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Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

2021 Jaguar F-Pace hides big interior and powertrain changes under familiar sheetmetal

Jaguar's first-ever crossover is getting a major update. The 2021 Jaguar F-Pace, while looking not much different on the outside, is hiding an all-new interior as well as new engines. The changes to the exterior are quite mild, rather like those of the F-Type. Headlights and taillights are more slender, with the tails losing their little rounded sections altogether. The grille and diffuser areas of the bumpers have been slightly changed, and the main grille gets different inserts on all trims. The fender vents now get the "Leaper," the cat logo, embedded in them. Under the hood are two types of engines. There's the familiar turbocharged 2.0-liter four-cylinder at the base of the range with 246 horsepower and 269 pound-feet of torque. Above that are two versions of the new inline-six-cylinder engine, both of which use a regular turbocharger and an electric supercharger. The less-potent version makes 335 horsepower and 354 pound-feet of torque, while the high-output version makes 395 horsepower and 406 pound-feet of torque. Each engine also gets a belt-driven starter-generator powered by the same 48-volt electrical system that drives the electric supercharger. All engines are coupled to an eight-speed ZF automatic transmission and rear-biased all-wheel-drive system. The interior gets the most immediately noticeable changes. The curvy, rounded dash of the outgoing model is replaced with a more crisp design with better-integrated air vents and large sections of contrasting leather and other accents such as metal or wood trim. An available 11.4-inch infotainment screen dominates the center stack, and it runs the new Pivi Pro infotainment system launched on the Land Rover Defender and the Jaguar I-Pace. This infotainment system can support pairing two phones at once and can receive over-the-air updates. The instrument cluster is available as a 12.3-inch screen that can be configured to show an array of different information including navigation info. The old shifter dial is replaced with a small leather and metal shift lever. Jaguar is also including more features as standard in the F-Pace. Among them are heated seats, a Meridian sound system, keyless entry, blind-spot monitoring and a surround-view camera. Active noise cancellation is also standard and a first on a Jaguar. Pricing and the on-sale date for the new F-Pace have not yet been announced. Related Video:

Hummer teases crab mode, reveal set for Oct. 20

DETROIT — GMC confirmed it will reveal the Hummer electric off-roader Oct. 20 and released a video teasing the vehicleÂ’s so-called crab mode. Crab mode allows the Hummer to move diagonally and is enabled by the vehicleÂ’s four-wheel steering. The video shows tires, and well, a crab. “When you're in the really difficult terrain, this just gives you unparalleled maneuverability,” said Duncan Aldred, global vice president of Buick GMC. The Hummer will be offered as truck and SUV models, and customers will be able to make reservations beginning on the reveal date. Deliveries are expected to begin in fall 2021. The Hummer was supposed to be revealed May 20, but was delayed due to the Covid-19 pandemic. The Hummer was teased in a Super Bowl ad this year with NBA superstar LeBron James, who is the vehicle's frontman. It will have several EV powertrains which General Motors calls Ultium, and the most capable variant will have an estimated 1,000 hp and hit 60 mph in three seconds. The Hummer will also offer removable roof panels. “This is very much going to be a luxury vehicle which competes against a broad spectrum,” Aldred said Monday on a conference call with reporters. The Hummer will take aim against a variety of vehicles, including the four-door Bronco, RivianÂ’s truck and SUV and the Jeep Wrangler 4xe. Aldred is optimistic the return of the Hummer name will help GMC carve its niche in this growing segment of trucks and SUVs with varying degrees of electric propulsion and off-road capability. GM sold vehicles under the Hummer brand from 1992-2010, before scrapping it in the wake of GMÂ’s historic 2009 bankruptcy and restructuring. Hummer is relaunching under the GMC umbrella. “ItÂ’s real desirability, itÂ’s almost cult-like status,” Aldred said. “I think a huge amount of people are going to have interest in this.” GM, which is re-emphasizing its defense division, could also repurpose the Hummer for military use, perhaps as transport vehicles. Hummers are descended from the Humvee, which is still used by U.S. forces.

