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William Maley

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Everything posted by William Maley

  1. Last week, we brought you a story talking about what Global Cadillac's Vice President, Robert E. Ferguson would like to see happen with the ATS lineup. This week, we bring you a couple more items from the VP's wishlist. Edmunds had the chance to talk with Ferguson at the Detroit Auto Show and he said that he would like to have a diesel engine for most of the lineup in this decade. "I think that would speed our growth in Europe, and it would help us with environmental issues here and in Asia," said Ferguson. A good candidate for a diesel engine would be the new Escalade Ferguson went onto say. "I would love to see it in that time frame, but I can't commit to it. I think it would help. (Escalade) is a great selling vehicle and it is a big profit machine for us, so the more markets we can get into, the better." Another item on Ferguson's wishlist, a subcompact crossover for Cadillac. "If you look at any growth forecast, or even look at present-day growth, I would say every luxury provider is looking hard at that set. We would be silly not to. I think the Encore is a terrific vehicle and the perfect size. I would love to have a really luxurious competitive vehicle with that stance," Ferguson said. Source: Edmunds William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
  2. BMW's march of the diesels will continue at the Chicago Auto Show next month as they will unveil the first 7-Series with a diesel for the U.S. market. Meet the 2014 740Ld xDrive. The 740Ld xDrive comes will utilize a 3.0L inline-six diesel engine producing 255 horsepower and a mighty fine 413 pound-feet of torque that peaks between 1,500 and 3,000 rpm. This is paired with an eight-speed automatic and BMW's xDrive all-wheel drive system. Now BMW hasn't revealed fuel economy numbers for the 740Ld, but the company does say its diesel technology is good for a 25 to 30 percent increase in fuel economy. This could mean that the 740Ld could achieve mid to high 30's on the highway. Pricing for the 2014 740Ld xDrive will start at $83,425 (includes a $925 destination and handling charge). The 740Ld xDrive arrives at dealers sometime in the spring. Source: BMW William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 The 2014 BMW 740Ld xDrive The first BMW Advanced Diesel 7 Series in the US. Woodcliff Lake, NJ – January 24, 2014 . . . BMW announced today that the BMW 7 Series would become the latest model line to benefit from BMW Advanced Diesel technology in the US in the form of the BMW 740Ld xDrive Sedan. The new model will feature BMW’s 3.0-liter TwinPower Turbo diesel engine in the long-wheelbase 7 Series body and will include xDrive, BMW’s intelligent all-wheel drive system. The 2014 BMW 740Ld xDrive Sedan will have a Manufacturer’s Suggested Retail Price of $83,425, including $925 destination and handling. It will make its US auto show debut at the Chicago Auto Show in February 2014 and arrive in US showrooms in Spring 2014. BMW Advanced Diesel now available for BMW’s flagship sedan The 3.0-liter inline-6 BMW Advanced Diesel engine with BMW TwinPower Turbo technology makes 255 horsepower at 4,000 rpm and 413 lb-ft of torque from 1,500 – 3,000 rpm. It is mated to an 8-speed automatic transmission. The BMW 740Ld xDrive will accelerate from 0-60 mph in 6.1 seconds. US EPA fuel economy estimates are not yet available, however, other models equipped with this engine have seen a 25 – 30 percent improvement in fuel efficiency over their direct gasoline-powered counterparts. Standard features like Driving Dynamics Control with Eco Pro mode and Auto Start/Stop will help the driver to reduce fuel consumption in real-world driving situations. Through the latest in advanced diesel technologies and the use of weight-saving aluminum block and head designs, BMW’s Advanced Diesel powerplants represent a key component of the BMW EfficientDynamics strategy for the reduction of fuel consumption and emissions while providing exceptional BMW driving dynamics. The 3.0-liter inline-6 BMW Advanced Diesel engine features a single turbocharger with variable vane turbine technology. This design helps improve low-end torque while facilitating precise control of the boost pressure and eliminates the need for a wastegate. The engine uses the latest generation of electronically controlled high-precision diesel injection system. The system plays a significant role in the reduction of fuel consumption as well as exhaust emissions. The normal operating pressures reach as high as 1800 bar (26,107 PSI) and the fuel injectors