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Fiat Chrysler to pay more than USD 700 million over US diesel emissions claims - Report

Reuters reported that Fiat Chrysler Automobiles NV will pay more than USD 700 million to resolve lawsuits from the US Justice Department and diesel owners over claims it used illegal software to allow 104,000 diesel vehicles to emit excess emissions. Fiat Chrysler will pay USD 311 million in penalties to the Justice Department, at least USD 75 million to states investigating the excess emissions and additional funds to offset excess emissions. It will also pay USD 280 million to settle a lawsuit by owners.

The settlements are set to be announced on Thursday at the Justice Department. Fiat Chrysler declined to comment.

Source : Strategic Research Institute
Fiat Chrysler looking at options to plug hole in its truck lineup - CEO

Reuters reported that Fiat Chrysler Automobiles NV Chief Executive Mike Manley told Reuters that he is open to partnerships to develop a new midsize pickup truck the automaker could sell in Latin America and other markets outside the United States to compete with models such as Ford Motor Co's Thailand-built Ranger. Mr Manley said in an interview at the Detroit auto show that "A gaping hole in our portfolio is a metric ton pickup that would be a lower-cost, lower-priced vehicle aimed at work and commercial uses in markets outside the United States. Do you fill that individually or fill that in partnership? We are looking at what can we do individually, and if we partner with someone what would that look like?"

FCA last year outlined plans to launch such a pickup - smaller than its current Ram 1500 model - by 2022. Mr Manley drew a distinction between the Jeep Gladiator midsize pickup that Fiat Chrysler unveiled in Los Angeles last November, and the "metric ton" pickup sold in developing markets. The Gladiator is a "lifestyle truck," he said, that is not designed to compete at the lower price levels typical of work-oriented pickups.

Source : Reuters
Fiat Chrysler production to fall in Italy in 2019 – Union

Auto News reported that unions at Fiat Chrysler Automobiles' Italian factories expect domestic production to continue to decline this year after double-digit drop last year, largely because of slumping sales at Alfa Romeo and Maserati. FCA's production in Italy fell 10 percent to 667,526 units in 2018, according to the FIM-CISL Italian trade union. The decline came after sales of Alfa Romeo and Maserati models dropped in Europe and the US, especially in the second half.

Production at the FCA's Italian plants will fall further in 2019 for various reasons, said Ferdinando Uliano, head of FIM-CISL Automotive. He cited the economic situation in Italy, the lack of new models and the discontinuation in the summer of the Fiat Punto and Alfa Romeo Mito small hatchbacks, which combined accounted for 38,000 units produced in 2018.

Production of the Maserati Levante midsize SUV, Alfa Romeo Giulia midsize sedan and Alfa's Stelvio midsize SUV fell most in 2018, the union said.

Source : Auto News
Fiat Chrysler profiteert nog van Magneti Marelli

Gepubliceerd op 7 feb 2019 om 14:09 | Views: 532

NEW YORK (AFN/RTR) - De Italiaans-Amerikaanse autobouwer Fiat Chrysler Automobiles heeft afgelopen kwartaal nog weten te profiteren van de bijdrage van zijn verkochte divisie voor hightech auto-onderdelen Magneti Marelli. Dat kwam naar voren uit een handelsbericht van het concern.

Magneti Marelli werd in oktober voor ruim 6 miljard euro verkocht aan investeerder KKR en auto-onderdelenmaker Calsonic Kansei. Maar de deal wordt waarschijnlijk pas in het tweede kwartaal van het huidige jaar afgerond. Daarom werken de prestaties nog door in de cijfers van het recente vierde kwartaal.

Fiat Chrysler zag in die periode de winst met 61 procent stijgen tot bijna 1,3 miljard euro. Dat kwam naast de bijdrage van Magneti ook door goede zaken in Noord-Amerika, verantwoordelijk voor het leeuwendeel van het resultaat. Daar zijn onder meer de Ram 1500 en de Jeep Wrangler erg in trek. In Azië gingen de zaken beduidend minder goed en werd door een zwakke Chinese markt een verlies in de boeken gezet. Ook in Europa zat het tij tegen, onder meer door zwakke prijzen.

De opbrengsten dikten met 6 procent aan tot 30,6 miljard euro. Operationeel stond er een winst in de boeken van iets meer dan 2 miljard euro, 7 procent meer dan een jaar terug. Voor het huidige jaar rekent het bedrijf op een aangepaste operationele winst van minimaal 6,7 miljard euro. Dat is duidelijk minder dan kenners in doorsnee hadden voorzien. Het aandeel ging in de Amerikaanse voorbeurshandel omlaag.
Fiat Chrysler recalls 882,000 pickup trucks for steering and pedal issues

Reuters reported that Fiat Chrysler Automobiles NV would recall 882,000 pickup trucks worldwide in two new recalls to address steering and pedal issues. The Italian-American automaker said it was recalling about 660,000 heavy duty Ram 2500 and 3500 pickup trucks from the 2013 through 2017 model years, including 574,000 in the United States, as drivers could potentially experience steering loss.

A nut could come loose and prevent drivers from being able to steer the vehicle, Fiat Chrysler said, adding it had reports of one injury and eight accidents possibly related to the issue.

The company will also recall 222,000 2019 Ram 1500 pickup trucks worldwide to better secure brake pedals while the vehicles' adjustable-pedal feature is in use.

