Ford, FCA price targets raised at Jefferies following earnings » 08:1308/0408/04/20
F, FCAU, GM
Jefferies analyst Philippe Houchois raised the firm's price target on Ford (F) to $8 from $7.50, raised his price target on Fiat Chrysler Automobiles (FCAU) to $12.40 from $10.70, and keeps a Buy rating on both shares following the recent earnings reports from the two companies and fellow "Detroit Three" member General Motors (GM). All of the "D-3" posted 18-20% operating leverage, which was at the better end of industry performance despite more severe volume and revenue declines than expected, noted Houchois. Ford and FCA are both set to "regain product initiative from GM" into 2021, argues the analyst, who adds that underlying demand and dealer re-stocking confirm expectations for working capital rewinding in the second half of the year. Houchois keeps a Hold rating and $28 price target on GM shares.
GM asks judge to bring back racketeering case against FCA, Reuters says » 15:2108/0308/03/20
General Motors (GM)…
General Motors (GM) requested that a U.S. federal judge reinstate a racketeering lawsuit against Fiat Chrysler (FCAU), claiming it has new information on foreign accounts used in an alleged bribery scheme involving its smaller competitor and union leaders, Reuters' Nick Carey and Sanjana Shivdas report. In a filing with U.S. District Judge Paul Borman, GM said that the scheme, which it claims happened between FCA executives and former United Auto Workers leaders, "is much broader and deeper than previously suspected or revealed as it involved FCA Group apparently using various accounts in foreign countries ... to control corrupt individuals by compensating and corrupting those centrally involved in the scheme to harm GM," the authors say. Reference Link
Fiat Chrysler says ' crisis has further underlined compelling logic' of merger » 07:0907/3107/31/20
FCA said: "The…
FCA said: "The COVID-19 crisis has further underlined the compelling logic of the Groupe PSA and FCA merger. Work by both teams towards the completion of the merger has continued apace and we expect to meet the objective of combining as a single company by the end of the first quarter of 2021. Antitrust approvals have already been granted by twelve of twenty-two jurisdictions. The review initiated by the European Commission is not expected to delay the merger timetable. FCA and PSA also took another major step earlier this month with the announcement that the new entity formed by the combined companies will be known as Stellantis."
Fiat Chrysler reports Q2 adjusted EPS (EUR 0.65) vs. EUR 0.59 a year ago » 07:0707/3107/31/20
Reports Q2 revenue EUR…
Reports Q2 revenue EUR 11.71B vs. EUR 26.74B a year ago. "Our second quarter showed that decisive actions and extraordinary contributions from our workforce enabled FCA to contain the impact of the COVID-19 crisis. While the company remains vigilant about the health and safety of employees, our plants are up and running, dealers are selling in showrooms and online, and we have the flexibility and financial strength to push ahead with our plans," said CEO Mike Manley. Reports worldwide combined shipments of 424 thousand units, down 63%, due to pandemic-related production stoppages and demand disruptions. Reports available liquidity of EUR 17.5B at June 30, 2020, which excludes the EUR 4.5B undrawn portion of the new EUR 6.3B Intesa Sanpaolo facility entered into in June.
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Fiat Chrysler, Waymo sign exclusive agreement for light commercial vehicles » 05:2307/2207/22/20
FCAU, GOOG, GOOGL
Fiat Chrysler (FCAU) and…
Fiat Chrysler (FCAU) and Waymo, an Alphabet (GOOG, GOOGL) subsidiary, announced that they have taken the next significant steps in the expansion of their successful autonomous driving technology partnership. The companies said in a release, "Waymo will now work exclusively with FCA as its preferred partner for the development and testing of class 1-3 light commercial vehicles for goods movement for commercial delivery customers, including Waymo Via. The two companies will initially target integration of the Waymo Driver into the Ram ProMaster van, a highly configurable platform that will enable access to a broad range of global commercial customers. This partnership will allow FCA and Waymo to leverage their respective strengths and competencies to determine how to effectively use autonomy to address the specific needs of commercial customers given the rapid growth of goods delivery services. FCA also has selected Waymo as its exclusive, strategic partner for L4 autonomous technology across the FCA fleet and has already started to work with Waymo to imagine future FCA products for the movement of people and goods operated by the Waymo Driver. FCA became Waymo's first OEM partner in 2016. Since then, the two companies have worked closely to integrate the Waymo Driver into FCA vehicles and have made self-driving history in the proven, capable, L4-ready Chrysler Pacifica Hybrid minivan. This partnership has led to the first commercial autonomous ride-hailing service, including the offering of fully driverless service to riders, as well as driving in dozens of cities across diverse geographies and challenging weather conditions."
