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Fiat Chrysler Automobiles NV (FCAU)

  • Dec. 8, 2014, 7:46 AM
    • Detroit automakers (F, GM, FCAU) are likely to face an intense standoff with the UAW next summer as a new contract is negotiated amid an overall improved pace of sales in the industry.
    • Labor:Though union workers have participated in the industry recovery through profit sharing arrangements, the UAW plans to ask for hourly wage increases across the board.
    • Management: The Big Three will look to keep a two-tier wage system that allows them to hire workers at an entry level. The group has also learned from the painful mistakes it made in the past.
    • What to watch: The UAW has a little more firepower in its back pocket with the ability to strike at Chrysler and GM with bailout restrictions gone.
  • Dec. 5, 2014, 2:32 AM
    • Fiat Chrysler (NYSE:FCAU) shares are 3.7% lower in AH trading after it announced plans of new offerings, including 87M common shares (valued at $1.15B based on Thursday’s closing price) and $2.5B in mandatory convertible securities.
    • The move is aimed at raising fresh capital to pay down debt and bankroll a costly new-model development plan.
    • Fiat Chrysler also plans to offer an overallotment of 13M common shares and another $375M in convertible notes if its initial sales generate enough demand to warrant an additional offering.
    • Previously: Fiat selling 87M shares, $2.5B in convertible securities
  • Dec. 4, 2014, 5:40 PM
    • Fiat Chrysler (NYSE:FCAU) is is selling 87M shares through a public offering, and giving underwriters a 13M-share overallotment option.
    • The offering consists of "common shares currently held by FCA as treasury shares and additional common shares that FCA intends to issue to replenish the share capital canceled in accordance with applicable law following the exercise by Fiat S.p.A. ("Fiat") shareholders of cash exit rights under Italian law in connection with the cross-border merger of Fiat into FCA."
    • Fiat is also offering $2.5B in convertible securities due 2016. The securities are expected to eventually pay a coupon, and "will be mandatorily converted into FCA common shares at the stated mandatory conversion date unless earlier converted at the option of the holder or FCA or upon certain specified events." Underwriters will have a $375M overallotment option.
    • Fiat only says net proceeds will be used for "general corporate purposes."
    | 1 Comment
  • Dec. 3, 2014, 1:10 PM
    • Automobile sales in Canada rose 4% in November to 138,886 deliveries
    • Sales growth has been strong enough in Canada that an annual record should be set sometime this week.
    • Ford (NYSE:F) remain the top seller in the nation for the year with sales of 269K units to edge Fiat Chrysler Automobiles (NYSE:FCAU) which has 268K units sold.
  • Dec. 2, 2014, 3:27 PM
    • New car prices rose 1.7% Y/Y and 0.5% M/M to $33,754 in the U.S. during November for the 8 eight largest automakers, according to Kelley Blue Book.
    • Average car price gain/loss (Y/Y): Fiat Chrysler Automobiles (NYSE:FCAU) +3.4% to $33,833; General Motors (NYSE:GM) +3.4% to $37,749; Hyundai (OTC:HYMLF) +3.3% to 424,913; Ford (NYSE:F) +2.6% to $35,832; Toyota (NYSE:TM) flat at $30,909; Honda (NYSE:HMC) -0.3% to $27,341; Nissan (OTCPK:NSANY) -1.0% to $28,652, Volkswagen (OTCQX:VLKAY) -3.7% to $38,556.
  • Dec. 2, 2014, 1:15 PM
    • Maserati (NYSE:FCAU) unit sales +206% to 1,235.
    • The Ghibli model accounted for 60% of North American sales for the brand.
    | 1 Comment
  • Dec. 2, 2014, 8:20 AM
    • Chrysler Fiat Automobiles (NYSE:FCAU) reports it had its best November since 2001 on broad sale gains.
    • Brand sales growth: Fiat +1% to 3,111; Chrysler +30% to 27,243; Jeep +27% to 57,489; Dodge +1% to 42,108; Ram +31% to 40,864.
    • Model sales growth: Jeep Patriot +47% to 7,546; Jeep Wrangler +16% to 13,952; Jeep Cherokee +67% to 16,945; Dodge Dart +39% to 9,012; Dodge Ram P/U +21% to 35,865, Chrysler Town & Country -29% to 8,055.
    • The automaker says it ended the month with 80 days supply of inventory vs. 84 days last month.
