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Tag: Fiat

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Fiat exercises option to buy additional 3.3% of Chrysler shares

Purchase brings closer a merger of the two automakers
Fiat today exercised an option to raise its stake in Chrysler by 3.3 percent. The move is part of CEO Sergio Marchionne’s step-by-step purchases intended to lead to full control of Chrysler and the creation of a merged company that would be able to compete better with industry leaders Toyota, General Motors and Volkswagen. Fiat has been exercising options since mid-2012 to buy holdings of about 3.3 percent from the VEBA, a medical-benefits trust for the U.S. carmaker’s retirees. Including today’s purchase, Fiat has exercised three of its six-monthly options, increasing its stake to 68.49 percent. Fiat has said it wants full control of Chrysler, which would give it access to some of Chrysler’s cash flow for investments in new models. Chrysler has become Fiat’s most reliable profit generator as the Italian company struggles to end losses in Europe that totaled 704 million euros ($903 million) in [...]
Chrysler buyers and the American Auto Industry got a shot of adrenalin earlier this week.  Because of the U.S Treasury’s recent move to provide Chrysler Financial with up to $1.5 billion in loan dollars, the lender will now offer 0% financing on select Chrysler, Jeep and Dodge models. Qualified new vehicle buyers can apply for 0% interest for up to 60 months on ’08 and ’09 model-year Jeep Grand Cherokee, Commander, Wrangler, Chrysler Town & Country, 300,  Dodge Grand Caravan, Charger, Magnum, Ram Pickup, Ram HD, and Challenger. Chrysler vice chairman and president Jim Press had this to say about the announcement, “From both a customer and dealer perspective, it is exciting news that the Treasury Department is providing funding to Chrysler Financial. Now our customers, including those with scores in the 620 range, will be able to apply for affordable loans and our dealers [...]
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