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Tag: Fiat Chrysler

  • Fiat Chrysler, Peugeot Decide To Withhold 2019 Dividend Payout

    Fiat Chrysler, Peugeot Decide To Withhold 2019 Dividend Payout

    The boards of automakers Fiat Chrysler Automobiles N.V. and Peugeot S.A said on Wednesday it would not pay an ordinary dividend for 2019 this year due to a collapse in consumer demand resulting from the COVID-19 pandemic.

    The health crisis has thrown the global auto industry into the worst tailspin since the 2008-09 financial crisis. Consumer demand for vehicles has plummeted as governments across Europe and the United States have enforced lockdowns.

    Fiat has already finalized a plan in overnight talks with Renault, and the deal would be discussed at a meeting of Renault’s board on Monday.

    The two companies also confirmed that preparations for their merger are advancing with respect to antitrust and other regulatory filings.

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  • Fiat Chrysler Automobile To Produce Face Masks In Asia

    Fiat Chrysler Automobile To Produce Face Masks In Asia

    Fiat Chrysler Chief Executive Mike Manley told employees that the carmaker would help with the production of masks during the coronavirus emergency, a union representative said on Monday.

    Mask production would add to an ongoing effort by Fiat Chrysler (FCA) and rival carmaker Ferrari to find ways to help Italy boost the production of healthcare equipment such as ventilators.

    Manley said one of the group’s plants in Asia would be converted to produce face masks for healthcare workers and would reach a target of one million masks per month in coming weeks, UILM union representative Gianluca Ficco said, quoting a letter sent by the CEO to employees.

    Fiat Chrysler was not immediately available for comments.

    The threat from the coronavirus crisis closed in on the global auto industry on Thursday, as Fiat Chrysler Automobiles NV warned that a European plant could shut down within two to four weeks if Chinese parts suppliers cannot get back to work.

    FCA and Ferrari, both controlled by Exor, the investment firm of Italy’s Agnelli family, are in talks with Siare Engineering, Italy’s biggest ventilator manufacturer, to help it double production of the life-saving machines which are urgently needed in the coronavirus crisis, company officials said last week.

    FCA has temporarily halted most of its plants worldwide in response to the virus spread and a consequent plunge in global auto demand.

    Ferrari has also suspended operations at its two facilities, both located in Italy.

    “We need to use the current plants’ stoppage to equip ourselves with the necessary resources to face the emergency,” Ficco said, adding he hoped that other large companies might follow FCA’s example.

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  • Fiat Chrysler Says Peugeot Talks Progressing Despite GM Lawsuit

    Fiat Chrysler Says Peugeot Talks Progressing Despite GM Lawsuit

    Fiat Chrysler (FCA) said on Thursday talks with Peugeot owner PSA Group to create a $50 billion carmaking group were going well, despite FCA being sued for “substantial damages” by General Motors late on Wednesday. General Motors (GM) filed the lawsuit in the United States, alleging FCA had bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars.

    “Talks are progressing smoothly,” an FCA spokesman said on Thursday about discussions with PSA to create the world’s fourth-biggest automaker. Shares in FCA were down 3.4 percent, while PSA shares were 1.4 per cent lower. Asked whether the lawsuit might lead to a review of the two companies’ valuations in the proposed merger deal, a source close to FCA replied: “No.”

    In a letter to employees, FCA Chief Executive Mike Manley said: “We are astonished by this filing, both it is content and its timing. We can only assume it was intended to disrupt our proposed merger with PSA.”

    FCA will vigorously defend itself against this “meritless” lawsuit, the letter, which was seen by Reuters, said. “We will not be slowed down by this act,” Manley said, adding: “Let’s keep the performance up as it has clearly got some of our competitors worried.”

    PSA declined to comment on the GM lawsuit and its potential impact on the merger talks.

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  • Fiat Chrysler Confirms Merger Talks With Renault

    Fiat Chrysler Confirms Merger Talks With Renault

    Fiat Chrysler has made a “transformative merger” proposal to French peer Renault, the Italian carmaker said on Monday, in a deal which would create a world leader and help address some of the weaknesses in both Renault and Fiat.

    Fiat said the combined business would be 50 percent owned by FCA shareholders and 50 percent owned by those of Renault.

    Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles.

  • Fiat Chrysler recalls 1.25 million trucks over software error

    Fiat Chrysler recalls 1.25 million trucks over software error

    Fiat Chrysler Automobiles said on Friday it would recall more than 1.25 million pickup trucks worldwide to address a software error linked to reports of one crash death and two injuries.

    The erroneous code could temporarily disable the side air bag and deployment seat of belt pretensioners – which reduce seat belt slack during impacts – during a vehicle rollover spurred by a significant underbody impact, such as striking onroad debris or driving off-road, the Italian-American automaker said.

    The company will reprogram computer modules in the affected vehicles to address this error.

    An FCA spokesman said the likelihood of an incident was very low because a sequence of events was needed to cause an incident.

    There is no definitive proof the error was involved in two accidents, one of which resulted in a fatality, but the automaker was conducting the recall proactively, he said.

    The spokesman declined to say whether the code was produced inhouse or by an FCA supplier, saying “we do not discuss supplier relationships.”

    Fiat Chrysler Automobiles said on Friday it would recall more than 1.25 million pickup trucks worldwide to address a software error linked to reports of one crash death and two injuries.

    The erroneous code could temporarily disable the side air bag and deployment seat of belt pretensioners – which reduce seat belt slack during impacts – during a vehicle rollover spurred by a significant underbody impact, such as striking onroad debris or driving off-road, the Italian-American automaker said.