can deliver multiple injections over extremely short durations of time, helping to reduce exhaust emissions. The exhaust gas treatment system is specifically designed to comply with ULEV II emission standards. It uses a combination of a Nox Storage Catalyst, Diesel Particulate Filter, and the Selective Catalytic Reduction (SCR) system with no fewer than nine specific sensors working in concert to keep exhaust emissions to an absolute minimum. The all-aluminum crankcase and hollow camshafts not only save weight, they also contribute to noise and vibration reduction. Additionally, the timing chain is placed at the flywheel end and not toward the front of the engine which further reduces rotational vibrations. View full article
  3. BMW's march of the diesels will continue at the Chicago Auto Show next month as they will unveil the first 7-Series with a diesel for the U.S. market. Meet the 2014 740Ld xDrive. The 740Ld xDrive comes will utilize a 3.0L inline-six diesel engine producing 255 horsepower and a mighty fine 413 pound-feet of torque that peaks between 1,500 and 3,000 rpm. This is paired with an eight-speed automatic and BMW's xDrive all-wheel drive system. Now BMW hasn't revealed fuel economy numbers for the 740Ld, but the company does say its diesel technology is good for a 25 to 30 percent increase in fuel economy. This could mean that the 740Ld could achieve mid to high 30's on the highway. Pricing for the 2014 740Ld xDrive will start at $83,425 (includes a $925 destination and handling charge). The 740Ld xDrive arrives at dealers sometime in the spring. Source: BMW William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 The 2014 BMW 740Ld xDrive The first BMW Advanced Diesel 7 Series in the US. Woodcliff Lake, NJ – January 24, 2014 . . . BMW announced today that the BMW 7 Series would become the latest model line to benefit from BMW Advanced Diesel technology in the US in the form of the BMW 740Ld xDrive Sedan. The new model will feature BMW’s 3.0-liter TwinPower Turbo diesel engine in the long-wheelbase 7 Series body and will include xDrive, BMW’s intelligent all-wheel drive system. The 2014 BMW 740Ld xDrive Sedan will have a Manufacturer’s Suggested Retail Price of $83,425, including $925 destination and handling. It will make its US auto show debut at the Chicago Auto Show in February 2014 and arrive in US showrooms in Spring 2014. BMW Advanced Diesel now available for BMW’s flagship sedan The 3.0-liter inline-6 BMW Advanced Diesel engine with BMW TwinPower Turbo technology makes 255 horsepower at 4,000 rpm and 413 lb-ft of torque from 1,500 – 3,000 rpm. It is mated to an 8-speed automatic transmission. The BMW 740Ld xDrive will accelerate from 0-60 mph in 6.1 seconds. US EPA fuel economy estimates are not yet available, however, other models equipped with this engine have seen a 25 – 30 percent improvement in fuel efficiency over their direct gasoline-powered counterparts. Standard features like Driving Dynamics Control with Eco Pro mode and Auto Start/Stop will help the driver to reduce fuel consumption in real-world driving situations. Through the latest in advanced diesel technologies and the use of weight-saving aluminum block and head designs, BMW’s Advanced Diesel powerplants represent a key component of the BMW EfficientDynamics strategy for the reduction of fuel consumption and emissions while providing exceptional BMW driving dynamics. The 3.0-liter inline-6 BMW Advanced Diesel engine features a single turbocharger with variable vane turbine technology. This design helps improve low-end torque while facilitating precise control of the boost pressure and eliminates the need for a wastegate. The engine uses the latest generation of electronically controlled high-precision diesel injection system. The system plays a significant role in the reduction of fuel consumption as well as exhaust emissions. The normal operating pressures reach as high as 1800 bar (26,107 PSI) and the fuel injectors can deliver multiple injections over extremely short durations of time, helping to reduce exhaust emissions. The exhaust gas treatment system is specifically designed to comply with ULEV II emission standards. It uses a combination of a Nox Storage Catalyst, Diesel Particulate Filter, and the Selective Catalytic Reduction (SCR) system with no fewer than nine specific sensors working in concert to keep exhaust emissions to an absolute minimum. The all-aluminum crankcase and hollow camshafts not only save weight, they also contribute to noise and vibration reduction. Additionally, the timing chain is placed at the flywheel end and not toward the front of the engine which further reduces rotational vibrations.
