Fiat Chrysler heads the list this morning on a number of fronts.
To help finance its ambitious new model plans, the company will spin off its Ferrari brand next year. Ten percent of the stock will be offered on the New York Stock Exchange with the rest distributed to existing investors. The much envied, high performance luxury car maker has largely been financially independent of Fiat, and this move would seem to cement that.
FCA said third quarter earnings rose 7.4 percent year over year thanks to the strong showing by Ram trucks and Jeeps here in North America. While earnings missed analyst expectations, the stock rose on the Ferrari spin off news.
And it recalled 382,000 heavy duty Ram trucks from model years 2010-14 to repair a fuel heater assembly that could lead to a leak and possible fire in the diesel powered trucks. Separately, about 184,000 Dodge Durango and Jeep Grand Cherokees were recalled from model 2014 to repair a stability control system.
Audi will debut the R8 competition at the L.A. auto show next month, saying it is the most powerful production car it has produced with a 0-60 time of 3.2 seconds and a top speed of 199 miles per hour. There will be a limited production run of just 60 cars here in the U.S. It will sport a 570 horsepower, 5.2 liter V10 mated to a seven speed S-tronic transmission and “black high-gloss tailpipes.” Deliveries are expected early next year.
Ford said a refreshed Explorer will be on display at the show. Motor Trend said it will pick up styling clues from the Edge crossover.