    The company will reprogram computer modules in the affected vehicles to address this error.

    An FCA spokesman said the likelihood of an incident was very low because a sequence of events was needed to cause an incident.

    There is no definitive proof the error was involved in two accidents, one of which resulted in a fatality, but the automaker was conducting the recall proactively, he said.

    The spokesman declined to say whether the code was produced inhouse or by an FCA supplier, saying “we do not discuss supplier relationships.”

    Fiat Chrysler has been working to move faster to address vehicle issues after being fined twice in 2015 by the NHTSA.

    In December 2015, the company was fined $70 million for failing to report vehicle crash deaths and injuries since 2003.

    In July 2015, Fiat Chrysler agreed to a $105 million settlement with NHTSA for mishandling nearly two dozen recall campaigns involving 11 million vehicles.

    It agreed to a three-year consent agreement and monitoring by former Transportation Secretary Rodney Slater.

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  • Fiat Chrysler may add more self-driving supplier partners

    Fiat Chrysler may add more self-driving supplier partners

    Fiat Chrysler Automobiles may seek more supplier partners to help it develop and build self-driving vehicles, Chief Executive Officer Sergio Marchionne said on Wednesday.

    The Jeep and Ram brands are strong enough to exist as standalone entities outside FCA, Marchionne also said on a conference call with analysts after the company reported record first-quarter results. But he did not elaborate on whether there were any plans for a spin-off of either, like with Ferrari.

    The automaker reported an 11 percent jump in first-quarter operating profit, boosted by strong sales in North America, its most profitable market. Shares jumped about 10 percent on the news.

    FCA currently has a partnership with Alphabet Waymo self-driving unit. Marchionne said Waymo has an “unbeatable solution” to help build self-driving vehicles, including versions of the Chrysler Pacifica hybrid minivan, but that FCA is looking at additional partners.

    “Between now and the next three years, we need to provide viable solutions to take people around,” Marchionne said, citing Waymo’s new test program in Phoenix offering ride sharing in self-driving Pacificas.

    But FCA is considering more partners “because banking all of our solutions on one possible outcome is going to be disastrous,” Marchionne said. FCA continues to work with Waymo “in a very intense way,” he said, but “we need to look at optionality in more than one dimension” to build self-driving cars.

    FCA is retooling several U.S. plants to produce redesigned versions of the popular Jeep Wrangler and Ram 1500 pickup later this year and early next. Marchionne said the company would continue to produce several versions of the current models for several months in 2018 after the new versions begin production.

    New models from premium brands Maserati and Alfa Romeo should help boost FCA’s gross margins. Marchionne said Alfa, long a cash drain on the company, could be profitable in the fourth quarter, while Maserati has returned double-digit margins over the past three quarters. Both brands have launched new luxury utility vehicles in the United States.

    Marchionne said FCA hopes to resolve emissions certification issues “in a few weeks” with the U.S. Environmental Protection Agency and the California Air Resources Board.

    In the meantime, he said FCA will try to meet future emissions regulations without relying so heavily on diesel engines, but with a combination of gasoline engines and electric motors.

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  • Fiat Chrysler, Cummins reject diesel cheating suit

    Fiat Chrysler, Cummins reject diesel cheating suit

    Fiat Chrysler Automobiles NV and Cummins Inc said on Monday they will fight a class-action lawsuit filed against the companies accusing them of cheating on diesel emissions tests.

    On Monday, lawyers representing owners of older 2500 and 3500 Dodge Ram trucks filed a class-action lawsuit in U.S. District Court in Detroit, asserting the companies “conspired to knowingly deceive consumers and regulators of illegally high levels of diesel emissions in their vehicles.”

    The suit accuses the automakers of fraud, violating the Racketeer Influenced and Corrupt Organizations Act and consumer-protection laws by intentionally misleading the public, concealing emissions levels and illegally selling noncompliant polluting vehicles.

    The suit filed by Seattle lawyer Steve Berman said the emissions catalysts are not durable and do not meet emission standards, and that at times emissions are nearly 10 times legal limits.

    The class action suit comes as Fiat Chrysler and Cummins are fighting over the costs of an emissions recall involving a different, newer population of trucks.

    Fiat Chrysler said in a statement it “does not believe that the claims brought against it are meritorious” and the company “will contest this lawsuit vigorously.”

    Cummins spokesman Jon Mills said the lawsuit “has no merit. We are obviously disappointed in the effort to tarnish our image and we plan to vigorously defend ourselves.”

    The suit covers owners of 2007–2012 Dodge Ram 2500 and 2007–2012 Dodge Ram 3500 pickup trucks.

    Reuters reported on Oct. 10 that Fiat Chrysler and Cummins Inc have been fighting over the $200 million estimated cost for a recall of 130,000 newer 2500 Ram pickup trucks equipped with Cummins diesel engines that could exceed U.S. pollution limits.

    The U.S. Environmental Protection Agency and California Air Resources Board have demanded a recall of 2013-2015 model year Ram 2500 pickup trucks with 6.7L Cummins diesel engines because moisture can lead to the deactivation of the selective catalyst reduction system, causing excess nitrogen oxide emissions, Cummins said.

    Fiat Chrysler has sued Cummins to recover the $60 million it has spent to date repairing 42,000 trucks at its own expense, a company lawyer said in court documents. Settlement talks are ongoing.

    Cummins counter-sued, saying Fiat Chrysler would not cooperate in the recall “for one reason – money” and said the automaker was “holding both Cummins and its own customers hostage.”

    When the emissions system fails, the warning light goes on and if the vehicle isn’t fixed soon the vehicles go into “limp mode” that allow them to only be driven very slowly.

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