2020 Acura NSX Road Test | The cerebral supercar

The 2020 Acura NSX is the kind of car you’re pumped to drive. You think about it the night before. You read up on it. You tell your friends and family. You notice passers-by admiring it in the driveway. They try to be sly. Some gawk. ThereÂ’s anticipation. But is there satisfaction? The NSX immediately raises two questions. Where does it fit among its contemporaries and does it measure up to its legendary predecessor? Seeking the answers, I slip behind the wheel on a sunny morning. The NSX is a welcome respite from the cares of the world and concerns of the coronavirus. IÂ’ve got a few hours ahead of me in a $203,000 supercar. ItÂ’s a good time to reflect. Immediately, I have a sense of deja vu. I drove an NSX in 2017 at Pebble Beach, but my senses take me farther back, to the fall of 2014 when I drove a 1991 NSX. I had the same anticipation, nerves even, as I prepared for that drive. Getting situated in the 2020 model, IÂ’m struck by the simplicity of the NSX. A McLaren or a Lambo take a minute to figure out, but everything is easy to read and use in the Acura. Like the ‘91 NSX, it looks striking on the outside, but the inside is almost plain. IÂ’m OK with that. Simple works for Porsche, which will happily sell you a six-figure 911 with a spartan interior. IÂ’m underselling the NSXÂ’s cabin — which is actually quite nice inside — understated yet cool. My tester has a black interior with carbon-fiber accents and semi-aniline leather seats with Alcantara, though the big steering wheel is the focal point. Looking to my right, the infotainment anchors the center stack, and thereÂ’s a knob for tuning the drive modes and the push-button gear selector. The outward visibility is outstanding. Driving a supercar can be intimidating, and being able to see things is helpful, especially when youÂ’re inches off the ground. I accelerate onto a surface street where the speed limit is 45 mph. ThereÂ’s a low growl, and then the NSX gets a bit angrier. ItÂ’s never quite uncouth, even when the revs spin up on the expressway. ItÂ’s surprisingly gutsy low in the band, around 2,000-3,000 rpm, and the soundtrack gets louder and better from there. Anticipation building, I near the onramp to Interstate 75 in DetroitÂ’s northern suburbs, where I run into cones. And blockades. Construction work is a staple of summer in Michigan. More time on the suburban slow road, and I find myself growing more comfortable in the NSX.

What to expect from the Japanese trial of Nissan and Greg Kelly

TOKYO — The criminal trial against Japanese automaker Nissan and its former executive Greg Kelly will open in Tokyo District Court on Tuesday. ItÂ’s the latest chapter in the unfolding scandal of Carlos Ghosn, a superstar at Nissan until he and Kelly were arrested in late 2018. Five questions and answers about the trial: Q: WHAT ARE THE ALLEGATIONS? A: The charges center around KellyÂ’s role in alleged under-reporting of GhosnÂ’s future compensation by about 9 billion yen ($85 million), a violation of financial laws. Kelly says he is innocent. Nissan, which is also similarly charged, has already acknowledged guilt, made corrections to the compensation documents submitted to the authorities, and has started paying a 2.4 billion yen ($22.6 million) fine. Q: WHAT HAPPENS TO GHOSN? A: Probably nothing. He skipped bail late last year and is now in Lebanon, which has no extradition treaty with Japan. Two Americans, Michael Taylor and his son Peter Taylor are being held in Massachusetts without bail, suspected of having helped Ghosn escape by hiding in a box on a private jet. A U.S. judge recently approved their extradition to Japan. The case is now before the U.S. State Department. Q: HOW DO CRIMINAL TRIALS PROCEED IN JAPAN? A: The trial, before a panel of three judges, is expected to take about a year. There is no jury. Juries are selected only for extremely serious cases in Japan, such as murder. In principle, there are no plea bargains although backroom deals are made all the time. Closed pre-trial sessions are held ahead of the trialÂ’s opening, often for months before the real trial begins. Japan's legal system has come under fire from both within and outside the country as “hostage justice” because suspects often are held for months and interrogated without a lawyer present, often leading to false confessions, according to critics. Q: WHAT ARE KELLYÂ’S CHANCES? A: More than 99% of criminal trials in Japan result in a conviction. Japanese Justice Minister Masako Mori, in an online presentation in English hosted by the Japanese Embassy in the U.S., argued the conviction rate is so high because Japan prosecutes only about a third of the cases that come up, choosing only those that “result in guilty verdicts.” She insisted there is a “presumption of innocence.” She declined comment on KellyÂ’s case.

