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FCA and iPhone maker plan Chinese electric vehicle joint venture

MILAN — Italian American automaker Fiat Chrysler and Taiwan's Hon Hai plan to set up a joint venture to manufacture electric vehicles and to engage in the business of wirelessly connected vehicles, Hon Hai said on Thursday. Fiat Chrysler (FCA) and Hon Hai are negotiating to set up a 50-50 joint venture, Hon Hai said in a statement. It added Hon Hai would hold its 50% share both directly and indirectly and that its direct shareholding would not exceed 40%. Hon Hai is the parent of Foxconn, the Chinese assembler of Apple iPhones. FCA last month reached a binding agreement for a $50 billion tie-up with France's PSA that will create the world's No. 4 carmaker. The joint venture with Hon Hai will produce vehicles for the Chinese market, but many details of the accord are still to be worked out, one source close to the matter said, adding that a final deal was expected to be signed in the coming months. Foxconn has been investing heavily in a variety of future transportation ventures for several years, including Didi Chuxing, the Chinese ride services giant, and Chinese electric vehicle startups Byton and Xpeng. Foxconn also has invested in Chinese battery giant CATL and a variety of other mostly Chinese transportation tech start-ups. FCA will launch its first full-electric model - the 500 small car - this year. Reporting by Giulio Piovaccari in Milan, additional reporting by Paul Lienert in Detroit. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Marchionne recruiting activist investors to prompt GM merger

Sergio Marchionne may have been rebuffed in his previous advances at General Motors, but he's not about to give up that easily. According to The Wall Street Journal, the Fiat Chrysler chief is now turning to activist investors to help coax GM into joining forces. Marchionne has been a staunch and ceaseless advocate of the need for consolidation, arguing that the industry needs to amalgamate into larger groups that will share resources and reduce overhead. Under his leadership, the Fiat group consolidated its own operations, and officially merged with Chrysler last year. But he's also been pursuing additional mergers with the likes of Volkswagen, Peugeot, Ford, and Opel (to name just a few). Now he's pursuing a merger with GM, which has not shown much enthusiasm towards the idea. For one thing, GM is a much larger company, and probably doesn't need FCA as much as FCA needs it. For another, it has a troubled past with Marchionne, who in 2005 dissolved an agreed merger (of sorts) with GM, yet still managed to get the General to pay Fiat some $2 billion in the process. However, Marchionne is evidently hoping that the intervention of activist investors could compel GM CEO Mary Barra and company to proceed with a merger anyway. For precedent, he's looking at the recent negotiation between GM and some of its stakeholders that prompted the company to buy back $5 billion of its own shares, demonstrating Barra's willingness to deal with investors. The more compelling precedent, however, may have been set in 2006, when activist investor Kirk Kerkorian locked arms with Carlos Ghosn to get GM to consider joining the alliance between Renault and Nissan. GM ultimately declined, and Ghosn turned instead of Daimler (which of course has its own history of having merged with Chrysler). Only time will tell if this initiative will prove more successful, but one thing's for sure, and that's that Marchionne isn't about to relent in his pursuit of a major merger partner.

2018 Chrysler Pacifica Hybrid Long-Term Update | Luxury steering wheel leaves us cold

Our 2018 Chrysler Pacifica, being the Limited trim, is a pretty plush place in which to spend some time, with Nappa leather seats, heating and ventilation for those seats, eight-way power adjustments for both front occupants, a heated steering wheel, and seat-mounted screens for the rear. In the black and cream combo of our van, it's a light, airy, and borderline luxurious place to be. But the steering wheel has begun to bother us. Chrysler calls it the "Luxury" steering wheel, and it's exclusive to the Limited trim. It's lovely in appearance with dark leather on the outside, light leather on the inside, and a real metal ring separating the two. Unfortunately, now that it's become bitterly cold in Michigan, the metal ring is freezing our palms. And although the wheel is heated, the only parts that get warm are the leather sections. So while the rest of our hands feel toasty, each one has a slim line that stays chilled where they contact the metal trim. View 12 Photos In the words of LeVar Burton, don't just take my word for it. Assistant Editor Zac Palmer was frustrated by it, too, and feels it betrays the practical nature of the minivan: "I'm a firm believer in function over form in nearly every circumstance. A minivan is the ultimate expression of function in the automotive world, but the steering wheel on our Pacifica does not follow that philosophy. The large metal band going all the way around the leather wheel nearly eliminates the benefit of the warm, heated steering wheel. Once this gets cold, it stays cold, and there's nothing you can do except take solace in the fact that it looks pretty as your palms rest on icy metal." If you're like us and dislike cold hands, the good news is that the wheel isn't featured on the Pacifica Hybrid Touring Plus or Touring L trims. Both also offer packages with heated steering wheels and seats. Of course, skipping the Limited trim does mean missing out on a number of nice luxury features, such as the Nappa leather, 8-way power passenger seat and front seat ventilation, plus dual rear entertainment screens and a Blu-ray player. So you'll have to weigh your priorities to determine whether this steering wheel is worth living with. And if you do have to have the Limited trim, perhaps we could point you toward some driving gloves for the winter months? Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.