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Stellantis and Foxconn's new joint venture will focus on connectivity

MILAN — Carmaker Stellantis and TaiwanÂ’s Foxconn announced plans to develop a jointly operated automotive supplier focusing on technology to make vehicles more connected, including artificial intelligence-based applications and 5G communications. Stellantis CEO Carlos Tavares said the services that will be developed through the tie-up “will mark the next great evolution of our industry,” alongside fully electrified and hybrid powertrains. The deal brings together Stellantis, the worldÂ’s 4th-largest automaker formed this year by the merger of Fiat Chrysler Automobiles and PSA Peugeot, and Foxconn, a major supplier of iPhones. The companies said the venture would focus on such services as infotainment, the integration of telecommunications and computer systems, artificial intelligence-based applications, 5G communications, e-commerce channels and smart cockpit integration. The companies announced a non-binding memorandum of understanding to form a 50-50 joint venture called Mobile Drive, which will be based in the Netherlands and function as an automotive supplier also to other carmakers. The new venture will combine advanced consumer electronics, Human-Machine Interfaces (HMI) to create new services “that will exceed customer expectations,” the companies said in a release. “Customers today and, in the future, demand and expect ever-increasing software-driven and creative solutions to connect the drivers and passengers with the vehicle inside and out,Â’Â’ Foxconn Chairman Young Liu. Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot 5g Connectivity Stellantis Foxconn

Fiat Chrysler agrees to new $3.8 billion credit facility with banks

MILAN — Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus. Most of FCA's plants around the world are currently shut in response to the virus emergency. Italian investment firm Exor, which controls FCA, said on Wednesday that the temporary closures might continue and increase depending on how the coronavirus outbreak develops. FCA said the credit facility would be available "for general corporate purposes and for working capital needs" of the group and that it was structured as a "bridge facility" to support its access to capital markets. "This transaction confirms the continued strong support of FCA's international key relationship banks in the current extraordinary circumstances," the automaker said in a statement, without making any explicit link between the new facility and the impact the virus is having on the global economy. The facility can be drawn in a single tranche of 3.5 billion euros ($3.8 billion), with an initial 12-month term which can be extended for further six months. It adds to existing credit facilities worth 7.7 billion euros, including lines for 1.5 billion euros that the company has started to draw down, FCA said. FCA is in merger talks with Peugeot owner PSA to create the world's fourth biggest carmaker. The deal is expected to be finalized by the first quarter of next year. Equita's analyst Martino De Ambroggi said that, based on his new assumption of a 10% drop of global auto market this year, the crisis triggered by the coronavirus would impact the merged automaker's free cash flow by over 5 billion euros. Earlier this week, General Motors announced it will draw about $16 billion from its credit lines in a bid to beef up liquidity amid rising business impact from the fast-spreading coronavirus outbreak. And last week, rival Ford abandoned its 2020 forecast and said it was drawing down $15.4 billion from two credit facilities to bolster its balance sheet. Related Video:

The one where we give you real car-buying advice | Autoblog Podcast #495

On this episode, Mike Austin and David Gluckman dive into some useful advice for people searching for a good used car, something David has been dealing with lately. They also talk about what they've been driving lately (Mike took a road trip in our long-term Fiat) and answer some Spend My Money requests from listeners looking for advice. And we have listener questions and comments to discuss, so thanks for sending those in. The rundown is below. Remember, if you have a car-related question you'd like us to answer or you want buying advice of your very own, send a message or a voice memo to podcast at autoblog dot com. (If you record audio of a question with your phone and get it to us, you could hear your very own voice on the podcast. Neat, right?) And please send trivia questions! You'll get the honor of stumping your fellow listeners, and we'll thank you too. Autoblog Podcast #495 The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics and stories we mention 2017 Audi A6 Our long-term 2016 Fiat 500X 2017 BMW 330i Used cars Rundown Intro - 00:00 What we're driving - 01:09 Listener mail - 12:49 Buying advice - 20:20 Spend My Money - 29:38 Total Duration: 57:23 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show on iTunes