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  • Dec. 2, 2014, 8:12 AM
    • Chrysler Fiat Automobiles (NYSE:FCAU) unit sales +20% to 170,839 units vs. +15% consensus estimate.
    • Car sales rose 26% during the month to 41,519, while truck sales improved 18% to 129,320.
    | 1 Comment
  • Dec. 1, 2014, 7:01 AM
    • Fiat Chrysler Automobiles (NYSE:FCAU) forms a joint venture with Guangzhou Automobile Group to coordinate sales efforts in China across its brands.
    • The move is expected to lead to local production of Jeep vehicles in China.
    • The automaker has a goal to sell 180K cars per year in the region by 2018.
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  • Nov. 28, 2014, 12:59 PM
    • Fiat Chrysler Automobiles (NYSE:FCAU) says it has no plans to replace Ferrari CEO Amedeo Felisa.
    • Ferrari is slated to be spun off from Fiat Chrysler and to raise fresh capital through an IPO.
    • The new Ferrari is expected to be active in branching out into luxury goods.
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  • Nov. 27, 2014, 3:10 AM
    • The NHTSA has given Takata (OTCPK:TKTDY) until Tuesday to declare that its air bag inflators are defective and issue a recall. If it does not comply, the NHTSA could begin steps to fine the Japanese air bag supplier up to $7K per vehicle and could force a recall.
    • Takata has so far resisted the U.S. regulator's call to broaden its recall, which is currently limited to a few high-humidity states and territories where initial reports of air-bag ruptures have occurred.
    • Stepping up its recalls today, Toyota (NYSE:TM) has announced that it would replace Takata air bags in 57,000 vehicles, and its subsidiary, Daihatsu (OTCPK:DHTMY), would recall 27,571 Mira minivehicles for the same reason.
    • Yesterday, the NHTSA demanded that Chrysler (NYSE:FCAU) expand its Takata recall nationwide and begin notifying customers of the new campaign by Monday.
    • Previously: Takata air bag crisis continues
    • Previously: U.S. calls for national recall of defective Takata air bags
    • Previously: Takata gets hit with U.S. criminal probe
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  • Nov. 24, 2014, 3:19 PM
    • projects U.S. auto sales will rise 1.6% to 1.261M units in November.
    • Projected sales volume growth by automaker: General Motors (NYSE:GM) +0.6% to 213.42K, Ford (NYSE:F) -1.4% to 186.98K, Toyota (NYSE:TM) +1.6% to 180.88K, Chrysler Automobiles Group (NYSE:FCAU) +14.9% to 163.49K, Honda (NYSE:HMC) +1.1% to 117.76K, Nissan (OTCPK:NSANY) -8.5% to 97.46K, Hyundai (OTC:HYMLF) -6.6% to 94.77K, Volkswagen (OTCQX:VLKAY) +4.2% to 46.24K.
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  • Nov. 18, 2014, 6:19 PM
  • Nov. 18, 2014, 7:38 AM
    • Fiat Chrysler Automobiles (NYSE:FCAU) car registrations +8.4% to 65,377 units in October, according to the European Automobile Manufacturers Association.
    • YTD registrations +3.1% to 653,809 units.
    • Market share: 5.9% in October, 5.9% YTD.
    • Results include the Fiat, Lancia, Chrysler, Jeep, and Alfa Romeo brands.
    • EAMA release (.pdf)
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  • Nov. 15, 2014, 3:44 PM
    • Judge J. Kevin Chason of the Superior Court of Decatur County, GA, has ordered Fiat Chrysler (NYSE:FCAU) CEO to make a videotaped, under-oath deposition.
    • Fiat Chrysler had requested its CEO be excluded from testimony.
    • The lawsuit alleges Mr. Marchionne, as CEO of the company, knew of a design flaw in the Jeeps that causes its fuel-tank to erupt when struck, but failed “to warn the American people about the danger of these fuel tanks.”
    • Source: WSJ
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  • Nov. 13, 2014, 10:52 AM
    • Fiat Chrysler Automobiles (NYSE:FCAU) is named the top pick in the automobile sector by Morgan Stanley.
    • Analyst Adam Jonas sees upside for shareholders through their holdings in Ferrari after its spinoff.
    • A potential push by Ferrari into luxury consumer goods is highlighted by Jonas.
    | Comment!
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