  4. Back in November, I drove a 2013 Chrysler 300S for a review. After spending a week in it, I came away mightily impressed. So a few weeks after, I spent some quality time with the sister car, the 2014 Dodge Charger. Would I feel the same way as I did in the 300S or I would come away with a different opinion on it? Like the Chrysler 300, designers at Dodge decided to keep the basic shape of the Charger and make small improvements here and there. The front end features a crosshair grille and scalloping along the hood to give the Charger a bit of meanness to it. The front doors have a large groove that begins where door meets the fender. This is a definite callback to the 1968 Charger with its grooves on the doors. The back end features the biggest change to the Charger and that is a new trunk lid with large taillight. This taillight has 164 individual LED lights running the whole length of the light. Aside from the Challenger, this was the first Dodge product to get this and has since expanded to other models in the lineup. Walking around the Charger when it first arrived, I got the feeling that I had detective's or undercover cop's car for a week. This is due to grey paint color and the set of eighteen-inch chrome-clad wheels standard on the SXT.Moving to the inside, Dodge has improved the Charger greatly. A new dashboard design continues the connection to the old Chargers with a unique graphics on the gauge cluster and a nameplate on the passenger side. There are also improved materials and build quality, something the last-generation model couldn't claim. As for space, the 2014 Charger has it in abundance for the front and back seat passengers. The only downside is that you feel somewhat cramped due to a high beltline and a small greenhouse. Comfort is high with very supportive seats in the front and back. My test Charger was equipped with the optional 8.4-inch UConnect infotainment system. This system is possibly the easiest and most lag-free I have used in a vehicle yet. The only downside is the navigation system from Garmin that looks like something you get in a Fisher Price toy. However, I don't mind it since it's easy to use and accurate. For Powertrain and Ride Impressions, See Page 2 The Charger is available with either the 3.6L Pentastar V6 or 5.7L HEMI V8. This model was equipped with the former which packs 292 horsepower and 260 pound-feet of torque. This comes paired with a eight-speed automatic from ZF. Much like the Chrysler 300S I drove earlier in the year, the Charger when equipped with the V6 is sublime. The engine always seems to have more than enough power on tap whenever needed. The 3.6L also is one of the smoothest and quietest V6s I have driven. A lot that credit has to go to the eight-speed automatic transmission which provides quick and smooth downshifts to keep the engine right in the sweet spot. I wish the same could be same for the upshifts. Also, I wished Dodge had used something other than the weird gear lever since it's hard to get it into gear you want the first time around. I'm hoping Dodge goes to a rotary knob or a regular lever for the gear selector in the near future. As for fuel economy, the EPA rates the Charger SXT at 19 City/31 Highway/23 Combined. During the week, I saw an average of 23.2 MPG. On the ride and handling front, the Charger is a refined big sedan. Road imperfections are non-existent thanks to a nicely tuned suspension and long-wheelbase. Wind and noise are kept down. Show it some corners and the Charger is more than capable of tackling them. Compared to the 300S, the Charger SXT has a little bit more body roll since it uses the standard suspension and not the touring suspension on the S. For most buyers, this isn't such a big deal. Steering is excellent with nice weight and very good road feel. When my week concluded with the Charger, I felt the same as the I did with the 300S. Dodge took the Charger and worked on the key areas that needed to be addressed. With those changes, the Charger has become a bonafide competitor in the full-size sedan class and one that deserves a look if you're considering something in the class. Disclaimer: Dodge Provided the Charger SXT, Insurance, and One Tank of Gas Year: 2014 Make: Dodge Model: Charger Trim: SXT Plus Engine: 3.6L DOHC 24-Valve V6 Driveline: Rear-Wheel Drive, Eight-Speed Automatic Horsepower @ RPM: 292 @ 6,350 Torque @ RPM: 260 @ 4,800 Fuel Economy: City/Highway/Combined - 19/31/23 Curb Weight: 3,996 lbs Location of Manufacture: Brampton, Ontario Base Price: $29.295.00 As Tested Price: $35,375.00 (Includes $995 Destination Charge) Options: Customer Preferred Package 28J - $2,000.00 Driver Confidence Group - $1,495.00 Navigation/Rear Backup Camera Group - $995.00 Driver Convenience Group - $595.00 William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. View full article