The brake pedal could get detached if drivers move pedals to the rear-most position, the company said. That could be dangerous if trucks are travelling at highway speeds.

Source : Reuters
Fiat Chrysler and Bosch agree to pay USD 66 million in diesel legal fees - Filing

VOANEWS reported that Fiat Chrysler Automobiles NV and Robert Bosch have agreed to pay lawyers representing owners of US diesel vehicles USD 66 million in fees and costs, according to court filing on Wednesday and people briefed on the matter.

In a court filing late on Wednesday in US District Court in San Francisco, lawyer Elizabeth Cabraser said after negotiations overseen by court-appointed settlement master Mr Ken Feinberg, the companies agreed not to oppose an award of USD 59 million in attorneys' fees and USD 7 million in costs.

The lawyers had originally sought up to USD 106.5 million in fees and costs.

Under a settlement announced last month, Fiat Chrysler and Bosch, which provided emissions control software for the Fiat Chrysler vehicles, will give 104,000 diesel owners up to USD 307.5 million or about USD 2,800 per vehicle for diesel software updates.

US District Judge Edward Chen must still approve the legal fees. He has set a May 3 hearing on a motion to grant final approval.

The Italian-American automaker on Jan. 10 announced it settled with the US Justice Department, California and diesel owners over civil claims that it used illegal software that produced false results on diesel-emissions tests.

Source : VOANEWS
Fiat Chrysler paid USD 77 million in 2018 for US fuel economy penalties

Automotive News reported that Fiat Chrysler Automobiles paid USD 77 million in US civil penalties late last year for failing to meet 2016 model year fuel economy requirements, in the first significant sign the auto industry is facing hurdles in meeting tougher emissions rules. The automaker has been lobbying the Trump administration to revise fuel economy requirements and last year regulators proposed freezing requirements at 2020 model-year levels through 2026. Mr Shane Karr, head of external affairs for Fiat Chrysler in North America, said “The fuel economy program should be reformed rather than requiring companies to make large compliance payments because assumptions made in 2011 turned out to be wrong. Automaker is committed to improving the fuel efficiency of our fleet and expanding our US manufacturing footprint."

The National Highway Traffic Safety Administration said in a report dated Dec. 21 that the industry faced USD 77 million in fines in 2016 and that one unnamed manufacturer "is expected to pay significant civil penalties."

The civil penalty payment is much higher than in prior model years. The industry paid USD 2.3 million in civil penalties in 2014 and USD 40 million in 2011.

Source : Automotive News
Fiat Chrysler recalls over 300K cars due to rollaway risk

Associated Press reported that Fiat Chrysler is recalling more than 300,000 vehicles in North America because a transmission problem could cause them to roll away unexpectedly. The recall covers Dodge Dart compact cars from 2013 through 2016 with six-speed automatic transmissions. The company said that a bushing can fail, causing the shifter cable to come loose from the transmission. That means when a driver shifts to park or another gear, the gear may not change and the car could roll away.

Fiat Chrysler said that it doesn't know of any related crashes or injuries. But it advises owners to shut off the engine and set the parking brake before leaving the cars.

Dealers will replace the bushing at no cost to owners. The recall is expected to start May 31.

Source : Associated Press
Fiat Chrysler verkoopt minder auto's

(ABM FN-Dow Jones) Fiat Chrysler heeft in het eerste kwartaal van 2019 lagere resultaten behaald maar handhaaft de outlook. Dit maakte de Amerikaans-Italiaanse autofabrikant vrijdag bekend.

In de driemaandsperiode daalde de aangepaste winst met 29 procent tot 1,07 miljard euro en bleef onder de streep een 47 procent lagere nettowinst over van 508 miljoen euro. De aangepaste EBIT-marge daalde met 140 basispunten tot 4,4 procent.

Door FactSet geraadpleegde analisten rekenden op een nettowinst van rond de 714 miljoen euro en een omzet van 25,3 miljard euro. De omzet daalde echter met 5 procent tot 24,48 miljard euro.

Fiat Chrysler verkocht minder auto's in Noord-Amerika, Latijns-Amerika, China en Europa.

Outlook ongewijzigd

Fiat Chrysler zei vrijdag vast te houden aan de outlook voor heel het boekjaar.

Over 2019 verwacht de autofabrikant een aangepast EBIT-resultaat van meer dan 6,7 miljard euro, een bijbehorende marge van meer dan 6,1 procent en een aangepaste winst per aandeel van 2,70 euro.

Het aandeel steeg in de voorbeurshandel in New York ruim 2 procent.

Door: ABM Financial News.
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved
Maserati to use BMW self-driving technology - Mr Elkann

Automotive News reported that Maserati will be the first of Fiat Chrysler Automobiles' brands to use self-driving technology being developed with BMW AG. Fiat chairman Mr John Elkann said in a speech in Turin, Italy that the technology will offer assisted-driving features on highways, Mr Elkann told an industry group Monday, without specifying a date for deployment in Maserati vehicles.

Fiat Chrysler joined the self-driving technology consortium led by BMW in 2017. It also has autonomous vehicle development partnerships with Google affiliate Waymo LLC and auto supplier Aptiv Plc.

Luxury sports-car brand Maserati, which saw its sales plunge 32% in the first three months of the year, has been struggling with a lack of new product and a sharp drop in demand from China.

Source : Automotive News
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