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FCA and PSA sign merger agreement

Confirming an earlier rumor, PSA Group and Fiat-Chrysler Automobiles (FCA) signed a binding merger agreement to create the world's fourth-largest automaker. The partners hope to leverage the benefits of economies of scale as they develop new technologies and expand their global presence. The announcement ends FCA's years-long search for a partner, which nearly ended earlier in 2019 when it came close to merging with Renault, PSA's rival. It brings Fiat, Chrysler, Dodge, Ram, Jeep, Alfa Romeo, Maserati, Lancia, Peugeot, Citroen, DS, and Opel/Vauxhall under the same roof. That's a huge portfolio of brands that often overlap, but executives pledged to keep them all open, as well as all their respective factories as a result of the transaction. They're committed to making this big family of automakers work by building on each one's strengths, whether they're technical or regional. FCA and PSA jointly predicted they'll sell about 8.7 million cars annually around the globe, while posting an ˆ11 billion (about $12.2 million) profit. North America, a strong market for FCA, will provide 43% of its revenues, and 46% will be generated in Europe, where Peugeot's brands are doing better than ever. Together, they plan to achieve ˆ3.7 billion (about $4.1 million) in annual run-rate synergies. They'll notably have the purchasing power to negotiate a better price with suppliers, and they'll merge their research and development efforts where it makes sense to do so. Over two thirds of the group's annual volume will be built on two shared platforms. One will underpin about three million small cars annually, and the other will serve as the foundation for approximately three million compact and mid-sized cars. Details about these architectures haven't been made public yet, but a quick look at both companies' product portfolios reveals the small car will very likely come from Peugeot. Recent additions to its range, like the second-generation 208, are built on a new architecture named Common Modular Platform (CMP) developed with electric powertrains in mind. Meanwhile, Fiat is still making the cheeky 500 on an evolution of the platform found under the second-generation Panda released in 2003. The bigger architecture could come from FCA, however. The group's brands will share engines, transmissions, electric powertrains, infotainment systems, various sensors used to power electronic driving aids, and other components like wiring looms, but each one will retain its own identity.

Google-FCA deal is a coup for both sides

FCA made a savvy play this week to team with internet giant Google. It's not as sexy as partnering with Apple, but it's almost as good. This move positions FCA to expand its capabilities in the autonomous driving field, and connecting with Google could boost the automaker's image. FCA will provide Google with about 100 Chrysler Pacifica hybrid minivans specially developed for autonomous testing. Google will integrate its sensors and computers into the vehicles. They'll work together at a site in Southeast Michigan and test the prototypes on Google's private test track in California. It's looks like an equitable deal and a win for both sides. "This marks a watershed event for the auto industry on two major levels: contract manufacturing for high tech firms and allowing such firms a clear pathway into the brain of the car," Morgan Stanley researchers said in a note. Don't underestimate how big this is for Google. The deal more than doubles the size of the tech firm's fleet, and does so with the Pacifica, a potentially segment-defining entry. Currently, it's using Lexus vehicles and other modified prototypes as testers. Though FCA is the smallest of Detroit's carmakers, it's also viewed as nimble and willing to embrace change. The Jeep and Ram divisions are as strong as any brand in the industry, and the Hellcats and Viper reinforce FCA's enthusiast cred. Google doesn't need those things, but they're pretty cool associations, nonetheless. If Ferrari can try to position itself as a leather goods maker, Google can have a little octane in its system. While experts expect Google to eventually partner with other automakers or to license its technology (FCA chief Sergio Marchionne reportedly said the deal isn't exclusive), FCA is positioned to get a head start. IHS Automotive predicts there will be 10.5 million self-driving or driverless cars used around the world by 2030. General Motors, Mercedes, Tesla, Volvo, Ford, and others have launched or are planning to roll out their own versions of autonomous driving technology. For now, FCA goes from having no apparent autonomous plans to potentially being among the leaders, and Google secures a legitimate automotive partner. Like we said, it looks like a win-win. NEWS & ANALYSIS News: Sergio Marchionne is taking over the CEO job at Ferrari. Analysis: This is a consolidation of Marchionne's power over the famous Italian sports-car maker and racing team.

Jeep in St. Louis hacked from Pittsburgh

One of America's most popular vehicles contains a security flaw that allows hackers to remotely commandeer it from anywhere on the planet. Cyber-security researchers Chris Valasek and Charlie Miller say they've accessed critical vehicle controls on a 2014 Jeep Cherokee that allowed them to remotely control critical vehicle functions like braking, transmission function, and steering. Automakers have downplayed the possibility a car could be remotely compromised, but the significance of the findings detailed Tuesday could cause them to reevaluate the threats posed to hundreds of thousands of vehicles already on the road. A key finding – the pair needed no physical access to the Jeep to pull off the attack. Valasek and Miller accessed the controls via a security hole in the Sprint cellular connection to Chrysler's UConnect infotainment system. In the course of their research, Valasek sat in his Pittsburgh home and remotely manipulated Miller's Jeep as he drove along a highway outside St. Louis. If you know a car's IP address, they say, a hacker could control it from anywhere. "We didn't add anything, didn't touch it," Valasek told Autoblog. "A customer could drive one of these things off a lot, and they'd have no clue it had these open attack surfaces." Remotely, he disabled brakes, turned the radio volume up, engaged windshield wipers and tampered with the transmission. Further, they could conduct surveillance on the Jeep, measuring its speed and tracking its whereabouts. They conducted the experiments over multiple breaches. They made their findings public on the same day the National Highway Traffic Safety Administration, the federal agency in charge of vehicle safety, released its latest report on the readiness of government and automakers to fend off these sorts of cyber attacks. Later today, two US Senators are expected to introduce legislation that would help consumers better understand the potential risks of car hacking. In the early stages of their research, Valasek and Miller found a security flaw in the car's wi-fi that allowed them to remotely manipulate controls from a range of about three feet. But in recent months, they found another vulnerability in the Sprint cellular connection in the UConnect system. That was a key breakthrough. "Lo and behold, we found we could communicate with this thing using cellular, and then more research, and 'Holy cow,' we're using the Sprint network to communicate with these vehicles," Valasek said.