Junkyard Gem: 2010 Pontiac G6

What makes a discarded car a gem? Sometimes it's a car we all agree is very cool, and other times it's a car that tells us something about automotive history. Today's Junkyard Gem is the latter type: one of the very last Pontiacs sold, before The General shut out the lights forever on the storied marque after 84 years. The G6 was Pontiac's Epsilon-platform-based car, sibling to the Chevy Malibu, Saturn Aura, and Saab 9-3 (plus a bunch of Europe-only machinery). The very last Pontiac ever built was a white 2010 G6 sedan like this one (all '10 G6s were sedans, the coupe and convertible having been nixed in 2009), though that car was built in January of 2010 and this one came off the line in July of 2009. They build Bolts at the Orion Assembly plant these days. The higher-zoot G6s came with V6s or even V8s, but this car has "fleet machine" written all over it and has the base 2.4-liter Ecotec four-banger making 164 horsepower. Pontiac shoppers in the United States could buy the Vibe as a 2010 model as well, while Mexican Pontiac dealerships also sold new G2s (known as the Spark here) that year. The G6 was The Final Pontiac, though, bookending a run that began with the 1926 Pontiac Six. This one will go to its grave with the original owner's manual still inside. Even the cheapest 2010 G6s came with an AUX jack for the radio, a feature that was still maddeningly hard to find in rental cars a decade ago. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Before the bankruptcy and the gloom, optimism surrounded the G6. Related Video: Featured Gallery Junked 2010 Pontiac G6 View 19 Photos Auto News Pontiac Automotive History Sedan pontiac g6 Junkyard Gems

Lucid Air and Maserati MC20 unveiled | Autoblog Podcast #644

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd. Before they get to the juicy news of the week, they chat about the cars they've been driving, including a Ford Mustang Shelby GT350R, Audi A6 Allroad, Mazda CX-9 and Kia Niro. It's been a busy week in the news department, with GM investing in Nikola, Lucid Motors launching the Air electric sedan, Maserati unveiling the MC20 mid-engined supercar and a farewell to the Lexus GS. Then they talk about having a newfound respect for the Fox Body Mustang and the Mazda CX-9. Autoblog Podcast #644 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 Ford Mustang Shelby GT350R 2020 Audi A6 Allroad 2020 Mazda CX-9 2020 Kia Niro GM buys $2 billion stake in Nikola, will build Badger hydrogen-electric pickup Update: Short-seller accuses Nikola of fraud and Nikola threatens to sue Lucid Air production electric luxury sedan is a dream revealed Lucid Air's modular powertrain opens up serious performance possibilities Lucid Motors teases electric SUV at Air debut Mid-engined, 621-horsepower MC20 inaugurates a new era for Maserati All future Maseratis will borrow styling cues from the MC20  2023 Maserati MC20 Folgore planned with three-motor electric powertrain Lexus GS dead for 2021 Respect to: Fox Body Mustang Mazda CX-9 Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

2021 Lexus RC F Fuji Speedway Edition debuts, but only 60 will be built

This generation of the Lexus RC (launched as a 2015 model) can’t be long for the world, but itÂ’s coming back around for the 2021 model year with some fresh new gear. The biggest news is the introduction of the RC F Fuji Speedway Edition. ItÂ’s limited to just 60 units and takes after the RC F Track Edition that debuted last year. Just like the Track Edition, the Fuji Speedway Edition adds Brembo carbon ceramic brakes, a titanium exhaust and has gone through an extensive weight savings program that includes a big dose of carbon fiber. The hood, roof, wing, front spoiler, rear-seat partition and bumper reinforcement are all made of carbon fiber. All these weight savings help the 0-60 mph time fall to 3.96 seconds, down from the 4.2 seconds of the standard RC F. YouÂ’ll be able to tell itÂ’s the Fuji Speedway Edition by its exterior paint and interior colors. It only comes in Arctic Blast Satin or Cloudburst Gray. Lexus provided one photo of the car in Arctic Blast Satin, but weÂ’re not getting the full effect here. ItÂ’s a new semi-matte paint finish thatÂ’s debuting on this special edition car. The satin finish is similar to the matte paints weÂ’ve seen on Lexus cars previously, but now itÂ’s durable enough to be run through automatic car washes without issue. When we drove the GS F 10th Anniversary Edition (equipped with LexusÂ’ previous generation matte paint) last year, Lexus specifically told us that it canÂ’t be run through a car wash. With this RC F, you can skip the hand wash if you donÂ’t feel like it. Every Fuji Speedway Edition car will also come with a Circuit Red leather interior and Alcantara accents. Red carbon fiber trim is added to make the interior feel even more special. As a final touch, Lexus is including a limited production MSTR watch with each car. It has Fuji Speedway and F logos, and also features red stitching on its band to match the interior. Lexus has given the standard RC F a couple worthwhile upgrades, too. Android Auto is now in the picture, joining Apple CarPlay and Amazon Alexa. Additionally, Lexus has made blind-spot warning with rear cross-traffic alert standard, alongside heated exterior mirrors and a memory driverÂ’s seat. Lexus also made parking sensors part of the Premium Package. Pricing is not yet available, but expect the Fuji Speedway Edition to come in around the $97,675 base price of the Track Edition. It might be even more considering the special paint Lexus added this year, too. Related video:

