Today, 7:50 AM
- Fiat Chrysler Automobiles (NYSE:FCAU) CEO Sergio Marchionne rekindled talk about a merger with General Motors (NYSE:GM) in a new interview with Automotive News.
- Marchionne said the numbers on a Fiat-GM consolidation are just too good to ignore.
- "We're talking about cataclysmic changes in performance, just huge," exclaims the CEO. His target of $30B in EBITDA is backed by Evercore ISI as realistic.
- GM is firmly on the record as saying it won't pursue talks with Fiat, going as far as to call the concept a "bailout" of the automaker.
Wed, Aug. 26, 6:52 AM
- Kelley Blue Book forecasts new car sales will fall 4% in August.
- The monthly tally will be influenced by a later Labor Day weekend this year after it fell into August last year.
- KBB August sales outlook by manufacturer: General Motors (NYSE:GM) -5.3% to 258K, Ford +0.3% to 222K, Toyota (NYSE:TM) -10.2% to 221K, Fiat Chrysler Automobiles (NYSE:FCAU) -3.2% to 192K, Honda (NYSE:HMC) -7.8% to 154K, Nissan (OTCPK:NSANY) -4.8% to 128K, Hyundai/Kia (OTC:HYMLF) -0.5% to 124K, Volkswagen (OTCQX:VLKAY) -3.2% to 55K.
Wed, Aug. 26, 4:22 AM
- Laying out plans for future U.S. products, Fiat Chrysler (NYSE:FCAU) Chief Sergio Marchionne presented blueprints of a new plug-in minivan, an updated Dodge Charger and new Jeep SUVs for thousands of dealers attending a meeting in Las Vegas on Tuesday.
- Marchionne, who took control of Chrysler after its 2009 bankruptcy, recently made headlines with offers for industry consolidation and several major recalls that have plagued the automaker.
Tue, Aug. 25, 10:18 AM| Tue, Aug. 25, 10:18 AM | 3 Comments
Fri, Aug. 14, 11:43 AM
- Automobile industry labor issues have been teed up as a political topic with most 2016 Presidential candidates delicately walking a tightrope over the issue.
- The UAW is in the process of negotiating critical new contracts with Detroit automakers which involves tough talk on both sides as well as the Big Three (F, GM, FCAU) using the leverage of potentially moving more production to Mexico or Canada.
- One candidate making a lot of noise about automakers is Donald Trump. The GOP front-runner in the polls believes opening up more U.S. states for auto manufacturing would lead to lower wages across the board and take Mexico out of the equation. It's a position the UAW will challenge vociferously, and as pointed out in the Detroit Free Press, may backfire in the long run.
- Trump also promises a tougher stance on Japanese automakers (OTCPK:NSANY, TM, HMC, OTCPK:MZDAY, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:MMTOF) - a populist stance that some other GOP candidates will be hesitant to match due to trade implications.
- Analysts think the spotlight on wages this summer could hurt negotiations for automakers.
Mon, Aug. 10, 2:14 PM
- Auto sales in Mexico rose 16.2% to 111,612 light vehicle units in July, according to Ward's Auto.
- Nissan (OTCPK:NSANY) ranked first in sales and showed 21% growth, while General Motors (NYSE:GM) placed second in volume and had a more modest growth rate of 2.3%. Volkswagen (OTCQX:VLKAY) was third on volume, while Fiat Chyrsler Automobiles (NYSE:FCAU) leapfrogged Ford to take 4th place off a 26% Y/Y sales pop.
- YTD light vehicle sales in Mexico are up 20.9% through the end of July.
Thu, Aug. 6, 2:25 AM
- Automakers recalled more cars in the U.S. through the end of July (34.5M vehicles) than during any other similar time frame except 2014, highlighting the lax quality standards of the auto industry and unprecedented government crackdown on safety lapses.
- Notables: Honda (NYSE:HMC) recalled 8M vehicles due to defective Takata (OTCPK:TKTDY) air bags; Hummer (NYSE:GM) got battered with fire hazards linked to its ventilation systems; Fiat Chrysler (NYSE:FCAU) called back more than 9.6M vehicles due to cybersecurity gaps and rear gas tank fires.
