Fiat 500 C Pop Convertible 2-door 2012 Cabrio Bianco White Pearl Tri Coat on 2040-cars

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Fiat 124 Spider Elaborazione Abarth loses 10 hp in its journey to the US [UPDATE]

Update: A Fiat spokesperson got back to us about some questions about the Fiat 124 Spider Elaborazione Abarth, and those quotes are now in the story. The Abarth-tuned version of the Fiat 124 Spider crosses the Atlantic to debut in US spec at the New York Auto Show. The droptop gets a much longer name on these shores as the 2017 Fiat 124 Spider Elaborazione Abarth, and the trip across the ocean robs it of 10 horsepower, too. The Elaborazione Abarth in the US makes 160 horsepower and 184 pound-feet of torque from its turbocharged 1.4-liter four-cylinder. If those numbers seem familiar, it's because they are identical to the standard 124 Spider in this country. In Europe, the Abarth model makes 170 hp and 184 lb-ft from the same engine. Buyers on both continents can choose between six-speed manual or automatic gearboxes. "The engine of the EMEA [Europe, the Middle East and Africa] Abarth Spider has unique tuning developed according to European regulations, so the [horsepower] number is different," Fiat spokesperson Angela Bianchi told Autoblog. Customers in the US also appear to lose out on some European features. The reveal in Geneva seems to show Brembo brakes as standard equipment on the convertible. However, the US announcement is clear that the four-piston monoblock aluminum calipers are optional here. Bianchi told Autoblog the decision to make the Brembos optional was "a decision by the brand here based on customer preference." Other than these changes, the two models are practically identical. There continues to be a stiffer suspension with mono-tube Bilstein front and rear shocks, and the limited-slip differential helps put the power down. The Abarth's Sport Mode button also recalibrates the engine, automatic transmission, electric power steering and dynamic stability control system for better response when the driver wants it. Aesthetically, the Abarth has the same retro-sporty look on both continents, too. The black hood calls back to the original convertible. Inside, black and microfiber upholstery is standard, but options include full leather or leather and Alcantara Recaro sport seats. We'll keep an eye out for smaller changes when we see the Abarth droptop in the Big Apple.

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.

Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.