All future Maseratis will borrow styling cues from the MC20

Maserati's recently-unveiled MC20 coupe points to the direction stylists will take the rest of the company's range in during the 2020s. Its proportions will remain unique – the company isn't about to make the family-friendly Levante mid-engined – but its front end and its pure, simplified approach to design will permeate other models. "The face of the MC20, with the low-mounted grille and the headlights positioned much higher on the fascia, is our new design language," affirmed Klaus Busse, the head of the company's design department. He added it's a look that draws inspiration from past models, including the limited-edition MC12 built between 2004 and 2005. Lighting technology has evolved considerably since the middle of the 2000s, so designers and engineers are now able to use LEDs to give Maserati's future models a more distinctive-looking face, especially at night. Autoblog understands the second-generation GranTurismo scheduled to make its debut in 2021 will be the first MC20-inspired model. Its styling cues will also influenced the Grecale, a smaller SUV positioned below the Levante and possibly related to the Alfa Romeo Stelvio. Maserati's aim isn't to end up with a range of nesting doll-like models that all look the same, so expect to see variations of the MC20 theme as the line-up develops. Busse also shared insight about how his team shaped the MC20 (pictured). Early on, he insisted the car shouldn't receive oversized air inlets or a park bench-sized wing on the back. His team consequently integrated all of the components that create downforce below the axle line, which runs through the middle of the wheels. It's a pure, simple approach to design that will characterize future models, meaning they'll be sporty in a subtle, elegant way. Related Video:    

2023 Maserati MC20 Folgore planned with three-motor electric powertrain

Maserati's first new model of the 2020s, the MC20, strays from the path that's leading carmakers towards electrified and connected vehicles. The brand is nonetheless headed in this direction, and Autoblog can reveal it's planning to release a range of battery-powered cars called Folgore, a name which means "lightning" in Italian. Developed in-house, the 800-volt Folgore powertrain consists of one electric motor mounted over the front axle, and two electric motors installed over the rear axle. Sandro Bernardini, the man responsible for the second-generation GranTurismo, told us this configuration is not going to be reserved for high-performance, high-end cars. It will be the norm. And, although the rear motors are bolted into a single unit that's about the size of a modern four-cylinder engine, there is no mechanical connection between them, meaning Maserati's electric models will benefit from true torque vectoring. Ditching gasoline isn't an excuse to stop chasing performance. As we've previously reported, Maserati's first series-produced battery-powered model will be the next GranTurismo, which is tentatively due out in 2021. Motorists who don't want or need an electric car will be able to order the coupe with a version of the 3.0-liter Nettuno V6 engine that powers the recently-unveiled MC20. Speaking of, the mid-engined coupe will become a mid-motored, zero-emissions coupe a little bit later in its production run. It was developed with both electricity and gasoline in mind from the get-go. Bernardini couldn't share concrete technical specifications, but he noted his team is designing the powertrain to achieve maximum range. Engineers notably went to significant lengths to make the motors smaller, lighter, and more efficient, we're told, and the technology will be compatible with 300-kilowatt fast-charging. While performance details are also under wraps, Autoblog learned the electric version of the MC20 will "absolutely be more powerful" than its 621-horsepower gasoline-burning counterpart. It will be heavier, too, but the power hike will more than make up for the weight gain, and its handling won't be adversely affected. Chassis mock-ups confirm the MC20 Folgore will share its basic underpinnings (including its carbon fiber tub and its subframes) with the gasoline-powered model. Its front motor will occupy the space normally reserved for the frunk, while its rear motor will slot neatly between the two wheels.