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Autoblog Minute: Marchionne seems prepared to lead FCA in takeover of GM

FCA CEO Sergio Marchionne wants industry consolidation but without any deal takers it seems as though he's ready to consider a hostile takeover. Autoblog's Chris McGraw reports on this edition of Autoblog Minute with commentary from Autoblog editor-in-chief Mike Austin. Show full video transcript text [00:00:00] It's no secret that FCA CEO Sergio Marchionne wants industry consolidation but without any deal takers it seems as though he's ready to consider a hostile takeover. I'm Chris McGraw and this is your Autoblog Minute. Marchionne is tired of waiting for the industry to get on board with his consolidation plan. In an interview with Automotive News Marchionne was quoted as saying, "it would be unconscionable not to force a partner." And when pushed further about the nature of any potential takeover plan the FCA chief had this to say: "Not hostile. There are varying degrees of hugs. I can hug you nicely, I can hug you tightly, I can hug you like a bear, I can really hug you. Everything starts with physical contact. Then it can degrade, but it starts with physical contact." Metaphor aside, Marchionne suggests his numbers for a GM-FCA merger are irrefutable, pointing to potential global earnings of a 30 billion dollars. Without a merger deal on the horizon we have to wonder if an FCA takeover of GM even possible. For more we go to Autoblog's Mike Austin: [Mike Austin Interview] Marchionne says GM won't take his phone calls, and while he admits a merger with GM would be a hard road to haul it's one he's still determined to travel. We'll continue to monitor the story as it develops. For Autoblog, I'm Chris McGraw. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. UAW/Unions Chrysler Fiat GM Autoblog Minute Videos Original Video

Recharge Wrap-up: Fiat 500e on sale in Oregon, Germany to offer EVs free parking

The 2015 Fiat 500e is now available in Oregon. The new 500e features an updated center console, as well as two new exterior colors: Luce Blu (which Fiat describes as light blue with a pearl finish) and Celeste (light blue). The 2015 500e is available for lease in California and Oregon for $199 a month for 36 months, plus $999 down. Fiat offers 500e owners and lessees 12 days of free rental per year through Enterprise in the first three years of ownership for days when the driver needs something with greater range or capacity than their small EV. Read more in the press release below. Germany moves to offer free parking to EVs in an attempt to encourage their adoption. The German cabinet has backed the bill, set to begin in spring 2015, which would also include certain hybrids in the free parking scheme. The eligible cars will get some sort of special label to make them more recognizable. Germany has a target of 1 million EVs on its roads by 2020. Read more at Bloomberg. Researchers at Oak Ridge National Laboratory have determined that the best automotive use of natural gas is to provide electricity for EVs. In a well-to-wheels analysis, using the natural gas to power efficient turbines to produce electricity uses less energy and produces fewer emissions than other fuels, including on-board CNG. The research also concludes that CNG cars are a viable option, particularly if the fuel could be integrated into hybrid vehicles. The study digs into other future technologies, and what they might mean for overall energy use compared to using natural gas as a stationary power source for EVs. Read more over at Green Car Congress. Scientists have created a new device to generate electricity from wind. Wind passing through the device causes gold-plated "tongues" to rub against PTFE tape, generating electricity using the triboelectric effect. Researchers created a triboelectric generator prototype that fit on top of a car in order to test it out. While mounting it on a vehicle may not necessarily be an ideal way to generate electricity for practical purposes, the test showed that the device works to produce a certain amount of energy at a specific windspeed, It could certainly be useful in stationary applications at the least, and might have further-reaching implications for generating electricity through wind or friction. Read more at Gizmodo.

Italy reportedly guarantees $7.1 billion loan to Fiat Chrysler

ROME — Italy has approved a decree offering state guarantees for a 6.3-billion euro ($7.1 billion) loan to Fiat Chrysler's (FCA)  Italian unit, a source said, paving the way for the largest crisis loan to a European carmaker. The source said Italy's audit court had signed off on the decree, in a final step of what had been a lengthy and contested process to get the loan approved. The court's approval follows an earlier endorsement by the economy ministry. "The audit court authorized the decree," said a source close to the matter, asking not to be named because of its sensitivity. FCA's Italian division has tapped Rome's COVID-19 emergency financing schemes to secure a state-backed, three-year facility to help the group's operations in the country, as well as Italy's car sector in which about 10,000 businesses operate, weather the crisis triggered by the coronavirus emergency. The loan will be disbursed by Italy's biggest retail bank Intesa Sanpaolo, which has already authorized it pending the approval of guarantees the government will provide on 80% of the sum through export credit agency SACE. The request for state support has sparked controversy because FCA is working to merge with French rival PSA and the holding for the Italian-American carmaker is registered in the Netherlands. FCA's global brands include Fiat, Jeep, Dodge and Maserati. It was not immediately clear what conditions, if any, Italy has set as part of the guarantees and whether they would affect FCA's planned 5.5 billion euro ($6.2 billion) extraordinary dividend, which is a key element in the merger with PSA. FCA, whose shares were down 0.5% by 0908 GMT, had no immediate comment.   Earnings/Financials Chrysler Fiat Peugeot Italy