  5. Back in November, I drove a 2013 Chrysler 300S for a review. After spending a week in it, I came away mightily impressed. So a few weeks after, I spent some quality time with the sister car, the 2014 Dodge Charger. Would I feel the same way as I did in the 300S or I would come away with a different opinion on it? Like the Chrysler 300, designers at Dodge decided to keep the basic shape of the Charger and make small improvements here and there. The front end features a crosshair grille and scalloping along the hood to give the Charger a bit of meanness to it. The front doors have a large groove that begins where door meets the fender. This is a definite callback to the 1968 Charger with its grooves on the doors. The back end features the biggest change to the Charger and that is a new trunk lid with large taillight. This taillight has 164 individual LED lights running the whole length of the light. Aside from the Challenger, this was the first Dodge product to get this and has since expanded to other models in the lineup. Walking around the Charger when it first arrived, I got the feeling that I had detective's or undercover cop's car for a week. This is due to grey paint color and the set of eighteen-inch chrome-clad wheels standard on the SXT.Moving to the inside, Dodge has improved the Charger greatly. A new dashboard design continues the connection to the old Chargers with a unique graphics on the gauge cluster and a nameplate on the passenger side. There are also improved materials and build quality, something the last-generation model couldn't claim. As for space, the 2014 Charger has it in abundance for the front and back seat passengers. The only downside is that you feel somewhat cramped due to a high beltline and a small greenhouse. Comfort is high with very supportive seats in the front and back. My test Charger was equipped with the optional 8.4-inch UConnect infotainment system. This system is possibly the easiest and most lag-free I have used in a vehicle yet. The only downside is the navigation system from Garmin that looks like something you get in a Fisher Price toy. However, I don't mind it since it's easy to use and accurate. For Powertrain and Ride Impressions, See Page 2 The Charger is available with either the 3.6L Pentastar V6 or 5.7L HEMI V8. This model was equipped with the former which packs 292 horsepower and 260 pound-feet of torque. This comes paired with a eight-speed automatic from ZF. Much like the Chrysler 300S I drove earlier in the year, the Charger when equipped with the V6 is sublime. The engine always seems to have more than enough power on tap whenever needed. The 3.6L also is one of the smoothest and quietest V6s I have driven. A lot that credit has to go to the eight-speed automatic transmission which provides quick and smooth downshifts to keep the engine right in the sweet spot. I wish the same could be same for the upshifts. Also, I wished Dodge had used something other than the weird gear lever since it's hard to get it into gear you want the first time around. I'm hoping Dodge goes to a rotary knob or a regular lever for the gear selector in the near future. As for fuel economy, the EPA rates the Charger SXT at 19 City/31 Highway/23 Combined. During the week, I saw an average of 23.2 MPG. On the ride and handling front, the Charger is a refined big sedan. Road imperfections are non-existent thanks to a nicely tuned suspension and long-wheelbase. Wind and noise are kept down. Show it some corners and the Charger is more than capable of tackling them. Compared to the 300S, the Charger SXT has a little bit more body roll since it uses the standard suspension and not the touring suspension on the S. For most buyers, this isn't such a big deal. Steering is excellent with nice weight and very good road feel. When my week concluded with the Charger, I felt the same as the I did with the 300S. Dodge took the Charger and worked on the key areas that needed to be addressed. With those changes, the Charger has become a bonafide competitor in the full-size sedan class and one that deserves a look if you're considering something in the class. Disclaimer: Dodge Provided the Charger SXT, Insurance, and One Tank of Gas Year: 2014 Make: Dodge Model: Charger Trim: SXT Plus Engine: 3.6L DOHC 24-Valve V6 Driveline: Rear-Wheel Drive, Eight-Speed Automatic Horsepower @ RPM: 292 @ 6,350 Torque @ RPM: 260 @ 4,800 Fuel Economy: City/Highway/Combined - 19/31/23 Curb Weight: 3,996 lbs Location of Manufacture: Brampton, Ontario Base Price: $29.295.00 As Tested Price: $35,375.00 (Includes $995 Destination Charge) Options: Customer Preferred Package 28J - $2,000.00 Driver Confidence Group - $1,495.00 Navigation/Rear Backup Camera Group - $995.00 Driver Convenience Group - $595.00 William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster.
