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Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Fiat Chrysler's next-generation Uconnect is faster, built on Android

If you're a regular reader of Autoblog, you know that for a long time we've liked Fiat Chrysler's Uconnect infotainment system for its bright, clear, responsive touchscreen interface. Now, according to the company, it will be better than ever with Uconnect 5, the latest iteration of the system. It has upgraded hardware and a revamped graphic user interface (the stuff on the screen). Looking at sample screens shown above, there are characteristics shared with the old system, such as the time, status and shortcuts at the top and the menu icons at the bottom. In the middle, the major change is the addition of home screens that can be customized with favorite menus and readouts that are always available. Each of these home screens can have up to four functions and you can have five pages to flip through. The graphics themselves feature more legible fonts and updated icons. Each car brand will get its own set of icons, colors and textures to help create unique experiences. And while each Fiat Chrysler product will be able to have Uconnect, including Alfa Romeo that has until now lacked Uconnect, each brand has the ability to make small tweaks including the screen orientation. The system will support displays in landscape, portrait or square, so different brands may choose different shapes. Powering Uconnect 5 is a processor Fiat Chrysler says is six times more powerful than what's in current systems. It features 6 gigabytes of RAM and 64 gigabytes of internal storage. The processor also supports screens as large as 12.3 inches with as many as 15 million pixels, or nearly twice that of a 4K resolution TV. The system can display information on up to four screens, too. Uconnect 5's firmware is built on Google's Android operating system, joining a few other automakers in using Android as a base for their infotainment systems. Uconnect 5 brings with it a number of new features. It brings full Alexa integration, so you can use it just like you do at home, provided you have a data plan for the car. Apple CarPlay and Android Auto continue to be standard, but now they can be used wirelessly. You can also now connect two phones via Bluetooth wirelessly so you can access content from both. Navigation gets real time information and updates from TomTom. Users can create five profiles with unique climate, radio and instrument settings, plus one for a valet.

Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot