Categories : Auto Repair

New UAW agreement, Volkswagen on Capitol Hillside, Mustang trends highlight today’s automobile news

The UAW National Chrysler Council on Friday accepted a new contract agreement with Fiat Chrysler Cars. The contract now heads back to the 40,000 UAW workers at FCA centers for a vote. Volkswagen of American CEO Michael Horn informed U.S. lawmakers Thursday a group of rogue engineers developed the “loss device” software in 11 million cars now at the center of the largest scandal in company history. Purists and die-hard of the Ford Mustang often like the car for its brawny V-8 engine. However they are not the only Mustang buyers, Ford knows. The TPP still has months of wrangling in Congress ahead, but a deal between the united state and 11 other nations was reached Monday. These are factors Michigan’s car market has a lot at stake as the Trans-Pacific Partnership moves froward. U.S. counter-terrorism authorities are asking Toyota if they can shed any light as to why ISIS fighters are so partial to their pickups. The co-founder and CEO of Tesla Motors had some choice words this week for Apple and its rumored car-making job. An authoritative non-profit’s score system on Tuesday called the new Fiat 500X compact SUV a leading safety pick. David Muller is the automobile and business reporter for MLive Media Group in Detroit. Email him at, follow him on Twitter or find him on Facebook. Registration on or use of this website constitutes acceptance of our User Agreement and Personal privacy Policy …
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Ferrari said to push for $12.4 bn appraisal in IPO

Bloomberg/Milan Ferrari’& rsquo; s sought after status as a maker of automobiles for the super-rich is assisting push up its value in a going public to as much as €& euro; 11bn ($ 12.4 bn), according to individuals knowledgeable about the matter. Based on talks with possible financiers, Ferrari might be valued from simply under €& euro; 10bn to & euro; 11bn when owner Fiat Chrysler Automobiles offers a 10 % stake in the division on the New York Stock Exchange, according to the people, who asked not to be determined since the arrangements are personal. Fiat shares sold New York and Milan jumped to an eight-week high. An IPO cost variety was anticipated to be released in an upgraded filing later the other day, and discussions to possible buyers are slated for next week, said the people. The valuation may alter amidst market volatility given that Volkswagen’& rsquo; s diesel-testing scandal emerged last month, they said. Fiat Chrysler chief executive officer Sergio Marchionne, who’& rsquo; s likewise Ferrari & rsquo; s chairman, has firmly insisted for months that the brand should be valued as a luxury-goods maker, such as clothiers Prada or Hermes International, and not as an automobile manufacturer. Those business trade at over 20 times operating earnings, more than two times the average assessment of automobile makers. The Stoxx 600 Vehicles & Parts index of European vehicle makers and suppliers is down about 3 % since the September 18 discovery of the Volkswagen emissions-test cheating scandal, recuperating partly from a drop of as much as 15 % late last month. Fiat Chrysler acquired as much as 2.6 % and was trading up 2.2 % at 13.75 euros as of 11:03 am in Milan following a jump of 4.6 % on Thursday in New York. The automobile maker has surged more than 25 % in New York in the last seven sessions since first details on Ferrari’& rsquo; s valuation were reported, and is at the greatest price considering that mid-August. “& ldquo; Fiat shares are accelerating following Ferrari’& rsquo; s race to Wall Street,” & rdquo; said Vincenzo Longo, a strategist with IG Group in Milan. & …
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