MILAN, Oct 9 (Reuters) – Fiat Chrysler Automobiles (FCA)
could sell up to $830 million worth of shares to boost
its finances and increase trading in the stock after it lists on
Wall Street next week, according to Reuters’ calculations.
Fiat completed the full buyout of its U.S. unit Chrysler
this year and is now incorporating all of its businesses under
Dutch-registered FCA. A U.S. listing of the world’s
seventh-biggest auto group is scheduled for Monday.
PARIS (Reuters) – Fiat Chrysler Automobiles (FCA) (FIA.MI: Quote, Profile, Research, Stock Buzz) has no need for a capital increase to fund its ambitious five-year growth plan, Chief Executive Sergio Marchionne said on Thursday.
Marchionne said, however, the board of the newly-merged company would examine all capital-boosting options, including taking on more debt, a mandatory convertible bond and a possible capital increase, at the end of the month.
PARIS (Reuters) – While rivals roll out new models and concept cars, Fiat has little to show at the Paris auto show besides another variant of its retro-styled 500 compact car, in what is starting to look like a worrying trend for the carmaker’s namesake brand.
Following the full takeover of U.S. unit Chrysler, the newly-named Fiat Chrysler Automobiles (FCA) has set out an ambitious growth plan focused on its upmarket Alfa Romeo, Maserati and Jeep brands.
PARIS (Reuters) – Toyota Motor Corp expects to ride out the worst effects of the slump in Russia’s car market, a senior executive said at the Paris auto show, and is sticking to its target of increasing sales to a million vehicles in Europe next year.
Though Russia’s car sales this year could drop to their lowest level since the financial crisis as Western sanctions over Ukraine weaken the economy further, Toyota says its focus on higher-end vehicles will help to keep its Russian numbers steady this year.
MILAN/TOKYO, Sept 19 (Reuters) – Mitsubishi Motors
will produce a new pickup for Fiat from 2016 in a deal
to boost the Italian carmaker’s commercial vehicle sales and
raise output at the Japanese company’s plant in Thailand.
According to a non-binding memorandum of understanding
unveiled on Friday, the companies will team up to develop and
manufacture the pickup which would be supplied by Mitsubishi and
based on its best-selling model, the L200.
FRANKFURT, Sept 17 (Reuters) – Car sales in Europe rose in
August but analysts and executives pointed to a heavy reliance
on government incentives in Spain and a fall in sales in big
markets Germany, France and Italy as signs a European recovery
may be faltering.
Mass-market carmakers Volkswagen, Ford and
Opel all made gains, while premium makers BMW,
Mercedes-Benz and Audi lost ground.
BALOCCO Italy (Reuters) – Fiat Chrysler (FIA.MI: Quote, Profile, Research, Stock Buzz) CEO Sergio Marchionne said on Thursday he saw no reason at present to review the carmaker’s 2014 financial guidance despite tough European and Latin American markets.
After Fiat’s poor second-quarter results, analysts were widely expecting a cut in full-year guidance. For 2014, the auto group expects to raise operating profit, excluding one-off items, by as much as 14 percent.
MILAN (Reuters) – Ferrari chairman Luca Cordero di Montezemolo is quitting the Italian sports car maker to be replaced by the boss of parent group Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz), Sergio Marchionne, after the two auto industry heavyweights clashed over strategy and the Formula One team’s poor results.
Long-serving Montezemolo, a protégé of Fiat’s founding Agnelli family, will formally step down on Oct. 13, the day that Marchionne plans to list the newly merged Fiat Chrysler Automobiles (FCA) in New York, Fiat and Montezemolo said in separate statements.
MILAN (Reuters) – Sergio Marchionne has shown he is determined to let nothing stand in the way of Fiat’s merger with Chrysler, but a share price slide may yet force the CEO to hit the brakes on plans to turn the world’s No. 7 carmaker into a top player.
Fiat bought out Chrysler at the start of 2014 and both operate as one firm. Marchionne now plans to merge them into a single legal entity Fiat Chrysler Automobiles (FCA) to boost the firm’s global clout and pave the way for a U.S. listing he says is key to help fund a 48-billion euro ($64 billion) growth plan.
MILAN/DETROIT (Reuters) – Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) Chief Executive Sergio Marchionne on Wednesday blamed overblown press reports and a “lack of understanding” of the merger with its U.S. unit Chrysler for a share sell-off that threatens to blow the planned tie-up off course.
Marchionne wants to incorporate the two carmakers into Dutch-registered entity Fiat Chrysler Automobiles (FCA), paving the way for a U.S. listing key to help fund an ambitious investment plan at the world’s No.7 auto group.