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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.

Facelifted 2019 Fiat 500X features new lights front and rear

Jeep has been testing an updated 2019 Jeep Renegade, so it should come as no surprise that its Fiat-badged cousin, the 500X, is also going to be refreshed for 2019. The new Fiat has finally been spotted, testing alongside the Jeep, and it's going to be a mild update. Most of the changes appear to be in the lights. Up front, the headlights and the fog lights appear to be sleeker. The main headlights have been slimmed down a bit. The fog lights have shrunk all around and have lost a little bit of the roundness of the current model. At the back, the taillights retain the same shape, but they have much more depth now. Instead of having a smooth round plastic housing, the lights are concave, starting with a red outer ring. Inside that is a clear ring that may be turn signals and/or reverse lights. Then, in the center, at the deepest level, is a light we're not totally able to identify. It does appear to have lights arranged in a plus shape. It may just be a basic taillight that stays on with the headlights. We expect the 500X to be revealed sometime this year. Considering how little is changed on the outside, we're not expecting any major changes to the powertrain, which includes either a turbocharged 1.4-liter four-cylinder or a naturally aspirated 2.4-liter four-cylinder. The former is currently only available with front-wheel drive and a six-speed manual, and the 2.4-liter engine is available with front- or all-wheel drive but only with a nine-speed automatic. Related Video: Featured Gallery 2019 Fiat 500X spy shots View 16 Photos Spy Photos Fiat Crossover SUV Economy Cars fiat 500x

NHTSA preparing to wallop FCA, automaker 'failed to do its job'

As embattled the National Highway Traffic Safety Administration may be, but that certainly doesn't mean it isn't willing or able to put the smack down on automakers that violate its recall procedures. Following a public hearing on Thursday, the government safety arm is preparing what will likely be some very serious punishments for Fiat Chrysler Automobiles. FCA stands accused of mishandling 23 individual recalls covering some 11 million vehicles since 2013, with NHTSA claiming the Italian-American automaker kept it "in the dark," failing to notify the government of safety defects. Uncle Sam also alleges that FCA failed to notify consumers of important safety notices and didn't provide a steady supply of replacement parts. For these charges, the automaker could be fined up to $35 million per recall, which could mean a maximum of $805 million in fines. FCA could also be forced to buy back the unrepaired vehicles. "We have serious concerns with Fiat Chrysler notifications to owners and to NHTSA about its recalls. In every one of the 23 recalls, we have identified ways in which Fiat Chrysler failed to do its job," Jennifer Timian, the head of the Office of Defects Investigation, said during the FCA hearing, The Detroit News reports. The company also "repeatedly failed to provide NHTSA with other critical information about its recalls, including changes to the vehicles impacted by the recalls and its plans for remedying those vehicles." Fiat Chrysler, for its part, didn't really fight back during its hearing, although Scott Kunselman (shown above during the hearing), the senior vice president of vehicle safety and regulatory affairs at FCA, did tell The News that, "We absolutely had no mis-intent." "The plan is to move forward," Kunselman said, adding that the company has "fallen short," and that "some of the things we've done were sloppy." NHTSA administrator Mark Rosekind told The News that the regulator would issue its sanctions by the end of July, adding that he saw no way that FCA could avoid punishment.