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Fiat set to invest $12B on new models, stop Euro losses in 3 years

Naturally, you'd expect a massive automaker like Fiat to have an in-depth plan to exit the current European-market doldrums, and you'd expect that plan to include plenty of new vehicles to attract those precious buyers that still remain despite the financial downturn. And you'd be right, though Fiat does seem to have a few unexpected twists up its corporate sleeve.
Perhaps the biggest shocker is a report that Fiat will completely drop the Punto, a car with mass-market appeal aimed at small-car buyers cross-shopping the popular Volkswagen Polo. Its replacement will be a five-door Fiat 500 aimed at upmarket buyers (sounds awfully similar to the 500L) that will be built in Poland. Lower-end customers will reportedly be served by variants of the Fiat Panda.
Borrowing a page from the BMW, Daimler and Volkswagen playbook, reports Automotive News, Fiat is said to have plans to reignite production at its Italian factories by retooling them to build high-end vehicles from Maserati and Alfa Romeo. These will be marketed as premium products, built by skilled Italian workers (who are paid wages that are 75-percent higher than those building Fiats in Poland), and will be sold around the world.

Chrysler purchases remaining shares from VEBA Trust, announces funding plan

It's official: The Detroit Three is now The Detroit Two and The Fiat Subsidiary, Chrysler. Both the Italian carmaker and The Pentastar announced the completion of cash payments and a Memorandum of Understanding (MOU) on future payments necessary to make the Chrysler Group a wholly-owned subsidiary of Fiat. As previously detailed, Chrysler made a cash payment of $1.9 billion and Fiat North America made a cash payment of $1.75 billion to the Voluntary Employment Benefit Association (VEBA) run by the United Auto Workers union.
On top of that, Chrysler Group signed an MOU that agrees to payments of $700 million to the VEBA in four installments, the first of which was made concurrently with the other cash payments. And for you trivia mavens, the full name of the UAW is the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America. So go impress your loved ones with that nugget after you check out the press release below.

Lapo Elkann calls out Renault Twingo for copying Fiat 500 [w/poll]

Small cars are becoming big business, especially for European automakers that are amping up the style. But is each new Euro city car's style unique?
Lapo Elkann is calling that into question. The brother of Fiat chairman John Elkann and the grandson of his late predecessor Gianni Agnelli is known as much as a style icon as he is for his work within the Fiat Group, which he has served in various capacities. He's combined the two by birthing various special editions of the Fiat 500 like the Gucci edition (to say nothing of his own denim-clad Ferraris), but now his eye is fixed on another European city car: the new Renault Twingo.
Posting photos of both vehicles on his Facebook page, Lapo is calling Renault out for what he sees as copying the Cinquecento's design.