Fiat Chrysler Automobiles

FCA

Fiat Chrysler Automobiles is changing the name of its American division.

Chrysler (actually Chrysler Group, LLC) is now FCA US LLC.  Or FCA US for short.

FCA explained the change this way:

auto.ferrari.com

Fiat Chrysler Automobiles, FCA, will hold a public stock offering to sell off 10% of Ferrari and dole out the remaining 80% of the company to current shareholders.

Piero Ferrari will hold onto his 10%.

Michigan Radio's automotive reporter Tracy Samilton discussed this sale with us.

Samilton says that about 7,000 Ferraris are made a year, which along with their price, gives the vehicle an “unattainable mystique.”

The dispute over stretching that number to make more sales is a contributing factor to the split between FCA and Ferrari.

FCA

Fiat Chrysler Automobiles made its New York stock exchange debut on Monday, beginning trading at $9 a share, and closing at $9.02.

Not bad, for a tumultuous day on Wall Street, when the Dow Jones Industrial Average fell a full 1.6%.

FCA CEO Sergio Marchionne and FCA Chairman John Elkann rang the closing bell together - after giving a joint press conference.

Most of the questions and answers were in Italian.  So, it looks like I'm going to have to learn Italian if I want to continue to cover FCA.

Atlanta Jeep Ram Dodge

Fiat Chrysler continued its climb back to health in June.  It was the 51st month in a row the automaker increased its U.S. year-over-year sales.

The long streak of sales gains is being led by the Jeep and RAM brands. 

Jeep sales rose 28% compared to last June, and RAM sales were up 14%.

"In spite of two fewer selling days in June versus a year ago, we were able to increase our sales 9% and post our strongest June sales in seven years," said Reid Bigland, head of U.S. sales for Chrysler.

The automaker remains weak in terms of small and midsize car sales.  The Dodge Dart has performed well under expectations, selling only 7,225 in June. 

But the company has higher hopes for the new Chrysler 200, which began shipping to dealers in late spring.

It's a big day for Fiat Chrysler Automobiles.

The Italian-American company's CEO, Sergio Marchionne,  will outline a strategic plan for the next five years.

The marriage between Chrysler and Fiat surprised many in the auto industry just by surviving.

Now the company is strengthening that union, by exporting its strongest brands around the world.

When Fiat agreed to a kind of corporate shotgun marriage with a fresh-out-of-bankruptcy Chrysler five years ago, a lot of people thought Fiat's CEO Sergio Marchionne was crazy to do it.

user dgtmedia-simone / wikimedia commons

Remember "DaimlerChrysler"? Well, that didn't go so well.

Maybe "Fiat Chrysler Automobiles" will fare much better.

The company that owns Chrysler Group LLC, Fiat SpA, announced the name change today: 

Today, the Board of Directors of Fiat S.p.A. (“Fiat”) approved a corporate reorganization and the formation of Fiat Chrysler Automobiles (“FCA”) as a fully-integrated global automaker...

In order to establish a true peer to the major global automotive groups, in both scale and capital market appeal, the Board has decided to establish Fiat Chrysler Automobiles N.V., organized in the Netherlands, as the parent company of the Group. FCA’s common shares will be listed in New York and Milan.

The newly formed company's stock will be traded on the New York Stock Exchange. Current Fiat shareholders will receive one share of FCA for each Fiat share they're holding.

The newly named company released its new logo as well today. A logo they say "lends itself to an extraordinary range of symbolic interpretations."

CEO of Fiat and Chrysler Sergio Marchionne called the corporate reorganization "one of the most important days in my career at Fiat and Chrysler."