INSIDER
Stellantis tells owners of over 24,000 hybrid minivans to park outdoors due to battery fire risk
Read full article: Stellantis tells owners of over 24,000 hybrid minivans to park outdoors due to battery fire riskStellantis is telling owners of more than 24,000 plug-in hybrid minivans to park them outdoors away from buildings, and to stop charging them due to the possibility of battery fires.
Auto union rejects wage offers from Detroit companies with strike deadline 6 days away
Read full article: Auto union rejects wage offers from Detroit companies with strike deadline 6 days awayThe United Auto Workers union has rejected wage and benefit offers from all three Detroit automakers, raising tensions just six days before a strike deadline for 146,000 employees.
Threats of a strike heating up even before UAW begins negotiations with automakers
Read full article: Threats of a strike heating up even before UAW begins negotiations with automakersWhenever the United Auto Workers union begins negotiating a new contract with Detroit’s three automakers, threats of a strike are typically heard among union members.
2 Italian managers indicted in Fiat Chrysler emissions probe
Read full article: 2 Italian managers indicted in Fiat Chrysler emissions probeTwo Italian managers in Fiat Chrysler’s diesel engine program have been indicted by a federal grand jury in Detroit in a widening case involving allegations of emissions test cheating.
Stellantis CEO says 4th largest carmaker to be disruptive
Read full article: Stellantis CEO says 4th largest carmaker to be disruptiveThe Italian-American carmaker and the French mass-market automotive company completed their merger on Jan. 16, creating Stellantis, the world’s fourth-largest carmaker, despite a pandemic year that saw profits plunge. “Stellantis is not born from a crisis,’’ Tavares told a conference call after fourth-quarter earnings were released. Fiat Chrysler reported adjusted net profits in the pandemic year of 1.9 billion euros ($2.3 billion), down 57% from 2019. PSA reported earnings of 2.2 billion euros, a drop of 32%. Fiat Chrysler reported fourth-quarter adjusted earnings before interest and taxes of 2.3 billion euros, a record 2.2 billion euros of those generated in North America, where the profit margin was 11.6%.
Carmaker Stellantis shares jump in Milan, Paris on first day
Read full article: Carmaker Stellantis shares jump in Milan, Paris on first dayStellantis, the car company combining PSA Peugeot and Fiat Chrysler, was launched Monday on the Milan and Paris stock exchanges, giving life to the fourth-largest car company in the world. (AP Photo/Peter Dejong)MILAN – Stellantis, the car company combining PSA Peugeot and Fiat Chrysler, was launched Monday on the Milan and Paris stock exchanges, giving life to the fourth-largest auto company in the world. Stellantis shares rallied 7.6% in Milan to 13.53 euros ($16.32). CEO Carlos Tavares said during a virtual bell-ringing ceremony that the merger creates 25 billion euros in shareholder value. Its closing market capitalization was under 20 billion euros, far off its 2018 highs of more than 30 billion euros.
Semiconductor shortage forces automobile production cuts
Read full article: Semiconductor shortage forces automobile production cutsA widening global shortage of semiconductors for auto parts is forcing major auto companies to halt or slow vehicle production just as they were recovering from pandemic-related factory shutdowns. (AP Photo/David Zalubowski, File)DETROIT – A widening global shortage of semiconductors for auto parts is forcing major auto companies to halt or slow vehicle production just as they were recovering from pandemic-related factory shutdowns. Toyota was forced to slow production of the full-size Tundra pickup at a factory in San Antonio, Texas. "This will minimize the impact of the current semiconductor shortage while ensuring we maintain production at our other North American plants,” Fiat Chrysler said in a statement. The firm lists major players in the automotive chip market as STMicroelectronics, Infineon Technologies, NXP Semiconductor, Texas Instruments and Toshiba.
Fiat Chrysler, Peugeot shareholders approve merger
Read full article: Fiat Chrysler, Peugeot shareholders approve mergerFiat Chrysler Shareholders of Fiat Chrysler and France's PSA Group are meeting Monday, Jan. 4, 2021 to vote on a merger that will create the world's fourth-largest automaker. Fiat Chrysler shares were up 0.2% in New York on Monday at $18.13, while Peugeot rose 1.7% to 22.75 euros. Fiat Chrysler announced Monday that its stockholders as of Jan. 15 will get a special cash payment worth 1.84 euros ($2.26) per common share after the merger closes. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Fiat Chrysler said there are no plans to close any plants.