  6. The rumors of the flagship emanating from Cadillac have been written and talked about for the past few years. But as of this week, the flagship appears to be given the green light as evidenced by spy shots. While General Motors has made sure to layer on the cladding to disguise many details of the new flagship, there are a few items we can pick out. For one, the design ideals from the new CTS are very apparent in the flagship's design with sharp-edges and a blocky design. We can also make out the large grille up front. The new flagship is rumored to be riding on GM's new Omega rear-drive platform. Powertrains are up in the air, but we wouldn't be surprised if the twin-turbo 3.6L V6 is one of the engines available. Transmissions could range from an eight-speed all the way to a ten-speed. As for the name, many reports say it could be LTS. Source: Autoblog, Automobile Magazine William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
  7. The rumors of the flagship emanating from Cadillac have been written and talked about for the past few years. But as of this week, the flagship appears to be given the green light as evidenced by spy shots. While General Motors has made sure to layer on the cladding to disguise many details of the new flagship, there are a few items we can pick out. For one, the design ideals from the new CTS are very apparent in the flagship's design with sharp-edges and a blocky design. We can also make out the large grille up front. The new flagship is rumored to be riding on GM's new Omega rear-drive platform. Powertrains are up in the air, but we wouldn't be surprised if the twin-turbo 3.6L V6 is one of the engines available. Transmissions could range from an eight-speed all the way to a ten-speed. As for the name, many reports say it could be LTS. Source: Autoblog, Automobile Magazine William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
  8. Land Rover is in the midst of redesigning and changing up its lineup. They have just finished working on the Range Rover family and are turning their attention to the rest of the lineup. Case in point is the replacement for the Land Rover LR2 which was caught by spy photographers this week. The Discovery Sport as its being called by Automobile Magazine looks to be taking some cues from the Range Rover Evoque in the front with rounded, aerodynamic nose. Other details we can gleam include a high ground clearance and a horizontal roofline. Automobile Magazine goes onto say the new Discovery Sport will use a modified version of the Evoque's platform and come in five and seven-passenger models. Source: Automobile Magazine William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
  9. Land Rover is in the midst of redesigning and changing up its lineup. They have just finished working on the Range Rover family and are turning their attention to the rest of the lineup. Case in point is the replacement for the Land Rover LR2 which was caught by spy photographers this week. The Discovery Sport as its being called by Automobile Magazine looks to be taking some cues from the Range Rover Evoque in the front with rounded, aerodynamic nose. Other details we can gleam include a high ground clearance and a horizontal roofline. Automobile Magazine goes onto say the new Discovery Sport will use a modified version of the Evoque's platform and come in five and seven-passenger models. Source: Automobile Magazine William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
  10. Cadillac's Senior Vice President, Bob Ferguson said in a interview with Automotive News last week that the company is considering expanding the ATS lineup. "You've made the investment. You've built a brand within a brand. If you have a winner, you should exploit that and offer variations," said Ferguson. Models under the spotlight include a convertible and wagon. This would give the brand a better chance of competing with the likes of BMW and Mercedes-Benz. The mention of a wagon and convertible signals a change of product plans at Cadillac. Previous reports had the ATS Convertible on hold and that the brand would likely not do a wagon due to the poor sales of the CTS SportsWagon. We'll be watching this closely. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
  11. Cadillac's Senior Vice President, Bob Ferguson said in a interview with Automotive News last week that the company is considering expanding the ATS lineup. "You've made the investment. You've built a brand within a brand. If you have a winner, you should exploit that and offer variations," said Ferguson. Models under the spotlight include a convertible and wagon. This would give the brand a better chance of competing with the likes of BMW and Mercedes-Benz. The mention of a wagon and convertible signals a change of product plans at Cadillac. Previous reports had the ATS Convertible on hold and that the brand would likely not do a wagon due to the poor sales of the CTS SportsWagon. We'll be watching this closely. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
