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Entries in Fiat (3)

Monday
Jul162012

Fiat Offers Car With Built-In Espresso Maker

Fiat(NEW YORK) -- Italian automaker Fiat made headlines when it introduced a new line of stylish compact cars. And it’s making headlines again with its 500L model, which will come with a built-in espresso maker when it hits the market this fall.

“The 500L is the first standard-production car in the world to offer a true espresso coffee machine that [uses] the technology of the ‘A Modo Mio’ pods," a press release said. "It is perfectly integrated in the car with a deck designed expressly by Fiat.”

The espresso makers will be created in collaboration with Lavazza, an Italian coffee company.

It addition to premium coffee, the car will also offer a premium sound system created by Beats Audio.

Fiat says its new model offers greater functionality and space, user-friendly technology that’s also eco-friendly and a “trend-setting” interior design.

Copyright 2012 ABC News Radio

Thursday
Jun022011

Treasury Agrees to Sell Remaining Chrysler Shares to Fiat

PRNewsFoto/Chrysler Group LLC, Jim Fets(WASHINGTON) -- The Treasury Department on Thursday announced it has agreed to sell its remaining stake in Chrysler Group LLC to Fiat.

Before the transaction is complete, Fiat will pay $500 million to the Treasury and in return will receive 98,461 shares of Chrysler -- or six percent, according to a U.S. Treasury release.  Fiat will also pay $75 million for shares held by the UAW retiree trust.  Eighty percent ($60 million) of that $75 million will go to the Treasury Department, while the remaining $15 million will be paid to the Canadian government.

Treasury Secretary Tim Geithner said Thursday that President Obama's decision to back Chrysler financially "was the right one."

"Today, America's automakers are mounting one of the most improbable turnarounds in recent history -- creating new jobs and making new investments in communities across our country," he added.

Last week Chrysler announced that it was going to repay its bailout loans totaling $7.6 billion earlier than expected.  The automaker filed for bankruptcy just two years ago.

Copyright 2011 ABC News Radio

Friday
May272011

Fiat To Buy U.S.Treasury's Stake In Chrysler

PRNewsFoto/Chrysler Group LLC, Jim Fets(DETROIT) -- On Friday Fiat announced that it notified the U.S. Department of Treasury that it would exercise its option to buy the Treasury’s 6 percent interest stake held in Chrysler.

In a statement, Fiat said the purchase price will be determined by the equity value of Chrysler to be agreed upon in 10 business days. The deal would give the Italian company a majority stake at 52 percent and a further 5 percent by the end of the year if it meets certain government requirements.

Fiat’s announcement comes after Chrysler repaid loans of $7.6 billion to the United States and Canadian governments on Tuesday. Fiat previously had 30 percent stake in Chrysler and bought an additional 16 percent on Tuesday after the loan repayment

Copyright 2011 ABC News Radio







ABC News Radio