10.24 0.00 (0.00%)
After hours: 6:48PM EDT
|Bid||10.03 x 1400|
|Ask||10.31 x 4000|
|Day's range||10.09 - 10.31|
|52-week range||6.00 - 16.25|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||4.42|
|Forward dividend & yield||N/A (N/A)|
|1y target est||12.00|
Reducing or canceling the 5.5-billion euro ($6.2 billion) special dividend would allow Fiat (FCAU) to hoard cash at a time when the coronavirus pandemic has crippled the auto industry.
Ford Motor Co <F.N> on Monday rolled out the product and marketing strategy for its new family of Bronco SUVs designed to take a bite out of Fiat Chrysler Automobiles' <FCHA.MI> <FCAU.N> profitable Jeep franchise. Ford's Bronco lineup, launching later this month, will include two- and four-door models, as well as a smaller Bronco Sport. The vehicles' boxy looks, their new bucking bronco logo, a "Bronco Nation" online fan club along with the "Built Wild" marketing campaign are all part of Ford's plan to muscle into the lucrative off-road adventure segment that Jeep has dominated for decades.
Fiat Chrysler Automobiles said the terms of its alliance with Peugeot SA had not changed after Il Sole 24 Ore reported that it is considering ways to cut a planned 5.5 billion euro of special dividend distribution to its shareholders.
Fiat Chrysler (FCA) and PSA said on Friday they were sticking to the merger plan signed last year after a newspaper said the carmakers were looking at spinning off assets to cut a planned 5.5 billion euro ($6.2 billion) cash payout to FCA shareholders. A spokesman for FCA dismissed the report on possible changes to the dividend in Italian business daily Il Sole 24 Ore, while PSA said it remained "lucid in the face of the regular speculations to which this merger project is subject". "The structure and terms of the merger are agreed and remain unchanged," the FCA spokesman said.
(Bloomberg) -- General Motors Co. and Fiat Chrysler Automobiles NV heaped praise on U.S. consumers after their quarterly sales held up better than analysts expected and left dealerships with lean vehicle inventory.Deliveries dropped 34% for GM and 39% for Fiat Chrysler, both better than projected. Although Toyota Motor Corp. narrowly missed estimates, its decline tempered toward the end of the quarter, with June sales falling 27%.“This quarter demonstrated the resilience of the U.S. consumer,” Jeff Kommor, head of U.S. sales for Fiat Chrysler, said in a statement. “Retail sales have been rebounding since April as the reopening of the economy, steady gas prices and access to low interest loans spur people to buy.”Automakers are overcoming a decimation of demand from rental-car companies that have sworn off purchases in the wake of the coronavirus outbreak that has hammered the travel industry. Retail sales actually jumped the last two months for Hyundai Motor Co. in an extreme example of how quickly consumers are returning to showrooms.“We’ve learned a great deal in the past 90 days,” said Randy Parker, U.S. sales chief for Hyundai, which in March reinstated a job-loss assurance incentive program. “It has given us the confidence to fight our way through the pandemic.”Hyundai is making as much as six months of payments for customers who buy or lease through its finance unit and lose their job. Ford Motor Co. has started a similar program, covering up to $15,000 of vehicle owners’ remaining balance if they need to return their car or truck.Uncertain OutlookGM is beginning the second half of the year with tight inventory of pickups. Supplies were depleted by a 40-day labor strike in the second half of last year, and the automaker has run low again the last few months due to factory shutdowns related to Covid-19 containment measures.The largest automaker by U.S. sales has raced to get production lines back to pre-virus levels even as it cautions there could be fresh setbacks ahead.“We expect continued sales recovery as businesses ramp back up, but recognize that the path forward may not be linear,” Elaine Buckberg, GM’s chief economist, said in a statement. “Rising infections in many states may lead to steps backward in the reopening process.”GM shares dipped 1% as of 2 p.m. Wednesday in New York trading, while Fiat Chrysler was down 3.8%. Ford will publicly release sales results on Thursday.(Updates with Hyundai executive’s comment in the fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
"This quarter demonstrated the resilience of the U.S. consumer," said Jeff Kommor, head of U.S. sales at Fiat Chrysler Automobiles NV (FCA) <FCHA.MI> <FCAU.N>, as the automaker reported a 39% slump in sales for the second quarter. Scott Fink, CEO of Fink Automotive Group, which has two Hyundai stores and single Chevrolet, Volkswagen and Mazda dealerships in the Tampa, Florida area, said his sales in June were "pretty good," but he was concerned about "hot-bed states like where I am."
