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Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Chrysler 200 prototype spied for first time with new body

Chrysler is deep into testing for its next-generation 200 sedan, a new model that is utterly essential to the brand's continued health. The next iteration is tasked with wiping away anything reminiscent of the Sebring, which the current 200 is still based on. According to our spy, this is one of the first of the new 200s to wear a production body rather than the Alfa Romeo Giulietta-based mules that are thick on the ground in Auburn Hills.
Immediately apparent is that the new 200 ditches the awkwardly styled C-pillar that's typified four-door 200 sedans (and Sebrings before them) for years. The new, sleeker roofline is almost more of a four-door coupe than a traditional sedan, which hints that this new car will try to be more fashion-forward than its predecessor. The rear deck is set off by a sporty decklid spoiler, while a set of staggered rectangular exhaust pipes poke out of the bumper.
The front end appears sleeker, and we'd be lying if we didn't spy a bit of Dart through the camouflage, particularly with the headlights. A large, gaping lower air intake is visible, although our spy seems to think it'll shrink before production models debut. Whatever the new 200 ends up looking like, we expect to see a lot more of its styling from Chrysler in the coming years.

78k Chrysler 200 sedans recalled for stalling

Chrysler has been at the top of our list of recalls lately, and is showing little sign of dropping down. The latest campaign announced from Auburn Hills affects nearly 80,000 units over a problem that could see the vehicle suddenly stall or shift into neutral unexpectedly. According to the automaker's statement below, the issue primarily affects the 2015 Chrysler 200. However it indicates that unspecified "additional vehicles are also included in the campaign." Of the 77,834 units affected by the recall, the vast majority – nearly 70k – are in the United States. Another 7,115 are located in Canada, 848 in Mexico, and another 19 outside of North America. The problem stems from some electrical connectors that may have been damaged by the supplier during post-production validation tests. FCA stresses, however, that it is "unaware of any related injuries or accidents" resulting from this issue, and that the glitch may or may not be "accompanied by a dashboard warning-light illumination." Airbag function is reportedly unaffected. Related Video: Statement: Electrical Connectors August 14, 2015 , Auburn Hills, Mich. - FCA US LLC is conducting a voluntary safety recall to correct a condition in an estimated 77,834 U.S.-market sedans that may lead to engine stall or gearshift to neutral. The Company is unaware of any related injuries or accidents. The condition, which may be accompanied by a dashboard warning-light illumination, does not affect air-bag function. An investigation by FCA US revealed some electrical connectors were damaged when the supplier conducted post-production validation tests. Affected are certain 2015 Chrysler 200 midsize sedans. Additional vehicles also are included in campaign. Of these, approximately 7,115 are in Canada; 848 are in Mexico; and 19 are outside the NAFTA region Affected customers will be advised when they may schedule service, which will be performed free of charge. Customers with questions or concerns may call the FCA US Customer Care Center at 1-800-853-1403.