Oct. 8, 2014, 4:28 AM
- Fiat (OTCPK:FIATY) CEO Sergio Marchionne plans to step down in 2018 following his completion of a five-year strategic plan of the automaker's merger with Chrysler.
- Marchionne has tripled Fiat’s revenue and operating profit since taking charge of the automaker in June 2004.
- With the merger of Fiat Chrysler Automobiles to take effect on Oct. 12, his last goal will be to boost net income fivefold to about €5B ($6.3B) in 2018.
Oct. 7, 2014, 3:22 AM
- Fiat (OTCPK:FIATY) says its merger with Chrysler will be effective as of Oct. 12 after creditors had not opposed the merger and the amount of money to be paid to shareholders that chose to sell their shares had not exceeded the €500M cap set by the company.
- Shares in the new holding Fiat Chrysler Automobiles will start trading on the NYSE on Oct. 13, under the symbol FCAU.
Oct. 6, 2014, 10:07 AM
Oct. 6, 2014, 7:24 AM
- Fiat Chrysler (OTCPK:FIATY) CEo Sergio Marchionne dropped some strong hints last week at the Paris auto show that the next-generation Jeep Wrangler will see some major changes.
- The exec indicated an all-aluminum frame for the popular Wrangler model is under consideration by the automaker.
- The change could see production shifted out of Toledo where 223K Wranglers are pumped out annually.
Oct. 3, 2014, 8:28 AM
- An interesting pullout from recent reports on U.S. auto sales is the incredible surge in demand for Dodge Ram trucks in Southern California.
- Registrations of Ram (1500, 2500, 3500) trucks in California have skyrocketed 86% to 12,477 units for the first seven months of the year.
- Industry watchers note Chrysler (OTCPK:FIATY) has introduced marketing campaigns designed specifically for California in a bid to help it improve market share.
Oct. 1, 2014, 2:41 PM
Oct. 1, 2014, 8:12 AM
- Chrysler (OTCPK:FIATY) reports it recorded its best September since 2005.
- Brand sales growth: Fiat +6%; Chrysler +14%; Jeep +47%; Dodge -9%; Ram +35%.
- Model sales growth: Jeep Patriot +51% to 9,117; Jeep Wrangler +16% to 13,955; Jeep Grand Cherokee -14% to 12,854; Jeep Cherokee (new) 14,639; Dodge Caravan +3% to 11,75; Dodge Ram P/U +30% to 36,612, Chrysler Town & Country +23% to 13,029.
- The automaker says it ended the month with 71 days supply of inventory vs. 64 days last month.
Oct. 1, 2014, 8:05 AM
Sep. 29, 2014, 2:58 AM
- Apple (NASDAQ:AAPL) will face accusations this week from the European Commission, as the preliminary findings over its tax affairs in Ireland are made public.
- European regulators will accuse Apple of benefiting from illicit state aid in Ireland for more than two decades, which could leave the company with a record fine of as much as several billions of euros, FT reports.
- The probe is part of a formal investigation into European corporate tax codes, which is also investigating Fiat (OTCPK:FIATY) and Starbucks (NASDAQ:SBUX).
Sep. 25, 2014, 3:00 PM
- Kelley Blue Book estimates U.S. auto sales increased 9% in September to 1.24M units.
- The sales forecast for the year is raised to 16.4M units from 16.3M.
- The compact SUV/crossover segment showed the strongest growth during the month with sales rising at a 19.1% clip, according to KBB.
- KBB sales forecast by manufacturer: General Motors (NYSE:GM) +15.9% to 217K; Toyota (NYSE:TM) +7.0% to 176K; Ford (NYSE:F) -2.4% to 180K; Chrysler (OTCPK:FIATY) +17.5% to 168K; Honda (NYSE:HMC) +11.8% to 118K; Nissan (OTCPK:NSANY) +17.4% to 102K; Hyundai (OTC:HYMLF) +10.6% to 103K; Volkswagen (OTCQX:VLKAY) +3.9% to 50K.
Sep. 25, 2014, 2:04 PM
- Chrysler (OTCPK:FIATY) recalls 394K older vehicles due to an ignition-switch issue.
- The recall action covers Dodge Charger, Dodge Magnum, Chrysler 300, Jeep Commander, and Jeep Grand Cherokee vehicles from early in the 2008 model year.
- The automaker says it's only aware of a single minor accident related to the issue.
Sep. 19, 2014, 4:10 AM
- Fiat (OTCPK:FIATY) has signed a memorandum of understanding with Mitsubishi Motors (OTCPK:MMTOF) to work toward manufacturing and developing a mid-sized pickup truck based on the next generation L200.
- Separately, Mitsubishi is also due to supply its made-in-Thailand Attrage sedan to Chrysler for sale in Mexico.
Sep. 18, 2014, 3:16 AM
- The Consumer Financial Protection Bureau has put forward a plan to begin supervising the finance units of major car companies, overseeing the 38 largest nonbank lenders in the automotive industry.
- Under the plan, the regulator will scrutinize whether nonbank car-loan providers are discriminating against minorities, using deceptive tactics in marketing loans and following debt-collection laws.
- The new plan would put the finance divisions of major automakers under federal supervision for the first time.
- Related tickers: GM, F, TM, OTCPK:FIATY, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, KMX
Sep. 17, 2014, 7:36 AM
- Automobile registrations increased 1.8% to 701K vehicles in August, according to the European Automobile Manufacturers Association.
- The rate of monthly growth is the slowest of the year.
- Sales declined slightly during the month in Germany, France, and Italy.
- Sales growth by automaker: Volkswagen (OTCQX:VLKAY) +9.4%, Peugeot (OTCPK:PEUGY) +1.9%, Fiat (OTCPK:FIATY) -2.8%, General Motors (NYSE:GM) -14.7%, Renault (OTC:RNSDF) -3.1%, Daimler (OTCPK:DDAIF) -5.3%, Toyota (NYSE:TM) -6.2%, Ford (NYSE:F) +17.4%, BMW (OTCPK:BAMXY) -1.4%, Fiat (OTCPK:FIATY) -2.8%, Nissan (OTCPK:NSANY) +1.6%, Hyundai (OTC:HYMLF) +2.0%.
Sep. 11, 2014, 7:54 AM
Sep. 11, 2014, 6:18 AM
- Continuing the crack down on foreign automakers in China, anti-monopoly regulators have fined a Chinese Volkswagen (OTCQX:VLKAY) joint venture $40.6M for fixing prices on vehicles and parts with dealers. A local arm of Fiat (OTCPK:FIATY) was also fined.
- The probes from Chinese antitrust officials are part of a broader investigation taking place across many industries in the country. China's regulators say the recent investigations will widen market access for foreign firms and increase transparency.
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