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FCA's profit rises ahead of Peugeot merger

MILAN — Fiat Chrysler (FCA) posted a 7% rise in fourth-quarter profit on Thursday, boosted by strong business in North America and better results in Latin America as it heads into a merger with France's PSA. The Italian-American carmaker said adjusted earnings before interest and tax (EBIT) rose to 2.12 billion euros ($2.3 billion), in line with a 2.11 billion forecast in Reuters poll of analysts. That left its adjusted operating profit for the year at 6.67 billion euros ($7.34 billion), just shy of its target of over 6.7 billion euros. Its adjusted EBITDA margin came in at 6.2%, in line with its target of more than 6.1%. A trader said Fiat Chrysler results were "a touch above" expectations and the carmaker's shares in Milan were up 3.4% at 1300 GMT following the results. Fiat Chrysler and Peugeot maker PSA agreed in December to combine forces in a $50 billion deal to create the world's No. 4 carmaker, in response to slower global demand and the mounting cost of making cleaner cars amid tighter emissions rules. Chief Executive Mike Manley said last month that talks with PSA were progressing well and that he hoped to complete the deal by early 2021. FCA reiterated its plan to boost adjusted EBIT to above 7 billion euros ($7.7 billion) this year. In slides prepared for an analyst call, FCA said it was monitoring the global impact of coronavirus in China. FCA operates in the country through a loss-making joint venture with Guangzhou Automobile Group (GAC) and has a 0.35% share of the Chinese passenger car market. Reporting by Giulio Piovaccari; Additional reporting by Danilo Masoni; Editing by Stephen Jewkes, Jason Neely and David Clarke. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2024 Fiat 500e U.S. specs and pricing revealed

After announcing it would bring the electric 500e to the U.S., Fiat has finally revealed pricing and specifications for the American version. It's not quite the value proposition as it is in Europe, but it will still deliver superb styling with some advantages in range and weight over current competitors. As far as design and performance, the American 500e is effectively identical to the European version. It has the same single front motor making 118 horsepower and 162 pound-feet of torque paired with a 42-kWh battery pack. Range is lower than for Europe, but this is certainly a result of the EPA testing procedure. As such it returns 149 miles on a charge, which is identical to the base Leaf S. It's also better by 35 miles than the current Mini Cooper SE. The Fiat also boasts faster 85-kW DC charging than the Nissan and Mini, and unlike the Nissan, the Fiat has liquid-cooled batteries (which helps keep range and charging more consistent and is good for battery longevity). Fiat claims the 500e will charge to 80% in 35 minutes. Suspension uses MacPherson struts up front and a torsion-beam setup for the rear. Braking duty is split between front discs and rear drums. At just 2,952 pounds, close to 200 pounds less than the Mini and more than 500 pounds less than the Nissan. Only one version of the Fiat will be available at launch, the 500e RED, which is a special edition collaboration with the RED charity that raises money to combat AIDS. So a portion of the purchase goes to that program, like all RED products. It's also, naturally, only available in a bright red paint scheme with matching interior accents. It comes with 17-inch alloy wheels, a 7-inch digital instrument cluster, 10.25-inch infotainment screen, wireless charging, wireless Apple CarPlay and Android Auto, manually adjustable seats, automatic climate control, lane-keep assist, adaptive cruise control and automatic emergency braking with pedestrian detection. A level 2 home charger or public charger credits are included, too, all at the 500e RED's base price of $34,095 (including $1,595 destination charge). That makes it a little more than $2,000 more expensive than the base Mini Cooper SE and more than $4,000 more expensive than the Nissan Leaf S. It goes on sale in the first quarter of next year. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.