Cuts likely as Fiat Chrysler-PSA tie-up nears approval
Read full article: Cuts likely as Fiat Chrysler-PSA tie-up nears approvalFiat Chrysler Shareholders of Fiat Chrysler and France's PSA Group are meeting Monday, Jan. 4, 2021 to vote on a merger that will create the world's fourth-largest automaker. Experts say that means Tavares, currently the head of PSA Group, is likely to follow that blueprint when he becomes leader of a merged PSA and Fiat Chrysler Automobiles. The low-performing Chrysler brand might get the axe as could slow-selling cars, SUVs or trucks that lack potential. He likely will target Europe for consolidation first, because that’s where Fiat vehicles overlap extensively with PSA’s, said IHS Markit Principal Auto Analyst Stephanie Brinley. In December the companies announced that Fiat Chrysler CEO Mike Manley would run Stellantis’ operations in the Americas.
Fiat Chrysler CEO Manley to run Americas after PSA merger
Read full article: Fiat Chrysler CEO Manley to run Americas after PSA mergerFILE - In this Jan. 14, 2019 file photo, Fiat Chrysler's new CEO, Mike Manley, is interviewed at the North American International Auto Show in Detroit. Manley will run operations in the Americas when his company merges with Frances PSA Peugeot early next year. FCA Chairman John Elkann announced Manleys new post on Friday, Dec. 18, 2020 in a letter to employees. (AP Photo/Carlos Osorio)DETROIT – Fiat Chrysler CEO Mike Manley will run operations in the Americas when his company merges with France’s PSA Peugeot early next year. PSA CEO Carlos Tavares will run the overall company, to be named Stellantis.
Fiat Chrysler posts record Q3 profit ahead of PSA merger
Read full article: Fiat Chrysler posts record Q3 profit ahead of PSA mergerThe Italian-American automaker, which is finalizing its full merger with French rival PSA Peugeot, reported a net profit in the three months ending Sept. 30 of 1.2 billion ($1.4 billion). That compares with a loss of 179 million euros a year earlier. Latin America, the only other region to post a profit, saw it narrow by two-thirds to 46 million euros. Overall, the carmaker said global earnings before tax and interest were a record 2.3 billion euros despite a 6% fall in revenues to 26 billion euros. PSA on Wednesday said that revenue in its auto division grew by 1.2% in the quarter to 12 billion euros, as a strong product mix offset lower volumes.
Carmakers FCA and PSA confirm progress toward full merger
Read full article: Carmakers FCA and PSA confirm progress toward full mergerFILE - In this Wednesday, Dec.18, 2019 file photo, he logo of the French car maker Peugeot is pictured in Paris. Fiat Chrysler and PSA Peugeot on Wednesday, Oct. 28, 2020 confirmed progress toward their full merger to create the globes fourth-largest carmaker, with completion expected by the end of March 2021. (AP Photo/Thibault Camus, file)MILAN – Fiat Chrysler and PSA Peugeot on Wednesday confirmed progress toward their full merger to create the globe’s fourth-largest carmaker, with completion expected by the end of March 2021. The completion date for the merger is in line with the original time frame, despite the impact of the coronavirus pandemic. PSA’s CEO Carlos Tavares will lead the group, with Fiat Chrysler chairman John Elkann head of the board.
Daimler AG to pay $1.5B to settle emissions cheating probes
Read full article: Daimler AG to pay $1.5B to settle emissions cheating probesWASHINGTON – Automaker Daimler AG and subsidiary Mercedes-Benz USA have agreed to pay $1.5 billion to the U.S. government and California state regulators to resolve emissions cheating allegations, officials said Monday. The settlement, which includes civil penalties, will also require Daimler to fix the vehicles, officials said. Daimler AG said the settlement would bring costs of about $1.5 billion, while the civil settlement will bring a one-off charge of about $700 million. Fiat Chrysler also is being investigated for allegedly cheating on emissions. In April 2016, the Justice Department asked Daimler to conduct an internal probe into its exhaust emissions certification process.
Houston car dealership comes together to help victims of Hurricane Laura
Read full article: Houston car dealership comes together to help victims of Hurricane LauraHOUSTON – More than 115 employees at Gulfgate Dodge Chrysler Jeep Ram braved the heat Thursday to pack two large trucks full of relief supplies for the people of Lake Charles, Louisiana. “We had to do this, it’s important," said James Davis, President of Gulfgate Dodge. Managers of the project decided that Davis would pay to fill one truck and the employees would fill the other. Tracy Faultry is one of the people who helped organize the effort. “It looked like a bomb went off in her neighborhood, everything is destroyed," Faultry said.