(Bloomberg) -- A meeting between the chief executives of General Motors Co. and Fiat Chrysler Automobiles NV was put on hold after a federal appeals court blocked a judge’s order requiring them to confer face-to-face to resolve a lawsuit.U.S. District Judge Paul Borman in Detroit last week told GM’s Mary Barra and Fiat Chrysler’s Mike Manley to talk in person by July 1 to try to resolve the lawsuit over bribes paid to union officials, which he called a “waste of time and resources” during the coronavirus pandemic. He scheduled a videoconference with the two CEOs for that day to get an update on the talks.GM asked the U.S. Court of Appeals in Cincinnati to overturn Borman’s ruling and reassign the case to another judge. The court on Monday put a temporary hold on his order while it considers GM’s petition. GM said in a statement that it looked forward to the court’s review.Fiat Chrysler said in a filing after the ruling that courts have the authority to direct parties to engage in settlement talks and regularly do so.Read More: GM Rejects Judge’s Notion Fiat Lawsuit as a ‘Waste of Time’In addition, it said, while GM may be unhappy about questions Borman asked during arguments before his ruling, that doesn’t warrant his removal from the case. Fiat Chrysler noted that GM had asked to have the judge assigned in the first place, given his experience with the criminal cases that gave rise to its suit.“As we have said from the date this lawsuit was filed, it is meritless and FCA will continue to defend itself vigorously and pursue all available remedies,” the company said in a statement.Nine union and Fiat Chrysler leaders were jailed as a result of a federal corruption probe. In the suit, GM claims its rival got better contracts than competing automakers by bribing union officials. The added labor expenses increased GM’s costs by billions of dollars, the company claims.GM also alleges that the bribes pushed union officials to go along with a proposed merger between the two automakers that former Fiat Chrysler CEO Sergio Marchionne wanted but GM rejected. Fiat Chrysler Chairman John Elkann has publicly denied the allegations.(Updates with Fiat Chrysler filing and comment)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A U.S. appeals court on Monday stayed a lower court's order requiring officials from General Motors Co and Fiat Chrysler Automobiles to resolve GM's racketeering lawsuit. "In order to provide sufficient time to consider the matters raised in GM’s petition, and having considered the relevant factors, we conclude that a temporary stay is appropriate," the Sixth Circuit Court of Appeals said in a court filing. GM said in a statement that it looked forward to the appeals court's review and decision.
General Motors Co <GM.N> on Friday asked a U.S. appeals court to allow it to continue pursuing its civil racketeering suit against rival Fiat Chrysler Automobiles NV <FCAU.N> <FCHA.MI>, rejecting a lower court judge's belittling of the complaint. The automaker's filing with the Sixth Circuit Court of Appeals comes less than a week after U.S. District Court Judge Paul Borman called GM's suit against Fiat Chrysler a "waste of time and resources" at a time when both automakers should be focused on surviving the coronavirus pandemic. Borman ordered GM Chief Executive Mary Barra and Fiat Chrysler CEO Mike Manley to meet by July 1 to negotiate a resolution.
A merger between Fiat Chrysler and Peugeot maker PSA to create the world's fourth largest carmaker is the best way for the two companies to weather the coronavirus crisis, the Italian-American group's chairman said on Friday. Echoing similar comments from PSA Chief Executive Carlos Tavares on Thursday, FCA Chairman John Elkann told shareholders the COVID-19 crisis had not delayed plans to finalise the tie-up by the first quarter of next year. "The excellent rapport that has been established in these months, also at a personal level, with (PSA Chairman) Louis Gallois, Carlos Tavares and their teams is strong evidence of our shared vision, determination and purpose."
