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Ferrari stock sale pegged for October, or later

The Ferrari IPO is still coming, but it won't be before Columbus Day (Monday, October 12, that is), according to Fiat Chrysler Automobiles CEO Sergio Marchionne. The outspoken exec is blaming tax reasons for the fourth-quarter date, according to a report from Reuters. Marchionne said a full year needed to pass between FCA's October 13, 2014 Wall Street debut and any additional listing. This isn't the first delay in the Ferrari IPO. FCA was originally supposed to make a 10-percent offering of Ferrari during second or third quarter of 2015, before officially pushing things back to the third quarter of this year. Now, it's unclear if Ferrari will even go public before the dawn of 2016. Related Video: News Source: ReutersImage Credit: Marco Vasini / AP Earnings/Financials Government/Legal Chrysler Ferrari Fiat Sergio Marchionne FCA fiat chrysler automobiles

Maserati Levante will borrow Chrysler Pacifica Hybrid's PHEV powertrain

The plug-in hybrid tech from the 2017 Chrysler Pacifica Hybrid minivan will move seriously upmarket into a future version of the Maserati Levante crossover. The PHEV model should arrive around early 2018 or possibly the end of 2017, division boss Harald Wester told Motor Trend. Wester was blunt about the reason for using the minivan's powertrain. "A standalone program would be suicidal so we have to look at FCA," he said to Motor Trend. However, he expects the PHEV to comprise a tiny portion of the luxury CUV's sales volume – possibly as low as six percent. The Pacifica Hybrid will be the first PHEV minivan in the US when it arrives in the second half of 2016. The powertrain combines a 3.6-liter V6 that runs on the more efficient Atkinson cycle, and two electric motors, which are in the gearbox. A 16-kWh lithium-ion battery under the floor stores the energy for the system. Chrysler estimates the setup can carry the minivan 30 miles purely on electric power and achieve 80 MPGe. The first examples of the Levante should arrive in the US in August, according to Motor Trend. Maserati plans initially to offer its luxury crossover here with two twin-turbocharged 3.0-liter V6s. Base models use a version with 350 horsepower and 368 pound-feet of torque. The S trim gets some extra grunt thanks to a tune that makes 430 hp and 427 lb-ft. Both models come with an eight-speed automatic transmission, all-wheel drive, and a limited-slip differential. The Maserati will have a fleet of posh, European crossovers to fight against, and the PHEV will possibly offer an edge to entice a few green-minded, wealthy customers. Related Video:

Fiat and UAW back at negotiating table over Chrysler stake

We knew there'd be no Chrysler IPO before the end of this year, but Fiat is determined to get the best run going into 2014 and is back at the poker table with the UAW. The delay was said to be Chrysler's desire to clean up a tax issue with the IRS; turns out that also bought the carmaker time to try and close a deal for the UAW's 48.5-percent stake in the company before the IPO happens.
Whereas the price Chrysler was willing to pay was once more than $1 billion under the UAW's asking price, the gap has closed to just $800 million of late. A recent valuation of the company at $10 billion - a valuation the UAW has disputed - means Fiat would be looking to pay about $4.2 billion instead of the $5 billion that the UAW seeks. But the UAW needs to hold out for the highest amount it can get because its pension obligations through the Voluntary Employee Benefit Association (VEBA) are $3.1 billion greater than the VEBA's assets, which include the Chrysler stake.
There's a clause in the agreement that Fiat can buy the VEBA shares for $6 billion, but Fiat CEO Sergio Marchionne has said that the UAW "should buy a ticket for the lottery" if they even want $5 billion. The UAW, though, has more time to wait; it's Fiat that wants access to Chrysler's $11.9-billion war chest and that would like to avoid the risk of paying the full $6 billion for the UAW share if the float really takes off. With other valuations of Chrysler as high as $19 billion, a hot IPO could make that $6 billion look like a bargain.