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Archive for the ‘FCA’ Category

Fiat Chrysler Confidently Pays First-Ever Dividend

Payout marks optimism about rest of 2019 performance.

by on Apr.15, 2019

Fiat Chairman John Elkann told shareholders at the FCA annual meeting that he expected strong results in 2019.

The top executives of Fiat Chrysler Automobile N.V. delivered an upbeat assessment of the company’s future prospects during the company annual shareholder meeting in Amsterdam, agreeing to pay a dividend to shareholders for the first time since Fiat took effective control of the Chrysler Group in 2009 and brought it out of bankruptcy.

In the first shareholders gathering since the death of Sergio Marchionne, FCA’s longtime chief executive, it fell to John Elkann, Fiat’s chairman, to deliver an optimistic forecast for 2019 despite the drop in the company’s business in North America and the slowdown in the sales of Jeep, which has emerged as the company’s principal brand.

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Elkann, the representative of the founding Agnelli family, which has run Fiat for more than 100 years, told investors the Italo-American group was ready to play a part in the “new and exciting” era for the auto industry. (more…)

First Drive: 2019 Alfa Romeo Stelvio Quadrifoglio

An impressive blend of panache and performance.

by on Apr.09, 2019

The high-performance Alfa Romeo Stelvio Quadrifoglio should turn heads and change perceptions about the Italian brand in the U.S.

Judging from the less than overwhelming reception it has received since the brand was brought back to the United States by Fiat Chrysler Automobiles N.V., Alfa Romeo vehicles are likely to be something of an acquired taste for American motorists.

But there is a lot to like in the Alfa Romeo line-up, starting with the Alfa Romeo Stelvio Quadrifoglio with all-wheel drive – a utility vehicles with a great deal of style and panache that sets it apart from the very crowded competitive set of premium mid-sized SUVs.

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In fact, the exterior silhouette of the Stelvio has done the entire industry a favor by re-defining the appearance of utility vehicles. On the outside, the Stelvio is lower, sleeker and brings elements of sports-car design, which are the foundation of Alfa Romeo’s historic identity, into a unique and distinctive package. (more…)

Unlikely Partners: Tesla Helps FCA Head Off Massive EU Fine

Automakers will "pool" emissions numbers.

by on Apr.08, 2019

It appears that European sales of the Model 3 are going to not only help Tesla, but Fiat Chrysler as well.

Fiat Chrysler Automobiles has come up with an intriguing way to head off hundreds of millions of dollars in fines from the European Union for missing its emissions targets, a solution that will team it up with its upstart competitor Tesla.

FCA is using an “open pool” option that will allow it to count Tesla’s growing sales in Europe as if they were its own products. Tesla has used a similar approach in the United States, a move that was particularly critical in its early years.

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“The whole point of a CO2 credit market is to leverage the most cost-effective ways to reduce overall greenhouse gas emissions in the market,” FCA said in a statement. “The purchase pool provides flexibility to deliver products our customers are willing to buy while managing compliance with the lowest cost approach.” (more…)

Fiat Chrysler Settles False Filings Antitrust Lawsuit

Terms of the deal were not disclosed.

by on Apr.05, 2019

Fiat Chrysler reached a settlement with the U.S. Justice Department about filing false sales reports. The terms of the deal weren't disclosed.

The U.S. Justice Department and Fiat Chrysler Automobiles NV reached a settlement in an antitrust lawsuit about claims the automaker forced dealers to report false sales numbers, hoping to bolster the company’s stock price.

Those allegations spurred a separate federal investigation to determine if information filed with the  Securities and Exchange Commission gave shareholders an overly rosy impression of FCA’s financial situation. Those investigations are ongoing, FCA said. The settlement terms are confidential.

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The lawsuit, which was filed in federal court in Chicago in January 2016, alleged racketeering, violations of antitrust laws and breach of contract. FCA twice won dismissal of the racketeering claim, but the rest of the charges are headed to trial this year, Bloomberg reported. (more…)

PSA’s Tavares Throws Cold Water on Hot FCA Rumor

CEO says no FCA deal is in the works.

by on Apr.03, 2019

PSA CEO Carlos Tavares denied reports that the company and FCA were involved in any type of discussions.

Fiat Chrysler Automobiles appeared to be the belle of the automotive partnership ball recently, but one of its suitors looks to have a wandering eye.

PSA Group CEO Carlos Tavares pushed back on reports that FCA and PSA were in talks to enter into any type of agreement between the two companies. It was reported that the two companies could find ways to help each other out in Europe and perhaps other markets.