The automaker unveiled the all new version of America’s top selling vehicle at an online event on Thursday night, claiming the new all F-150 is targeting the most “towing, payload, torque and horsepower of any light-duty full-size pickup,” all the while providing a completely new interior and technology package, updated exterior styling, and productivity tools like an integrated power generator, and tailgate that doubles as a workbench.
Waymo's self-driving software footprint is expanding — this time in a partnership with Volvo Car Group. The two companies announced Thursday an "exclusive" partnership to integrate Waymo's self-driving software into a new electric vehicle designed for ride-hailing. Volvo and Waymo provided few details on the partnership and what this might actually look like except that the companies "will first work together to integrate the Waymo Driver into an all-new mobility-focused electric vehicle platform for ride hailing services."
PSA Chief Executive Carlos Tavares is confident a $50 billion (£40 billion) merger of the maker of Peugeot vehicles with Fiat Chrysler (FCA) will proceed as planned and deliver synergies of at least 3.7 billion euros (£3.3 billion). The deal to create the world's fourth-largest carmaker has become even more vital because of the impact of the coronavirus crisis and to speed up cost savings, Tavares told PSA's <PEUP.PA> annual shareholder meeting on Thursday. "The merger with FCA <FCHA.MI> is the best among the solutions to cope with the crisis and its uncertainties."
Italy has approved a decree offering state guarantees for a 6.3-billion euro ($7.1 billion) loan to Fiat Chrysler's (FCA) Italian unit, the Treasury said on Wednesday, paving the way for the largest crisis loan to a European carmaker. The formal announcement follows an endorsement by the country's audit court and brings to an end a lengthy approval procedure for the loan, which has drawn criticism in Italy. By providing state support, Rome "aims to preserve and strengthen the Italian automotive supply chain," Economy Minister Roberto Gualtieri said in a statement.
A federal judge in Detroit on Tuesday ordered the chief executives of automakers General Motors Co and Fiat Chrysler Automobiles NV (FCA) to meet by July 1 to try to resolve GM's racketeering lawsuit. U.S. District Court Judge Paul Borman called on GM CEO Mary Barra and FCA CEO Mike Manley to meet in person to try to resolve a case that could drag on for years.
Fiat Chrysler (FCA) is very close to obtaining the necessary authorisations to receive a 6.3 billion euros ($7.1 billion) state-backed loan from Intesa Sanpaolo, an executive at the bank said on Tuesday. FCA's Italian division has tapped Rome's COVID-19 emergency financing scheme to secure a state-backed, three-year facility to support the group's operations in the country as well as Italy's car sector, in which about 10,000 businesses operate. "We are waiting for the green light from the Economy Ministry, after that, from the audit court," Mauro Micillo, head of Intesa's corporate and investment banking unit said during a presentation.
Fiat Chrysler (FCA) <FCHA.MI> is very close to obtaining the necessary authorisations to receive a 6.3 billion euros (£5.7 billion) state-backed loan from Intesa Sanpaolo <ISP.MI>, an executive at the bank said on Tuesday. FCA's Italian division has tapped Rome's COVID-19 emergency financing scheme to secure a state-backed, three-year facility to support the group's operations in the country as well as Italy's car sector, in which about 10,000 businesses operate. "We are waiting for the green light from the Economy Ministry, after that, from the audit court," Mauro Micillo, head of Intesa's corporate and investment banking unit said during a presentation.
