5,142
      19%
      9,500
      10,803
      -12%
      Viper
      54
      44
      23%
      107
      72
      49%
      Journey
      9,906
      6,375
      55%
      22,542
      17,961
      26%
      Caravan
      13,682
      13,978
      -2%
      24,452
      24,933
      -2%
      Durango
      5,516
      6,851
      -19%
      10,223
      12,852
      -20%
      DODGE  BRAND
      43,878
      46,985
      -7%
      83,987
      95,287
      -12%
      Ram P/U
      39,046
      37,087
      5%
      72,815
      69,651
      5%
      Cargo Van
      0
      0
      0%
      0
      2
      -100%
      ProMaster Van
      2,648
      2,697
      -2%
      5,999
      5,039
      19%
      ProMaster City
      1,091
      1,509
      -28%
      2,016
      2,665
      -24%
      RAM BRAND
      42,785
      41,293
      4%
      80,830
      77,357
      4%
      Giulia
      412
      0
      New
      482
      0
      New
      Alfa 4C 
      31
      47
      -34%
      69
      115
      -40%
      ALFA BRAND
      443
      47
      843%
      551
      115
      379%
      500
      1,131
      1,120
      1%
      2,349
      2,101
      12%
      500L
      72
      370
      -81%
      178
      727
      -76%
      500X
      640
      1,161
      -45%
      1,240
      2,202
      -44%
      Spider
      302
      0
      New
      542
      0
      New
      FIAT BRAND
      2,145
      2,651
      -19%
      4,309
      5,030
      -14%
      TOTAL FCA US LLC
      168,326
      187,318
      -10%
      320,544
      358,670
      -11%
          Total Car & MPV
      47,134
      58,575
      -20%
      84,949
      112,468
      -24%
          Total UV's
      78,407
      87,450
      -10%
      154,765
      168,845
      -8%
          Total Truck & LCV
      42,785
      41,293
      4%
      80,830
      77,357
      4%
                    MASERATI BRAND
      1,087
      728
      49%
      1,976
      1,253
      58%

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