Jeep reveals hybrid Wrangler, 1st US battery-powered vehicle
Read full article: Jeep reveals hybrid Wrangler, 1st US battery-powered vehicleDETROIT Fiat Chrysler's Jeep brand is starting to offer gas-electric hybrid and eventually full electric powertrains across its lineup. The market in the U.S. also is unclear for a plug-in Wrangler, or any electric vehicles for that matter, Abuelsamid said. Last year in the U.S., only 310,000 plug-in hybrid and fully electric vehicles were sold, less than 2% of the market. Meunier said FCA is working on a fully electric Wrangler, but he wouldn't say when it would arrive. The company showed off a Grand Wagoneer concept vehicle with a fully electric powertrain.
Fiat Chrysler calls GM allegations 'defamatory and baseless'
Read full article: Fiat Chrysler calls GM allegations 'defamatory and baseless'DETROIT Fiat Chrysler Automobiles is denying allegations by General Motors that FCA used foreign bank accounts to bribe union officials so they would stick GM with higher labor costs. The allegations of new evidence were made in a motion asking a federal judge to reconsider his July dismissal of a federal lawsuit against Fiat Chrysler. GM alleged that bribes were paid to two former United Auto Workers presidents, as well as a former union vice president and at least one former GM employee. GM alleged that bribes were paid to former United Auto Workers Presidents Dennis Williams and Ron Gettelfinger, as well as Vice President Joe Ashton. GMs motion contended that payments were made to accounts in places like Switzerland, Luxembourg, Italy, Singapore and the Cayman Islands.
Fiat Chrysler muscles through, green shoots in North America
Read full article: Fiat Chrysler muscles through, green shoots in North AmericaIt said the normal summer factory shutdowns have been eliminated or shortened at most North America plants to meet stronger-than-expected demand for vehicles. The loss was a huge reversal from last years second quarter when Fiat Chrysler made $884 million. The company had warned that the second quarter would be much worse than the first, when it lost $1.84 billion. Four of the new electric vehicles will be made in Europe, Manley said Friday in a call with industry analysts and reporters. The electric vehicles include the battery powered Fiat 500 small car, a fully electric Ducato van, and plug-in gas-electric hybrid versions of the Jeep Compass, Wrangler and Renegade.
EU opens probe into proposed Fiat Chrysler, Peugeot deal
Read full article: EU opens probe into proposed Fiat Chrysler, Peugeot dealEuropean Commissioner Executive Vice-President Margrethe Vestager talks during a video press conference at the EU headquarters in Brussels, Wednesday, June 17, 2020. (Kenzo Tribouillard, Pool Photo via AP)BRUSSELS The European Union is opening an in-depth investigation into the proposed merger of Fiat Chrysler and Peugeot that would create the worlds fourth-largest automaker. Vestager stressed that either Fiat Chrysler or Peugeot are already the leader in many EU nations in that sector and the merger would eliminate a major player, thus reducing competition. Fiat Chrysler has been looking for an industrial partner in recent years. A previous deal with French rival Renault last spring fell apart over French government concerns about the role of Renaults Japanese partner, Nissan.
Cars We Remember: The best and worst of 1950 decade car design
Read full article: Cars We Remember: The best and worst of 1950 decade car designFor whatever reason, and following wonderful years of car design from 1955 through 1957, most every manufacturer, in my opinion, added too much chrome, added unnecessary curb weight in an unattractive boxy design. Some of the best designs that decade, in my opinion, were the 1957 Chevy, 1957 Ford, 1956 Plymouth, 1953 Buick Skylark, 1956 Continental, 1956 Studebaker Hawk, 1956 Mercury, 1956 Chrysler 300 and 1956 Packard Caribbean. And after so many nice cars in 1957, car enthusiasts really looked forward to the 1958 model year with much gusto. The 1958 Ford was at least acceptable in looks, but still nowhere near the 1957 models in aesthetic approval. Even the Ford Thunderbird, which made great impressions as a two-seater sports car from ’55 through ’57, fell to the 1958 car design curse.
US auto sales down 0.5% in May
Read full article: US auto sales down 0.5% in MayU.S. auto sales dipped for the fifth month in a row in May, with a 0.5 percent decrease and more than 1.5 million vehicles sold, The Associated Press reported. General Motors, Fiat Chrysler, Hyundai and Toyota reported decreases in sales last month compared to May 2016. IHS Markit analyst Tom Libby told the AP that despite good economic factors, like low unemployment and gas prices, there could be a decrease in auto sales for all of 2017. The past two years saw record sales of about 17.5 million vehicles, which analysts say could account for the lack of demand, the AP reported. Libby's firm reduced its 2017 sales forecast from 17.4 million to 17.3 million, the AP reported.