Wed, Aug. 5, 2:40 PM
- Fiat Chrysler Automobiles (FCAU +0.1%) and Harman International (HAR +6.4%) are under scrutiny for waiting 18 months to tell the NHTSA about a security flaw that exposed over a million cars to remote hacking.
- Fiat has already worked out a settlement with the agency, while Harman is looking to limit damage.
- Security in the automobile sector could be in the spotlight again later this week at a cybersecurity conference where a group of hackers are expected to demonstrate vulnerabilities through the General Motors (NYSE:GM) Onstar system app. GM is already working on a fix, according to Popular Science.
- Previously: Hacking demo leads to recall of 1.4M Fiat Chrysler vehicles (July 24)
Mon, Aug. 3, 8:43 AM
- Fiat Chrysler Automobiles (NYSE:FCAU) recorded its best month of June sales since 2005. Records were set for the month by the Wrangler, Cherokee, Patriot, and Compass models.
- Brand sales growth: Fiat -15% to 3,235; Chrysler +10% to 25,722; Jeep +23% to 73,216; Dodge -13% to 37,649; Ram +1% to 38,157; Alfa Romeo 48 (new).
- Model sales growth: Jeep Patriot +22% to 9,493; Jeep Wrangler +18% to 19,320; Jeep Cherokee +13% to 16,699; Chrysler 200 +85% to 15,108; Dodge Dart -22% to 5,866; Ram P/U +1% to 36,019; Chrysler Town & Country -43% to 6,440; Fiat 500 -17% to 1,959; Alfa Romeo 4C (new) 48.
- The automaker says it ended the month with 82 days supply of inventory vs. 70 days in June.
- Previously: Fiat Chrysler Automobiles July U.S. sales: +6.2%
Mon, Aug. 3, 8:35 AM
Fri, Jul. 31, 1:50 PM
- The NHTSA is investigating if other automakers are at risk of hacking attacks after 1.4M Fiat Chrysler automobiles were recalled last week due to an exposure highlighted in Wired magazine.
- The regulator plans to focus on if wireless components supplied to Fiat are also used in other vehicles on the road in a way that isn't fully secure from remote access.
- The U.S. Copyright Office is also a major player in the hacking drama. This fall the government body will rule on if third-party researchers can access components and software to check for vulnerabilities. The open source vs. proprietary debate will be familiar to tech investors.
- Previously: Automakers start to tackle hacking issue (Jul. 23 2015)
- Previously: More security flaws seen in connected vehicles (Jul. 31 2015)
- Previously: Hacking demo leads to recall of 1.4M Fiat Chrysler vehicles (Jul. 24 2015)
- Automaker stocks: GM, F, TM, HMC, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTCPK:MMTOF, TTM, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:GELYF, FCAU, OTCPK:NSANY, OTCPK:DDAIF, OTCPK:MZDAY, TSLA.
Fri, Jul. 31, 1:55 AM
- White-hat hacker Samy Kamkar has released a video showing a security flaw in GM's (NYSE:GM) OnStar vehicle communications system that can be remotely accessed to unlock cars and start engines.
- The move comes just one week after Fiat Chrysler (NYSE:FCAU) recalled some 1.4M vehicles after hacking experts demonstrated a more serious vulnerability in the Jeep Cherokee.
- That bug allowed them to gain remote control of a Jeep traveling at 70 mph on a public highway.
Fri, Jul. 31, 12:33 AM
Thu, Jul. 30, 4:17 AM
- Fiat Chrysler Automobiles (NYSE:FCAU) is in more hot water. The automaker has now been sued by a Canadian law firm for more than $4B in damages, in connection with a massive recall it announced earlier in July.
- On Sunday, Fiat Chrysler got slapped with a record $105M fine for safety recall lapses, and the carmaker is warning that it faces a U.S. product drought through 2016.
Wed, Jul. 29, 5:30 PM
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Mon, Jul. 27, 8:26 AM
- Fiat Chrysler (NYSE:FCAU) slides in early trading after being tagged with a record fine over its safety practices.
- As part of the deal with regulators, Fiat agreed to hire an independent monitor to oversee safety issues.
- Analysts expect limited immediate impact to U.S. sales from the development with rivals Honda and GM tackling major safety flaps of their own.
- FCAU -2.71% premarket in the U.S. after losses of over 3% in European trading.
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