  12. Nope. GMC isn't listed on the schedule for Chicago.
  13. Today marks a big occasion for Chrysler as it becomes a part of Fiat fully. The Italian automaker announced today in a statement that they have completed the purchase of Chrysler and "is now a wholly-owned subsidiary of Fiat". This comes three weeks after an announcement made by Fiat which said they had come to an agreement with the UAW's VEBA Trust to purchase the remaining 41.46 percent of Chrysler. The agreement states that Fiat would pay $4.35 billion for the shares. The next step for Fiat and Chrysler will take place on January 29th. That is when the board is scheduled to meet and discuss terms of the merger, including including the corporate organization, location of its headquarters, and where it would be listed on the stock market. Source: Chrysler Press Release is on Page 2 Fiat S.p.A. Completes Acquisition of Remaining Equity Interests in Chrysler Group LLC From VEBA Trust January 21, 2014 , Turin, Italy - Fiat S.p.A. (“Fiat”) through its wholly owned subsidiary, Fiat North America LLC (“FNA”) today completed its previously announced acquisition of all of the VEBA Trust’s[1] membership interests in Chrysler Group LLC (“Chrysler Group”). Chrysler Group is now a wholly-owned subsidiary of Fiat. The consideration for the acquisition consisted of: a special distribution paid by Chrysler Group on January 21, 2014 of U.S.$1,900 million (FNA directed its portion of the special distribution to the VEBA Trust as part of the purchase consideration); and a cash payment by FNA to the VEBA Trust of U.S.$1,750 million. Fiat funded the U.S.$1,750 million payment from available cash on hand. Chrysler Group funded the special distribution from available cash on hand. As previously announced, contemporaneously with the transactions described above, Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) entered into a memorandum of understanding under Chrysler Group’s existing collective bargaining agreements to provide for additional contributions by Chrysler Group to the VEBA Trust of an aggregate of U.S.$700 million in four equal annual installments, the first of which was paid in connection with closing of the transaction with Fiat. As part of the transactions and as promptly as practicable, FNA and the VEBA Trust will dismiss with prejudice the proceedings before the Delaware Court of Chancery with respect to the interpretation of the call option agreement. View full article
  14. Today marks a big occasion for Chrysler as it becomes a part of Fiat fully. The Italian automaker announced today in a statement that they have completed the purchase of Chrysler and "is now a wholly-owned subsidiary of Fiat". This comes three weeks after an announcement made by Fiat which said they had come to an agreement with the UAW's VEBA Trust to purchase the remaining 41.46 percent of Chrysler. The agreement states that Fiat would pay $4.35 billion for the shares. The next step for Fiat and Chrysler will take place on January 29th. That is when the board is scheduled to meet and discuss terms of the merger, including including the corporate organization, location of its headquarters, and where it would be listed on the stock market. Source: Chrysler Press Release is on Page 2 Fiat S.p.A. Completes Acquisition of Remaining Equity Interests in Chrysler Group LLC From VEBA Trust January 21, 2014 , Turin, Italy - Fiat S.p.A. (“Fiat”) through its wholly owned subsidiary, Fiat North America LLC (“FNA”) today completed its previously announced acquisition of all of the VEBA Trust’s[1] membership interests in Chrysler Group LLC (“Chrysler Group”). Chrysler Group is now a wholly-owned subsidiary of Fiat. The consideration for the acquisition consisted of: a special distribution paid by Chrysler Group on January 21, 2014 of U.S.$1,900 million (FNA directed its portion of the special distribution to the VEBA Trust as part of the purchase consideration); and a cash payment by FNA to the VEBA Trust of U.S.$1,750 million. Fiat funded the U.S.$1,750 million payment from available cash on hand. Chrysler Group funded the special distribution from available cash on hand. As previously announced, contemporaneously with the transactions described above, Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) entered into a memorandum of understanding under Chrysler Group’s existing collective bargaining agreements to provide for additional contributions by Chrysler Group to the VEBA Trust of an aggregate of U.S.$700 million in four equal annual installments, the first of which was paid in connection with closing of the transaction with Fiat. As part of the transactions and as promptly as practicable, FNA and the VEBA Trust will dismiss with prejudice the proceedings before the Delaware Court of Chancery with respect to the interpretation of the call option agreement.
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