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    Fiat Seeking $10 Billion In Financing To Buy Chrysler


    By William Maley

    Staff Writer - CheersandGears.com

    May 30, 2013

    According to Bloomberg, Fiat is reportedly seeking $10 Billion in financing to buy out the remaining 41.5% of Chrysler that is being held by the retiree trust of the United Auto Workers and refinance the two automakers' debt.

    Fiat has been in talks with a number of banks such as Bank of America Corp., Deutsche Bank AG, and Goldman Sachs Group Inc., to secure financing. Earlier reports said Fiat was seeking around $4 Billion, but that figure has risen considerably. This is most likely due to a court case in Deleware between Fiat and the UAW arguing the total price for the remaining shares.

    “The merger is the right choice for Marchionne and the only possible option to avoid Fiat being marginalized or bought by a competitor in the medium term. I see it as likely that they will get favorable financing by the end of the summer and then list in the U.S,” said Emanuele Vizzini, chief investment officer of Investitori Sgr in Milan.

    The cquisition of remaining shares could happen by this summer, but the merging of the two companies isn't likely to happen until till next year.

    Source: Bloomberg

    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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    Interesting to see how this plays out. UAW wants to get as much as possible. Fiat wants to pay as little as possible and then list the new company here in the US. I find that interesting. Wonder what they are wanting to avoid by not being listed in Europe? Course they could still get gobbled up by some other large and in charge company but not sure who that would be at this point in time.

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    Everyone who can refinance right now, should. Interest rates have no where to go but up. Makes sense for billion dollar companies too.

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    I agree with you drew that companies should refinance all the debt they can to get the lowest rate possible.

    I just wonder how this will play out as the European Union deals with it's large amount of debt.

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    I agree with you drew that companies should refinance all the debt they can to get the lowest rate possible.

    I just wonder how this will play out as the European Union deals with it's large amount of debt.

    Maybe the member countries of the EU should default and eat the loss for a decade. The EU needs growth more than anything else. If FIAT is using this to ditch Europe, bully for them. I just hope that FIAT does not strangle Chrysler like Cerberus almost did or steal all the cash like Daimler did.

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    • By William Maley
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      A single electric motor provides the motivation for the front wheels. Under the floor lies a 100-kWh lithium-ion battery pack that can provide an overall range of more than 250 miles. When plugged into a 350-kW fast charger, the Portal's battery pack can be recharged to have a 150 mile range within 20 minutes. 
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      Source: Fiat Chrysler Automobiles 
      Press Release is on Page 2


      The Chrysler Portal concept is designed to keep the driver and passengers connected – to each other, to the vehicle and to the surrounding world.
      Starting with today’s widespread use of the Internet and social media for communication and information, the FCA User Experience (UX) team, and an internal UX Tiger team from the Panasonic Automotive Advanced Engineering function, jointly picked a blend of emerging and future technologies to engage the next generation of vehicle users.
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      The hub of this information is the high-mount display, located above where a traditional instrument panel would be placed. Active Matrix Organic Light Emitting Diode (AMOLED) technology in the display makes the screen brighter and sharper. The technology embedded in the Chrysler Portal collects a wide spectrum of visual, sensor-based and infrastructure data; organizes and configures the information for display; and tailors the presentation to keep the driver’s attention on the highest priority functions.
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      The Chrysler Portal concept is constantly using Vehicle-to-X (V2X) communication that enables the vehicle to “talk” with the public infrastructure, Internet, and other vehicles via an array of sensors. For example, if an approaching ambulance is out of sight, V2X systems will notify the vehicle that the ambulance is approaching. Graphics on the high-mount display will communicate the oncoming ambulance by simulating its approach and direction, and the audio system will provide cues that the vehicle is approaching.
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      Source: Fiat Chrysler Automobiles
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      Waymo and FCA reveal first look at fully self-driving Chrysler Pacifica Hybrid minivan Program kickoff to full vehicle assembly completed by technical teams in six months December 19, 2016 , Auburn Hills, Mich. - Waymo (formerly the Google self-driving car project) and FCA announced today that production of 100 Chrysler Pacifica Hybrid minivans uniquely built to enable fully self-driving operations has been completed. The vehicles are currently being outfitted with Waymo’s fully self-driving technology, including a purpose-built computer and a suite of sensors, telematics and other systems, and will join Waymo’s self-driving test fleet in early 2017. Waymo and FCA also revealed today the first images of the fully self-driving Chrysler Pacifica Hybrid vehicle. 
       
      This first-of-its kind collaboration brought engineers from FCA and Waymo together to integrate Waymo’s fully self-driving system into the all-new 2017 Chrysler Pacifica Hybrid minivan thereby leveraging each company’s individual strengths and resources. Engineering modifications to the minivan’s electrical, powertrain, chassis and structural systems were implemented to optimize the Pacifica Hybrid for Waymo’s fully self-driving technology.
       
