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Fiat board makes Chrysler merger official, approves $5.4B bond sale

Fiat's board of directors has officially approved the merger plan that will see the conglomerate's automotive operations merged with Chrysler into the new Fiat Chrysler Automobiles.
The plan essentially provides a road map for the structure of the new company. It includes provisions for Fiat shareholders - one Fiat share will translate to one share of FCA common stock. The new company will also include a loyalty voting structure, which will provide for shareholders of Fiat stock or those that have held FCA stock for at least three years. According to the plan, these shareholders would see their voting power double, with two votes for every share of FCA's common stock. The overall merger plan still needs to be approved by the company's shareholders.
In other Fiat-related news, the company's board has announced a bond issuance of four billion euro ($5.4 billion). The new bonds should provide the company with a degree of flexibility in refinancing debts associated with the merger plan.

May 2016: FCA wins, Ford and GM stumble on weak car volumes

The May 2016 sales numbers are in, and it looks as though FCA is getting some vindication for boldly cancelling two slow-selling car models. Meanwhile, Ford saw overall sales dip and GM's May volume took a big dive versus the same month in 2015. While Marchionne's decision to axe the Chrysler 200 and Dodge Dart has drawn criticism as being short-sighted, it's working for FCA so far. Although the Dart and 200 aren't out of production yet and no capacity has been shifted to crossover or trucks, May's numbers show that the emphasis on Jeep and Ram models makes sense right now. FCA's US sales rose 1 percent last month compared to May 2015, putting the year-to-date total at 955,186 vehicles, an increase of 6 percent compared to the same period last year. Standouts included the Jeep Renegade, Compass, and Patriot, and the Fiat 500X. Ram pickup sales were down 3 percent. And your fun fact is that Alfa Romeo sales were up precisely 10 percent, for a total of 44 4Cs sold versus 40 in the same month last year. At FoMoCo, the Ford brand took a hit to the tune of 6.4 percent from May 2015 to 2016, registering 226,190 sales last month. Lincoln showed improvement on its modest numbers, going from 9,174 to 9,807, a 6.9 percent increase. Overall, Ford was down 5.9 percent for the month to 235,997; despite the slump, year-to-date total Ford sales are up 4.2 percent to 1,112,939. Strong sellers included Escape, Expedition, F-Series, and Transit - big stuff. Most small and/or efficient models (Fiesta, Focus, Fusion, C-Max) saw sales slides. Fusion sales were also down, likely due to effects of model changeover to the freshened 2017 model. Ford has promised four new crossovers and SUVs by 2020 and if things keep trending this way the company will be able to sell them, but things could change in the next four years. GM saw the worst of it for domestic brands. Retail and fleet sales were down for each of the four divisions, with the May 2016 total dropping 18 percent to 240,450 vehicles. GM's year-to-date sales are down 5.0 percent in 2016 to 1,183,705. Both the Sierra and Silverado were down significantly, and the majority of Chevy, Buick, GMC, and Cadillac nameplates saw sales decreases, with both small cars and larger utilities included. Not even big stuff could help GM this month, it seems. We'll have more on the rest of the industry's May sales as those figures trickle in.

Pininfarina launches Classiche certification program for vintage cars

Pininfarina is focused on its future as a carmaker, but it's not forgetting about its past as a design house and contract manufacturer. The brand launched a certification program called Pininfarina Classiche that aims to give enthusiasts valuable details about their vintage car. Only two cars will initially be certifiable by Pininfarina: the four evolutions of the Alfa Romeo Spider built between 1966 and 1993 and the different versions of the Fiat 124 Spider sold from 1966 to 1985. Pininfarina designed both roadsters, and it notably took over production and sales of the Fiat model in 1982. American sales of the Pininfarina-badged Spider started for 1984 following Fiat's exit from our market. The certification service aims to provide collectors with production-related data about their car. This includes the chassis number, the market it was built for, the original paint and upholstery colors, the date that the car left Pininfarina's factory, as well as any and all other details that are available, such as the engine number and, for convertibles, the color of the soft top. Pininfarina notes that it waited until 2024 to offer this service because providing it required cataloging its archives, which took about two years, and using an archive management software. Enthusiasts who want to get their car certified need to reach out to Pininfarina. The firm will look through its archives and give the customer a list of what's available. The certification costs ˆ400 (about $430) for cars built before 1980 and ˆ300 (around $330) for post-1980 models.  Pininfarina has designed and built dozens of cars since its inception in 1930, and it plans to expand its Classiche service in the near future. It notes that its archives department includes production serial numbers for over 700,000 cars and more than 20,000 historical documents such as design sketches, technical blueprints, photos taken on the assembly line, and correspondence with the carmakers it worked with. Related video: Featured Gallery Pininfarina classics View 11 Photos Alfa Romeo Fiat Convertible Classics PininFarina