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“No, we are not targeting a specific company. We are working with all of our partners,” said Tavares at a press event in the southern Indian city of Chennai, according to Reuters. (more…)

Former Union VP Jewell Pleads Guilty in FCA-UAW Scam

Latest guilty plea is sixth person tagged in investigation.

by on Apr.03, 2019

Former UAW Vice President Norwood Jewell pleaded guilty in federal court to charges stemming from the ongoing investigation into bribery of UAW officials.

A former top officer of the United Auto Workers pleaded guilty Tuesday to charges of conspiring to violate U.S. labor laws by taking money from Fiat Chrysler Automobiles N.V. while representing union members employed by FCA.

Norwood Jewell, 61, a former UAW vice president and head of the union’s FCA Department, pleaded guilty to one count of violating U.S. Labor-Management Standards Act. He could face up to five years in prison and a $250,000 fine. However, the plea agreement limits the prison sentence to a maximum of 18 months and the size of the fine hasn’t been determined yet.

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Jewell was released on $10,000 personal bond and must surrender his passport and firearms, pending a sentencing hearing, which is scheduled for early August.  (more…)

First Drive: 2020 Jeep Gladiator

Far more than just a Wrangler with a bed.

by on Apr.01, 2019

The 2020 Jeep Gladiator Rubicon has 11" ground clearance and can handle 30" of water.

“Sunny California” hasn’t been nearly as bright blue as normal during the last few months, with record rainfall across the state and even some snow down in the Los Angeles hills.

Up here in Healdsburg, in the center of Napa Valley wine country, farm fields are waterlogged, dirt roads turning to gooey mud. While not everyone might be pleased, these are the perfect conditions for testing out the all-new 2020 Jeep Gladiator.

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There was a time when pickups were a regular option in the Jeep line-up, starting with a version of the classic, post-World War II CJ model. From 1945 to 1968, in fact, trucks made up about 40% of the CJ’s production run, about 200,000 in all. (more…)

Fiat Chrysler Cutting Shift at Canadian Minivan Plant

Sales of the Pacifica have fallen 25% this year.

by on Apr.01, 2019

Fiat Chrysler is cutting a shift at its Windsor, Ontario plant. The move eliminates 1,500 jobs.

Facing a sharp drop in the sales of minivans, Fiat Chrysler Automobiles NV confirmed it will trim one shift at the automaker’s assembly plant in Windsor, Ontario, across the river from Detroit.

The cutbacks will result in the loss of 1,500 jobs at the plant and in untold number of job cuts at stamping plants on the other side of the Detroit River at factories in the U.S. that feed major components to the facility.

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Up until now FCA managed to avoid major cuts in production similar to those that led to plant closings and shift reductions at plants operated by key rivals such as General Motors and Ford. Last year, Fiat Chrysler sold 270,000 Chrysler Pacifica and Dodge Grand Caravan minivans in the United States.  (more…)

Fiat Chrysler Attracting Another French Suitor: Renault

Peugeot family expressed interest recently.

by on Mar.29, 2019

Could another sign change be in Fiat Chrysler's future?

Fiat Chrysler Automobiles N.V. is apparently being pursued by not one, but now possibly two French automakers.

Reports have the Agnelli clan turning down an overture from Peugeot but Renault S.A., which also is still trying to re-organize its alliance with Nissan in the wake of Carlos Ghosn’s legal troubles and abrupt ouster, is also interested in pursuing a tie with FCA, according to an article Financial Times.

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A deal could give FCA better options to solve its problems with technology where it lags larger rivals and help strengthen its position in Asia. The prospect of becoming part of an $80 billion global group could be tempting for FCA Chairman John Elkann. (more…)

Former UAW VP Jewell Expected to Plead Guilty

Six others have already been found guilty.

by on Mar.22, 2019

Former UAW Vice President Norwood Jewell is expected to plead guilty in federal court next month.

Former UAW Vice President Norwood Jewell is expected to U.S. District Court early next month to plead guilty on charges of violating federal labor law and could be sentenced to up to five years in prison.

Jewell, who abruptly quit his UAW post in December 2017, months before he was scheduled to leave office, is the second top union official implicated in the ongoing investigation. He accepted more than $40,000 in travel and gifts.

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Federal prosecutors are investigating a scam in which the Fiat Chrysler Automobiles executive responsible for relations with the UAW used money designated for training UAW workers for lavish parties and gifts.  (more…)