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Auto bailout cost the US goverment $9.26B

Depending on your outlook, the US Treasury's bailout of General Motors, Chrysler (now FCA) and their financing divisions under the Troubled Asset Relief Program was either a complete boondoggle or a savvy move to secure the future of some major employers. Regardless of where you fall, the auto industry bailout has officially ended, and the numbers have been tallied. Of the $79.69 billion that the Feds invested to keep the automakers afloat, it recouped $70.43 billion – a net loss of $9.26 billion. The final nail in the coffin for the auto bailout came in December 2014 when the Feds sold its shares in Ally Financial, formerly GMAC. The deal turned out pretty good for the government too because the investment turned a 2.4 billion profit. The actual automakers have long been out of the Treasury's hands, though. The current FCA paid back its loans six years early in 2011, the Treasury sold of the last shares of GM in late 2013. According to The Detroit News, the government's books actually show an official loss on the auto bailouts of $16.56 billion. The difference is because the larger figure does not include the interest or dividends paid by the borrowers on the amount lent. While it's easy to see fault in any red ink on the Feds' massive investment, the number is less than some earlier estimates. At one time, deficits around $44 billion were thought possible, and another put things at a $20.3 billion loss. Outside of just the government losing money, the bailouts might have helped the overall economy. A study from the Center for Automotive Research last year estimated that the program saved 2.6 million jobs and about $284.4 billion in personal wealth. It also indicated that the Feds' reduction in income tax revenue alone from Chrysler and GM going under could have been around $100 billion for just 2009 and 2010, significantly more than any loss in the bailout.

2017 Chrysler Pacifica is perfect for town and country

The Pacifica has returned. In a surprising move, Chrysler revived the name of its old three-row CUV for the long-serving Town & Country's replacement. That's a bold strategy. Let's see if it pays off. Chrysler's new minivan offers a tremendous improvement on its predecessor in terms of interior and exterior design, available technology, and powertrain. Design inspiration is most clearly drawn from the brand's 200 sedan, both inside and out. Gone are the egg-crate grille, blocky headlights, and vertical taillights of the old van, all of which have been replaced with slim, stylish units. Doubtlessly destined for high-end trims, Chrysler will also offer a 200-style, two-tone interior with over 35 inches of screen real estate. 8.4 inches are reserved for the central UConnect display, while drivers have their own seven-inch display in the instrument cluster. As for the kiddies, they're the big winners, with a pair of ten-inch touchscreen displays in the back. Underhood, the big news is reserved for the new plug-in-hybrid powertrain. You can read all about that here. For right now, we'll focus on the familiar 3.6-liter Pentastar V6 and its accompanying nine-speed automatic transmission. There is 287 horsepower, 262 pound-feet of torque, and what will likely be a healthy improvement in fuel economy over the old Town & Country. You can read much more on the all-new Pacifica from our original post last night. We've also got a fresh gallery of live images from its big debut here at Detroit's Cobo Center, available up top.

Fiat Chrysler Automobiles targets mid-October IPO

The merged Fiat Chrysler Automobiles is targeting October 13 to launch its initial public offering on the New York Stock Exchange, CEO Sergio Marchionne told reporters assembled for a meeting in Rimini, Italy.
"The most likely date for the listing in the US is October 13," Marchionne said, according to Reuters.
Marchionne is trusting that the money made in the IPO will be contribute heavily his ambitious, $64-billion five-year growth plan, which will see FCA reboot Alfa Romeo and Maserati and expand Jeep's global presence. Should the IPO fall short, though, Marchionne has confirmed that "all decision [sic] on any capital increase will be taken by the board of FCA at the end of October."