EU passenger car registrations down 22.3% in June » 07:0407/1607/16/20
F, GM, HMC, NSANY, TM, TSLA, DDAIF, FCAU, VWAGY
In June, registrations of…
In June, registrations of new passenger cars in the EU1 totaled 949,722 units, a drop of 22.3% compared to the same month last year, when 1,222,942 cars were sold, the European Automobile Manufacturers Association reported. "However, this does mark a slight improvement over May 2020, which saw a drop of 52.3% across the European Union. Although dealerships opened for business again after lockdown measures were lifted, consumer demand did not fully recover last month," the group said. All EU markets continued to post significant declines in June, with France's 1.2% increase being the only exception to the rule, the ACEA added. Publicly traded automakers include Daimler AG (DDAIF), Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).
Fiat Chrysler, Peugeot announce name of merged group to be Stellantis » 13:3607/1507/15/20
In what the companies…
In what the companies called "a major step as they move towards the completion of their 50:50 merger," Peugeot S.A. (PUGOY) and Fiat Chrysler Automobiles (FCAU) announce that the corporate name of the new group will be "Stellantis." The name will be used exclusively at the Group level, as a Corporate brand. The next step in the process will be the unveiling of a logo that with the name will become the corporate brand identity. The names and the logos of the Stellantis Group's constituent brands will remain unchanged. As previously stated, completion of the merger project is expected to occur in the first quarter of 2021, subject to customary closing conditions, including approval by both companies' shareholders at their respective extraordinary general meetings and the satisfaction of antitrust and other regulatory requirements.
Ford to unveil new Bronco on Monday night, WSJ reports » 17:3807/1307/13/20
For the first time in 24…
For the first time in 24 years, Ford (F) intends to unveil a new Bronco on Monday night, the company's latest attempt to carve into a share of Jeep's (FCAU) dominant position in the off-road sector, the Wall Street Journal's Mike Colias reports. The Bronco would be coming off the sidelines at an interesting time, as U.S. vehicle sales are expected to contract approximately 25% in 2020 largely due to the COVID-19 pandemic, Colias says, citing analyst projections. Reference Link
Fiat Chrysler recalls roughly 925,000 U.S. vehicles to replace air bag covers » 14:3807/1007/10/20
Fiat Chrysler is…
Fiat Chrysler is voluntarily recalling an estimated 925,239 older-model vehicles in the U.S. to replace the air bag covers on their steering wheels. An FCA investigation discovered these vehicles are equipped with certain clips, no longer in use, that may - over time - loosen and disengage. Should these things happen, and there is a driver-side air bag deployment, the clips and/or plastic emblems they are meant to secure, may act as projectiles. FCA is aware of 14 potentially related injuries, none of which involved occupants of front-passenger or rear seats. The recall is limited to model-year 2007-2011 Dodge Nitro SUVs, and model-year 2008-2010 Chrysler Town & Country and Dodge Grand Caravan minivans.
Electric vehicle company Fisker seeks deal to go public, Reuters says » 13:0607/0907/09/20
NKLA, APO, F, GM, HMC, NSANY, TM, TSLA, DDAIF, FCAU, VWAGY
Electric car maker Fisker…
Electric car maker Fisker is in discussions to go public through a sale to a so-called blank-check acquisition firm, modeled after a successful deal earlier in 2020 by Nikola (NKLA), Reuters' Joshua Franklin, Ben Klayman, and Rebecca Spalding report, citing people familiar with the matter. Spartan Energy Acquisition (SPAQ), which is backed by Apollo Global (APO), is leading a bidding war among such companies for Fisker, and could reach an agreement as soon as next week, the authors say, citing the sources. Publicly traded companies in the auto space include Daimler AG (DDAIF), Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY). Reference Link