1961 Chrysler 300 Series on 2040-cars

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Ferrari families have 'agreement' to prevent takeover

With its initial public offering already a massive success, Ferrari is now officially a publicly traded company on the New York Stock Exchange. While anyone can buy those shares, don't expect investors to take control away from some of the top owners of the Prancing Horse anytime soon. To maintain their power, Enzo Ferrari's son, Piero, and Exor chairman John Elkann will sign a deal guaranteeing themselves nearly half of the automaker's voting rights, Bloomberg reports. As part of this arrangement, shareholders that agree to hang onto Ferrari stock for at least three years would receive additional voting rights in the company, and that would give Piero and Elkann a combined 48.7 percent of the automaker by banding together. While not quite complete control, the move should be enough to prevent a takeover of the business. "We have an agreement among the families to protect our interests in Ferrari," Piero said to Bloomberg. This agreement won't really become a concern until next year because only 10 percent of Ferrari will be traded for now. FCA will distribute another 80 percent to its shareholders in early 2016, and Elkann's Exor will be getting the largest portion of the Prancing Horse in the spin-off. Meanwhile, Piero holds the remaining 10 percent but has absolutely no intention to sell his stake in his father's business. The newly public Ferrari will push to grow volume with a goal of moving 9,000 vehicles annually by 2019. To reach that 30-percent boost, expect to see a new model every year, and some of them might use a new, modular platform that's reportedly under development. Related Video:

2021 Chrysler Pacifica First Drive | More features, better van

Ever since its introduction as a 2017 model, the Chrysler Pacifica has been one of our favorite minivans. It offers stylish looks inside and out, traditional minivan practicality, excellent infotainment and some of the most compelling powertrain options. For its 2021 model year refresh, the Pacifica smartly expands on all the things we already enjoyed and avoids ruining any inherent goodness, as evidenced by our test van, a new-for-'21 Pinnacle trim level. The Pacifica’s changes start on the outside with redesigned front and rear fascias. These changes are probably the least successful, by which we mean, theyÂ’re not bad, just different. The modest grille and simple bumper design have given way to a deeper main grille and large lower openings, plus a pronounced air dam. It gives the van a wider, lower and meaner look. We donÂ’t dislike it, but it seems different rather than better. We do like the revamped tail with its full-width taillights. And if for some reason you prefer the previous design, the entry-level Chrysler Voyager is just a decontented Pacifica with the old styling. Under the skin, the biggest change is the addition of all-wheel drive, something not shared with the Voyager. The feature has been absent from the Chrysler van lineup for several years, since Chrysler couldnÂ’t fit a driveshaft between the underfloor wells for the Stow ‘n Go second-row seats. That issue has been solved, and now you can have AWD without sacrificing any interior seating flexibility. The AWD system can send all power to the rear wheels as needed, and it also can disconnect the rear driveshaft to increase fuel economy. Our test Pacifica was equipped with all-wheel drive, and it was certainly effective in some of metro DetroitÂ’s snowy conditions, offering a bit more launch traction and some assistance powering out of slow corners. But in the dry, it doesnÂ’t change the driving experience at all. Also, despite the ability to disengage the rear driveshaft, fuel economy still takes a hit compared to the front-drive model, dropping from 19 mpg in town and 28 on the highway, to 17 in the city and 25 on the highway. That's a difference of 2 mpg combined, which works out to be $150 per year in annual fuel costs, according to the EPA.

Fiat Chrysler posts $690M Q1 loss

If there is one thing that should be remembered when looking at quarterly and annual earnings, it's that the headline numbers rarely tell the whole story when it comes to an automaker's health. Chrysler's first-quarter earnings are just such an example.
Yes, the Auburn Hills-based manufacturer lost $690 million, which is quite a large sum of money. The reasons for the loss, according to Chrysler, were "Unfavorable infrequent items," which includes a $504 million payment to rid itself of the debts it took on for prepaying the UAW's VEBA healthcare trust. Chrysler was also hit with a $672 million charge to the UAW, which was part of a deal that allowed Fiat to purchase the remaining shares of Chrysler owned by the VEBA.
Ignoring those one-time deals, the first quarter was quite a successful one for Chrysler. It would have made $486 million if you erased the merger costs, which would have been a year-over-year increase of $320 million. Even more promising is the fact that Chrysler snagged the largest increase in market share of any automaker during Q1 at 1.1 percent, bringing its overall share to 12.7 percent of the US market. Chrysler saw a 30-percent improvement in sales of trucks and SUVs, along with an 11-percent increase in year-over-year sales and a 23-percent increase in revenue, to $19 billion.