      “The Pacifica Hybrid will be a great addition to our fully self-driving test fleet. FCA’s product development and manufacturing teams have been agile partners, enabling us to go from program kickoff to full vehicle assembly in just six months,” said John Krafcik, Chief Executive Officer, Waymo. “They've been great partners, and we look forward to continued teamwork with them as we move into 2017.”
       
      Waymo and FCA co-located part of their engineering teams at a facility in southeastern Michigan to accelerate the overall development process. In addition, extensive testing was carried out at FCA’s Chelsea Proving Grounds in Chelsea, Michigan, and Arizona Proving Grounds in Yucca, Arizona, as well as Waymo test sites in California.
       
      “As consumers’ transportation needs evolve, strategic collaborations such as this one are vital to promoting a culture of innovation, safety and technology,” said Sergio Marchionne, Chief Executive Officer, FCA. “Our partnership with Waymo enables FCA to directly address the opportunities and challenges the automotive industry faces as we quickly approach a future where fully self-driving vehicles are very much a part of our daily lives.”
       
      Self-driving cars have the potential to prevent some of the 1.2 million deaths that occur each year on roads worldwide, 94 percent of which are caused by human error. This collaboration will help FCA and Waymo better understand what it will take to bring self-driving cars into the world.

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    • By William Maley
      Back in May, Google and Fiat Chrysler Automobiles made a startling announcement. The two would partner on building 100 specially prepared Chrysler Pacifica plug-in hybrid minivans with Google's autonomous driving technologies to be used for testing. Today, Waymo (the offshoot of Google's self-driving program) and FCA revealed what the van would look like.
      Yes, the van looks a little bit goofy with sensors sticking out on the front fenders and under the grille, along with massive radar dome. Other changes include major modifications to the chassis, electrical system, powertrain, and structure. Considering this took around six months, it is quite the achievement.
      “The Pacifica Hybrid will be a great addition to our fully self-driving test fleet. FCA’s product development and manufacturing teams have been agile partners, enabling us to go from program kickoff to full vehicle assembly in just six months. They've been great partners, and we look forward to continued teamwork with them as we move into 2017,” said John Krafcik, Chief Executive Officer of Waymo in a statement.
      The vans will join Waymo's test fleet early next year.
      Source: Fiat Chrysler Automobiles
      Press Release is on Page 2


      CA Delivers 100 Uniquely Built Chrysler Pacifica Hybrid Minivans to Waymo for Self-driving Test Fleet
      Waymo and FCA reveal first look at fully self-driving Chrysler Pacifica Hybrid minivan Program kickoff to full vehicle assembly completed by technical teams in six months December 19, 2016 , Auburn Hills, Mich. - Waymo (formerly the Google self-driving car project) and FCA announced today that production of 100 Chrysler Pacifica Hybrid minivans uniquely built to enable fully self-driving operations has been completed. The vehicles are currently being outfitted with Waymo’s fully self-driving technology, including a purpose-built computer and a suite of sensors, telematics and other systems, and will join Waymo’s self-driving test fleet in early 2017. Waymo and FCA also revealed today the first images of the fully self-driving Chrysler Pacifica Hybrid vehicle. 
       
      This first-of-its kind collaboration brought engineers from FCA and Waymo together to integrate Waymo’s fully self-driving system into the all-new 2017 Chrysler Pacifica Hybrid minivan thereby leveraging each company’s individual strengths and resources. Engineering modifications to the minivan’s electrical, powertrain, chassis and structural systems were implemented to optimize the Pacifica Hybrid for Waymo’s fully self-driving technology.
       
      “The Pacifica Hybrid will be a great addition to our fully self-driving test fleet. FCA’s product development and manufacturing teams have been agile partners, enabling us to go from program kickoff to full vehicle assembly in just six months,” said John Krafcik, Chief Executive Officer, Waymo. “They've been great partners, and we look forward to continued teamwork with them as we move into 2017.”
       
      Waymo and FCA co-located part of their engineering teams at a facility in southeastern Michigan to accelerate the overall development process. In addition, extensive testing was carried out at FCA’s Chelsea Proving Grounds in Chelsea, Michigan, and Arizona Proving Grounds in Yucca, Arizona, as well as Waymo test sites in California.
       
      “As consumers’ transportation needs evolve, strategic collaborations such as this one are vital to promoting a culture of innovation, safety and technology,” said Sergio Marchionne, Chief Executive Officer, FCA. “Our partnership with Waymo enables FCA to directly address the opportunities and challenges the automotive industry faces as we quickly approach a future where fully self-driving vehicles are very much a part of our daily lives.”
       
      Self-driving cars have the potential to prevent some of the 1.2 million deaths that occur each year on roads worldwide, 94 percent of which are caused by human error. This collaboration will help FCA and Waymo better understand what it will take to bring self-driving cars into the world.
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