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2017 Fiat 124 Spider First Drive

If you've been following the protracted birth of this car, you probably know the basics: The 2017 Fiat 124 Spider is a Mazda MX-5 in an Italian-designed suit. It's built in Japan, and it was engineered by Mazda but sports a Fiat engine – shared bones, different philosophies. A quick Miata aside: When we found out the latest MX-5 had less power than the NC-generation car that came before it, what got shouted down was the fact that it's significantly lighter, and it's also a damn riot to drive. It doesn't need more power, and we reaffirm this belief every time we get in one. I did just that, driving one to the airport to catch a flight to San Diego this week. With the MX-5's charms freshly in mind, I drove the 124 Spider in both basic Classica and posh Lusso trims on-road, ­and briefly sampled the sportier Abarth version at a long autocross-style cone course. What I really wanted to know is how much Fiat character found its way into the latest evolution of the Japanese interpretation of the classic European roadster. Whereas the MX-5 is stretched drum-tight over its hardpoints, the 124 Spider has an extended nose and tail; since the wheelbase is unchanged, this manifests in larger overhangs. To be generous, this body stretch increases the trunk space slightly and improves cooling to the turbocharged engine, which faces more significant heat-management challenges than Mazda's 2.0-liter. It also gave Fiat's designers some room to incorporate scallops for the LED-equipped headlights that recall the sealed beams on the original Fiat 124 Spider from 1966, those iconic twin power bulges on the hood, and an angular grille. Whether you consider the 124 to be attractive on its own, in comparison to the MX-5, or an appropriate homage to the original car is entirely subjective, but I'll weigh in with mixed feelings. Sharing a platform has its challenges, and recall that Fiat came into this development process late. This was supposed to be an Alfa Romeo, remember? How that affected the design process isn't clear, and no one would cop to it, but it seems that the Fiat-ization of the MX-5 didn't happen at a leisurely pace, nor on Fiat's terms. I think it's less handsome than the MX-5 in general, but in certain colors (and in the Abarth trim) it's a looker. The front end is especially handsome, and the character line that kicks up at the door handle adds some real interest to the profile.

Fiat seeking $10B in financing to buy Chrysler

As Fiat looks to become the full owner of Chrysler, all it has standing in its way is the retiree trust of the United Auto Workers, which currently holds the remaining 41.5 percent of the company as the result of the Pentastar's bankruptcy deal. The Detroit News is reporting that that Fiat is currently talking to numerous banks in an attempt to raise around $10 billion to fund the purchase of Chrysler's remaining stake with enough left over to refinance the debt of both companies. We've known that Fiat has been working to obtain the capital to buy out Chrysler for some time now, but this is the first time we've seen Fiat tip its hand about how much cash it thinks it will need to close the deal.
The first order of business is a legal dispute over the value of the UAW's stake in Chrysler, which the report indicates could cost Fiat around $3.5 billion. The acquisition of remaining shares could happen by this summer, but it sounds like CEO Sergio Marchionne (above) might not be ready for a full merger until next year.

Montezemolo steps down, Marchionne steps up as chairman of Ferrari

If the history of an automaker is divided up by the mandate of its leadership, then this is surely the end of an era for Ferrari. After repeatedly locking horns with Fiat Chrysler CEO Sergio Marchionne over a variety of issues, longtime Ferrari chairman Luca di Montezemolo has announced his resignation.
Montezemolo has a long history with both Fiat and Ferrari. He started his career at the former before moving over to the latter in 1973 (only a few years Fiat took over half of Ferrari), starting out as Enzo Ferrari's assistant. He was appointed head of the Scuderia the following year, driving the team to success and subsequently taking over all of the Fiat group's racing activities. After the Prancing Horse marque struggled in the wake of its founder's death in 1988, Montezemolo was appointed to take it over in '91 and has been at the helm ever since.
Following Fiat chairman Gianni Agnelli's passing in 2003, both Montezemolo and Marchionne were named to the Fiat board. A year later, after the passing of Gianni's younger brother Umberto, Montezemolo was named chairman of the Fiat Group (to be succeeded six years later by Agnelli heir John Elkann) and Marchionne its chief executive.