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Former Treasury boss unaware auto task force fired GM's Wagoner

We dig a good political tell-all every once in a while (how else will we get our political fix while waiting for House of Cards' third season?). Today, we get just that from former Treasury Secretary Timothy Geithner's new book, "Stress Test," which details, among other parts of the 2009 financial catastrophe, the structured bankruptcy that allowed Chrysler and General Motors to emerge as competitive players in the auto industry.
In the book, which is nicely recapped by The Detroit News, Geithner discusses the firing of GM CEO Rick Wagoner while explaining how much trust he had in the auto industry task force that executed the move without his knowledge.
Auto Czar Steve Rattner "didn't even consult me before he fired General Motors CEO Rick Wagoner; if anything, that move increased my confidence in Team Auto," Geithner wrote.

Fiat Chrysler parts firm Magneti Marelli sold for $7.1B

TOKYO/MILAN — Japan's Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler's Magneti Marelli for 6.2 billion euros ($7.1 billion) to form the seventh-largest independent car parts supplier. The first big deal by FCA's newly-appointed chief executive Mike Manley, who took over in July after the sudden death of long-time boss Sergio Marchionne, creates a company with revenue of 15.2 billion euros ($17.5 billion), the companies said. The newly formed Magneti Marelli CK Holdings is likely to cut costs through synergies and expand its customer base as components makers try to keep up with a shift by carmakers into autonomous driving, connected cars and electric vehicles. "This combination with Calsonic Kansei has emerged as an ideal opportunity to accelerate Magneti Marelli's future growth," Manley said on Monday of the FCA unit, which specializes in lighting, powertrain and high-tech electronics. FCA shares were up 5.2 percent at 0906 GMT as investors welcomed the hefty price tag, which will boost FCA's net cash position and raises expectations of a share buyback. "Getting this transaction completed at the price agreed is a significant early milestone and accomplishment," George Galliers, an analyst at Evercore ISI, said of Manley and his team's ability to match Marchionne's deal-making reputation. Marchionne had set in motion a process to spin off the unit and distribute its shares to FCA shareholders by early 2019, but said in June that FCA would still be "receptive" to an offer. Neither FCA nor its top shareholder, Fiat's founding Agnelli family, will have a stake in the combined business, but FCA said it would enter into a multi-year agreement to secure supplies to its plants and also to maintain operations and staff in Italy. Part of a global expansion KKR bought Calsonic from Nissan and other shareholders in 2016, saying it would help the parts maker, which relies on the Japanese carmaker for most of its sales, to expand globally. Calsonic has been in talks with FCA for months and made an initial 5.8 billion euro bid, sources have said. FCA does not break out earnings for Magneti Marelli, which sits within its components unit alongside robotics specialist Comau and castings firm Teksid. The unit employs around 43,000 people and operates in 19 countries. A takeover of Magneti Marelli had remained elusive as potential bidders were offering too little or were only interested in some parts of the business.

2018 Chrysler Pacifica Hybrid Long-Term Update | Nokian winter tires in a winter wonderland

Winter is technically over now, but the cold and snow are maintaining their grip here in Michigan. While much of the country is bouncing right along into a warm spring, we're happy to still be wearing our Nokian Hakkapeliitta winter tires on our long-term Chrysler Pacifica Hybrid. You can't count out another massive blizzard even into late April here. That said, we're hoping the worst is over, so it's time to take stock of how the winter tires performed on the front-wheel-drive minivan. Nokian produced the first winter tire ever in 1934, so one could say that they've had awhile to figure this out. The tire model we were provided for our van is the Hakkapeliitta R3 SUV. The Pacifica is obviously no SUV, but at almost 5,000 pounds it's perfect for this flavor of tire. Nokian says they're designed for high performance SUVs and are made with Aramid sidewalls to resist punctures or cuts. Chrysler fits the Pacifica Hybrid with all-season tires from the factory, but we were determined to make it a proper seven passenger sleigh. We got a fair amount of snow this year in Michigan, but I encountered the worst conditions on a road trip to Buffalo, N.Y. I was actually sort of hoping a lake-effect blizzard might present itself as a challenge, and my snow prayers were answered with authority. Inches of snow don't usually pile up on highways here easily with the amount of plows and salt typically employed, but it did in this storm. The Pacifica hardly flinched from the deep tracks of powder on the road. Near-whiteout conditions forced slow driving, but the Pacifica never felt like it was going to slip and slide out of its lane as I tracked around highway bends with increasing speed. Braking was impressive, as the tires managed to find grip in the snow that all-season tires just can't match. Thankfully, I never needed 100 percent lock in any emergency situations, but I tried it out in some empty parking lots to see how well it does at hauling everything to a stop. The Nokians performed admirably here, too. With ABS firing away, the winter rubber finds grip in places all-seasons would just slide on by. Starting wasn't much of an issue, either. We tested the tires in anything from dustings to snow that was about six inches deep and largely untouched by other vehicles. The front tires would scrabble for grip initially with greater throttle inputs in the deep stuff, but they'd hook and pull the van forward with authority after a quick second.