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Fiat takes majority control of Chrysler

Fiat S.p.A. will pay $500 million for the U.S. government's 6 percent stake in Chrysler Group.

News watch February 2012: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Wednesday 29 February 2012• Following on from yesterday's news of a cross-holding between PSA and GM, it now appears that Peugeot Citroen would offer a €1bn rights issue to create cash and strip back jobs as part of its proposed alliance with GM (Automotive News Europe)  • The Bloomberg Riskless Return Ranking, a survey of investor performance, suggests that Kia has outperformed all 22 other car makers with a risk-adjusted return of 9.2% in the past five years. Second highest was Hyundai, whose shares rose 4.8% in the same period (Bloomberg)• Fisker has a new chief executive officer, as founder Henrik Fisker moves to executive chairman. The new boss is Tom LaSorda, the former top man at Chrysler pre-bankruptcy (Fisker)Tuesday 28 February 2012• General Motors is in talks to buy a 5% to 7% stake in PSA Peugeot Citroen, according to reports by news agencies Bloomberg and Reuters.

MP claims 3p for 100 metre car trip

FORMER DEFENCE secretary Liam Fox successfully claimed 3p of taxpayers' cash for a car journey of fewer than 100 metres, expenses documents show. The Conservative MP made the claim after travelling 0.06 miles, or approximately 96.5 metres, within his North Somerset constituency from a concrete firm to a constituency surgery in Yatton in October 2012. The Independent Parliamentary Standards Authority (Ipsa) notes the claim was paid last December.