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Fiat Chrysler seeks $6.8 billion state-backed loan in Italy

MILAN — Italian Prime Minister Giuseppe Conte said on Saturday that Fiat Chrysler was entitled to apply for Italy's state-backed loans because the automaker employs thousands of people in the country, even though its legal base is located abroad. The Italian-American group confirmed on Saturday its Italian unit was working with Rome to obtain state guarantees on a 6.3-billion-euro ($6.8 billion) loan facility designed to help Italy's automotive industry, comprised of approximately 10,000 small and medium-size businesses. The coronavirus outbreak, which has hit Italy especially hard, slammed the brakes on demand for new vehicles and forced automakers to halt most production, burning cash. Fiat Chrysler Automobiles said in a statement that talks were ongoing with lender Intesa Sanpaolo for a three-year credit facility exclusively dedicated to the group's activities in Italy. Asked whether FCA, which has its legal headquarters in the Netherlands, could get a loan guaranteed by the Italian government, Conte said the group qualified. "We're not talking about the parent company, we're talking about the group's companies in Italy, which employ thousands of people," the prime minister said. FCA runs several plants and research and development centers in Italy, directly employing around 55,000 people. In addition, over 200,000 people work in Italy's 5,500 parts suppliers and 120,000 people in car dealers and service companies, with the automotive industry accounting for 6.2% of Italy's domestic product, FCA said. News that FCA was asking the Italian government for liquidity support had raised criticism. The ruling party PD's deputy president, Andrea Orlando, earlier on Saturday said on Twitter that if a company asked the Italian government for sizable financing, it had to bring back its legal base to Italy. The scheme is part of emergency measures the Italian government is making available to the country's businesses. It offers more than 400 billion euros' worth of liquidity and bank loans to companies hit by the pandemic. FCA said the state-backed credit facility it is seeking will have "the sole purpose of providing operational support for payments to Italian suppliers to support their liquidity and, at the same, supporting the restart of production and investment at Italian plants." The group has gradually restarted operations in Italy since the end of April. Related Video: Earnings/Financials Government/Legal Chrysler Fiat coronavirus

FCA under investigation for fraud by FBI, SEC, and DOJ

The US Justice Department is currently in the initial stages of investigating Fiat Chrysler Automobiles for fraud, according to two anonymous sources that spoke with Bloomberg. According to the unnamed sources, prosecutors are examining whether FCA violated US securities laws. As part of a coordinated investigation into FCA's sales reporting practices, investigators from the Federal Bureau of Investigation and the Securities and Exchange Commission visited the automaker's field staff in their offices and homes earlier this month, reports Automotive News. According to an anonymous source that spoke to Automotive News, federal staff attorneys visited FCA's US headquarters in Auburn Hills, MI on July 11. The unnamed source told the outlet that employees were advised to seek counsel before speaking with investigators. Investigators also visited the automaker's offices in Dallas, California, and Orlando, the unnamed source told Automotive News. The investigation comes after FCA claimed it had recorded the best month of sales in the US in the automaker's history in December with a total of 217,527 vehicles sold, reports Bloomberg. The claim now seems untrustworthy. According to a previous report from Automotive News, a Chicago-based dealership group filed a lawsuit against FCA earlier this year. The suit accused the automaker of paying dealers to fake new-vehicle sales. At the time, the automaker claimed the allegations were baseless and had no merit. After the lawsuit, FCA started to add an extended disclaimed at the end of its monthly sales reports, according to Automotive News. In a statement, FCA claimed that the automaker is cooperating with the SEC investigation and pointed out that it records "revenues based on shipments to dealers and customers, not on reported vehicle unit sales to end customers." We'll have more on the investigation as it unfolds. Related Video: News Source: Automotive News-sub.req., Automotive News-sub.req, Bloomberg, GIUSEPPE CACACE/AFP/Getty Images Government/Legal Chrysler Fiat FCA USDOJ investigation

Autoblog Minute: No strike, FCA and UAW reach tentative agreement

A union strike is avoided as the United Auto Workers reached a tentative agreement with FCA. Autoblog's Adam Morath reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] A union strike is avoided as the United Auto Workers reached a tentative agreement with FCA. I'm Adam Morath and this is your Autoblog Minute. The previous contract extension between the UAW and FCA expired at 11:59 pm on Wednesday, October the 7th. Had a new agreement not been reached, the UAW was set to strike at midnight. A zero hour tentative agreement was reached preventing a strike and now, [00:00:30] UAW leaders will convene for a vote on a new deal, Friday, October 9th. In a press release, the UAW said that terms of the new deal will be announced following the Friday vote. Check in with Autoblog as we continue to update reports as more details of the new labor deal come in. But in the meantime, work at FCA will go on. For Autoblog I'm Adam Morath. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. UAW/Unions Chrysler Fiat Autoblog Minute Videos Original Video FCA strike