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Chrysler purchases remaining shares from VEBA Trust, announces funding plan

It's official: The Detroit Three is now The Detroit Two and The Fiat Subsidiary, Chrysler. Both the Italian carmaker and The Pentastar announced the completion of cash payments and a Memorandum of Understanding (MOU) on future payments necessary to make the Chrysler Group a wholly-owned subsidiary of Fiat. As previously detailed, Chrysler made a cash payment of $1.9 billion and Fiat North America made a cash payment of $1.75 billion to the Voluntary Employment Benefit Association (VEBA) run by the United Auto Workers union.
On top of that, Chrysler Group signed an MOU that agrees to payments of $700 million to the VEBA in four installments, the first of which was made concurrently with the other cash payments. And for you trivia mavens, the full name of the UAW is the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America. So go impress your loved ones with that nugget after you check out the press release below.

Recharge Wrap-up: Renault-Nissan at COP22, BMW launches Cruise e-Bike

The Renault-Nissan Alliance has been chosen to provide a fleet of electric cars for the UN's COP22 Climate Conference in Marrakesh, Morocco. The group will provide 50 passenger EVs – the Renault Zoe, Nissan Leaf, and Nissan e-NV200 – to shuttle delegates to and from conference venues. The Alliance will also provide more than 20 charging stations to support the shuttle fleet. The group provided electric shuttles for the historic COP21 summit in Paris last year. Read more from Renault-Nissan. FCA, Iveco, and gas grid company Snam have signed an agreement to boost natural gas as a cleaner alternative fuel for Italy. Under the Memorandum of Understanding, FCA and Iveco will work together to develop CNG vehicles, while Snam will invest in CNG supply facilities like filling stations to support a growing fleet. Italy leads Europe in the amount of natural gas consumed for transport, with 1 million vehicles currently on the road. Read more at Green Car Congress. LG Chem has officially announced it will build a battery plant in Poland to the tune of about $340 million. Located near Wroclaw in southwestern Poland, the plant is expected to produce 100,000 batteries a year for 200-mile EVs beginning in 2019. The plant could help Poland in its goal to reduce pollution by introducing a million EVs on its roads by 2025. "We will turn the Poland EV battery plant into a mecca of battery production for electric vehicles around the world," says UB Lee, President of LG Chem's Energy Solution Company. Construction begins in the second half of 2017. Read more from Automotive News Europe. BMW has introduced the Cruise e-Bike. Its Bosch Performance Line electric motor provides electric assistance at speeds of up to 15 mph. The battery can be either be removed or remain on the bike for charging, which takes 3.5 hours for a full charge. "BMW aims to be the leading provider of premium mobility services, and our bicycle collection furthers that mission," says BMW Accessory and Lifestyle Manager Eric Riehle. "As we enter the holiday season, these bikes make the perfect present for those wishing for their first BMW." The BMW Cruise e-Bike costs $3,430. Read more from BMW.

Reid Bigland appointed CEO of Alfa Romeo, Maserati

There's been a big shakeup in Fiat Chrysler's leadership team, as head of US sales and FCA Canada CEO Reid Bigland will replace Harald Wester as the chief exec for Alfa Romeo and Maserati. Wester will retain his position as chief technical officer of FCA. Both men will hang onto their positions on FCA's Group Executive Council. The move is an interesting one considering the widely publicized issues at both Alfa and Maserati. Alfa Romeo's problems are almost too many to list. The brand has promised a full-scale return to the US market for more than a decade, but faced repeated delays. Its latest volume model, the Giulia, is being savaged by reviewers over quality issues, and the company has frequently pushed its upcoming CUV back. If that were the only problem, it'd be annoying, but according to Automotive News, Alfa's relaunch is also considerably over budget. Maserati is an entirely different can of worms. Alongside Alfa, it's been stung by a slow Chinese market. Profits are down, according to Automotive News, and it's been widely rumored that the company will delay its next sports car, the Alfieri, until 2018 – it was previously promised for this year. Meanwhile, two of its three other models, the Quattroporte and GranTurismo, are dangerously long in the tooth, and the Levante is still months away from US sales. Can Bigland sort these issues out? Maybe. As Sergio Marchionne said in his official statement, "[Bigland] has an extraordinary record of growing sales and market share in the US and Canada over the last 7 years at FCA, including leading the growth and positioning of the Ram and Dodge brands for part of that time."