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Fiat and UAW back at negotiating table over Chrysler stake

We knew there'd be no Chrysler IPO before the end of this year, but Fiat is determined to get the best run going into 2014 and is back at the poker table with the UAW. The delay was said to be Chrysler's desire to clean up a tax issue with the IRS; turns out that also bought the carmaker time to try and close a deal for the UAW's 48.5-percent stake in the company before the IPO happens.
Whereas the price Chrysler was willing to pay was once more than $1 billion under the UAW's asking price, the gap has closed to just $800 million of late. A recent valuation of the company at $10 billion - a valuation the UAW has disputed - means Fiat would be looking to pay about $4.2 billion instead of the $5 billion that the UAW seeks. But the UAW needs to hold out for the highest amount it can get because its pension obligations through the Voluntary Employee Benefit Association (VEBA) are $3.1 billion greater than the VEBA's assets, which include the Chrysler stake.
There's a clause in the agreement that Fiat can buy the VEBA shares for $6 billion, but Fiat CEO Sergio Marchionne has said that the UAW "should buy a ticket for the lottery" if they even want $5 billion. The UAW, though, has more time to wait; it's Fiat that wants access to Chrysler's $11.9-billion war chest and that would like to avoid the risk of paying the full $6 billion for the UAW share if the float really takes off. With other valuations of Chrysler as high as $19 billion, a hot IPO could make that $6 billion look like a bargain.

Chrysler says its 8-speed transmissions will save 700 million gallons

Chrysler Group's TorqueFlite eight-speed transmission could be earning some serious green bragging rights if the company's projections are correct. The recently widely proliferated automatic gearbox, which is now in more than a million vehicles around the world, is poised to save drivers an estimated 700+ million gallons of fuel over the vehicles' lifetimes (an expected cost savings of $2.5 billion). In addition, Chrysler expects a reduction in CO2 emissions by more than six million metric tons. According to Chrysler, and depending on the vehicle, the TorqueFlite can improve fuel economy. The TorqueFlite autobox features particularly close ratios from fifth to eighth gear (see the press release below for the specific numbers), and uses low-viscosity fluid that doesn't need to be replaced. Transmission software adapts to the driving situation to optimize efficiency based on driver behavior, temperature, grade, stability control, and longitudinal and lateral acceleration. The TorqueFlite is capable of handling a variety of duties. As evidenced by the wide range of vehicles Chrysler Group has seen fit to equip with the eight-speed transmission, the TorqueFlite is capable of handling a variety of duties. Since its 2012 introduction, the TorqueFlite has gone from performing cog-swapping duties in Dodge Charger and Chrysler 300 models equipped with the 3.6-liter Pentastar V6 to changing gears in vehicles such as the Pentastar- and Hemi-powered Dodge Durango, Jeep Grand Cherokee and even the Ram 1500 EcoDiesel. For the 2015 model year, the eight-speed is finding its way into even more vehicles with the addition of a third version. In addition to the American-made TorqueFlite 845RE and 8HP70, the new 8HP90 will be manufactured in Saarbrucken, Germany. The 8HP90 is designed for higher torque loads, making it ideal for high-performance vehicles like the 2015 Dodge Challenger SRT Hellcat. The already-in-use 8HP70 will expand its duties to be used in 2015 Hemi models such as the Dodge Charger, Challenger, and Challenger SRT8. You can see the list of those benchmarks in Chrysler's press release below.

Waymo heads to Atlanta to test its self-driving cars

Waymo continues to expand the pool of locations where it's testing its autonomous vehicle tech, and the latest destination is metro Atlanta. The former Google self-driving car company revealed the news on Twitter, noting that it's expanding considerably its geographic testing footprint now that it's got fully driverless test vehicles on the road in Phoenix. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Its test cars in cities outside of Arizona still have safety drivers at the wheel, but the more places it can get its Pacificas with autonomous tech on roads, the better for building an autonomous driving "brain" that can handle anything it encounters. Atlanta has some specific challenges, including bad traffic (commute and traffic issues are ranked among the worst locations in the U.S.) and one of the more dense greater metro areas in the U.S., and temperatures that regularly reach a humid 80+ degrees Fahrenheit. Metro Atlanta marks Waymo's 25th test city in total, including its recent return to San Francisco. Its testing so far has consisted of mapping the city with manually driven Waymo vehicles ahead of launching its testing program in full. A Waymo spokesperson provided the following statement to TechCrunch regarding the expansion: Now that we have the world's first fleet of fully self-driving cars on public roads, we're focused on taking our technology to a wide variety of cities and environments. We're looking forward to our testing in Metro Atlanta, and the opportunity to bring this lifesaving technology to more people in more places. Georgia Governor Nathan Deal also provided the statement below: With our talented workforce and legacy of innovation, Georgia is at the forefront of the most dynamic, cutting edge industries like autonomous vehicles. We are thrilled to welcome Waymo to our state because fully self-driving vehicle technology holds tremendous potential to improve road safety, and we are proud Georgia is paving the way for the future of transportation. Reporting by Darrell Etherington for TechCrunch.Related Video: Image Credit: Waymo Green Chrysler Technology Emerging Technologies Autonomous Vehicles Waymo