Fiat is considering selling about 1.5 billion euros ($2.05 billion) in mandatory convertible bonds to cut debt following its merger with Chrysler Group, two people familiar with the matter said.The Italian carmaker, which bought the remaining Chrysler stake last month, is talking to banks about issuing a bond that would convert into shares of Fiat Chrysler Automobiles, the company being formed by the combination, said the people, who asked not to be identified discussing private matters.
Daily Archives: March 3, 2014
Tesla outlines scheme for $4-5B battery Gigafactory
Tesla outlined its plan for its future battery “Gigafactory”, projected to require between $4-5 billion in investment from Tesla and its partners by 2020, with a resulting cell capacity of up to 35 GWh/year and pack capacity of up to 50 GWh/y to service a projected 500,000 Tesla electric vehicles per year.
PSA-Dongfeng deal does more harm than good
The bailout that PSA/Peugeot-Citroen negotiated with the French government and its Chinese partner, Dongfeng Motor Corp., will prop up the French automaker in the short term. But the deal has shortcomings that could cripple PSA’s competitiveness in the long run.To be sure, PSA desperately needs money, and this deal provides it. Dongfeng and the French state each will pay 800 million euros ($1.09 billion) for a 14 percent stake in PSA. In the real world, nothing is free, and this agreement creates two big headaches for the French automaker.
VW recalls almost 600,000 Caddy vans on tailgate malfunction
Volkswagen is recalling 589,000 Caddy small delivery vans globally to fix a condition that may cause an open tailgate to snap shut.
KSPG obtains $342M in contracts for new compact EGR valve
Pierburg GmbH, a member of the KSPG Group, has been awarded contracts worth a lifetime total of €250 million (US$342 million) for a newly developed compact exhaust-gas recirculation valve. Ordered by European and North American automakers, the valve will be installed in engines designed to comply with the Euro 6 emission norm.