(Bloomberg) -- A PSA Group shareholder is calling for the French carmaker to change the terms of its merger with Fiat Chrysler Automobiles NV to reflect the downturn in the global auto industry and the Italian-American manufacturer’s declining prospects.Six months after striking a deal to combine, the two companies’ fortunes have diverged, Paris-based Phitrust said in a statement ahead of Peugeot-maker PSA’s annual meeting on June 25 and Fiat’s the following day. “Even back in December 2019, the respective situations of each group didn’t justify a 50-50 merger,” it said.The auto sector has undergone a seismic shift since the two carmaking dynasties unveiled plans to combine into the world’s fourth-biggest producer. The coronavirus pandemic shut factories and dealerships across the globe, leading to a sales collapse.While Fiat Chrysler is poised to get a state-backed 6.3 billion-euro ($7.1 billion) credit facility in Italy, PSA Chief Financial Officer Philippe de Rovira has said the French company wants to be “as free as possible of public dependence.”PSA shares rose 1.2% in early trading Tuesday, while Fiat gained 0.9%, taking losses for both stocks to about 35% since the start of the year.PSA’s strong balance sheet and cost cutting have helped it weather the slump, while Fiat Chrysler’s finances appear increasingly fragile, Phitrust said.“PSA didn’t burn through cash since the start of the year the way FCA did,” Olivier de Guerre, head of Phitrust, said by phone on Monday. He added the combined company also faces complications from an expected post-merger restructuring in Europe.A spokeswoman for PSA declined to comment on the critique, but pointed to the groups’ joint statement last week in which they said preparations for the merger are advancing as planned. Fiat Chrysler didn’t respond to a request for comment. PSA and Fiat Chrysler already have revised one aspect of the merger. They scrapped the 1.1 billion-euro dividends each agreed to pay as part of their agreement, citing the negative impact of the Covid-19 crisis.Their deal also included a plan for Fiat Chrysler to distribute a 5.5 billion-euro special dividend. The companies haven’t provided details on that payment since the outbreak. PSA plans to distribute to its own investors its 46% stake in car-parts maker Faurecia SE, whose shares have dropped by about a third since the start of the year.(Adds shares in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Italy is close to unveiling the approval of guarantees for a 6.3 billion euro ($7 billion) financing of Fiat Chrysler (FCA), two sources familiar with the matter said, paving the way for the largest crisis loan for a European carmaker. FCA's Italian division has tapped Rome's COVID-19 emergency financing schemes to secure a state-backed, three-year facility to support the group's operations in the country as well as Italy's car sector, in which about 10,000 businesses operate. The loan would be disbursed by Italy's biggest retail bank Intesa Sanpaolo, which has already authorised it pending the approval of guarantees the government will provide on 80% of the sum through export credit agency SACE.
Italy is close to unveiling the approval of guarantees for a 6.3 billion euro (5.67 billion pounds) financing of Fiat Chrysler (FCA) <FCHA.MI>, two sources familiar with the matter said, paving the way for the largest crisis loan for a European carmaker. FCA's Italian division has tapped Rome's COVID-19 emergency financing schemes to secure a state-backed, three-year facility to support the group's operations in the country as well as Italy's car sector, in which about 10,000 businesses operate. The loan would be disbursed by Italy's biggest retail bank Intesa Sanpaolo <ISP.MI>, which has already authorised it pending the approval of guarantees the government will provide on 80% of the sum through export credit agency SACE.
The EU is concerned about competition in the van market as Peugeot owner PSA and Fiat Chrysler plan to become the world's fourth biggest carmaker.
Italy's Treasury has taken a further step towards approving a state guarantee for a 6.3 billion euro (£5.7 billion) loan for Fiat Chrysler's <FCHA.MI> Italian unit, a government source told Reuters on Wednesday. The request for state support on such a large loan sparked controversy in Italy as Fiat Chrysler (FCA) is legally headquartered in the Netherlands.
Fiat Chrysler and Peugeot maker PSA's proposed merger may harm competition in small vans in 14 EU countries and Britain, EU antitrust regulators said on Wednesday as they opened a four-month investigation into the deal. The deal will put the Italian-American carmaker's brands including Fiat, Jeep, Dodge, Ram, Maserati and the French company's Peugeot, Opel and DS all under one roof. The European Commission said it was concerned about the merged company's high market share in small vans, confirming a Reuters story on June 8.