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SRT pulling Vipers out of Le Mans

Last year, Chrysler campaigned a pair of SRT Viper GTS-Rs in the 24 Hours of Le Mans. It was the first time Auburn Hills had sent a team to the famous French endurance race since 2000, when the Viper ended a three-year winning streak in the GTS class. It finished in 24th and 31st places, woefully behind the Porsche 911 RSR that won the LMGTE Pro category. But this year it won't be back. According to a report from Sportscar365 citing a statement issued by SRT chief Ralph Gilles, the outfit turned down its invitation from the ACO that organizes the race, ending what could have been a multi-year campaign. Instead it's opting to focus on its Stateside campaign in the United SportsCar Championship. SRT sent Autoblog the following statement: "We regretfully and respectfully decline to participate in this year's 24 Hours of Le Mans," said Ralph Gilles, President and CEO of SRT (Street and Racing Technology) Brand and Motorsports, Chrysler Group LLC. "We are honored to once again be invited by the ACO (Automobile Club de l'Ouest) to compete in this historic event, and they were the first to be informed of our decision. We will remain focused on our North American racing program in 2014." In its place, the Ferrari 458 fielded by JMW Motorsport will be invited to fill the last slot in the class, leaving only the Corvette and Dempsey Racing entries to represent the United States in the race this year. "Hopefully, we'll continue to go to Le Mans for many years to come," as SRT's marketing chief Beth Paretta put it when announcing the effort a year ago, "but as a sports-car fan, if you can make the trip even once, it's worth it."

Chrysler files for IPO

Chrysler has had a lot of owners over the past few years alone, from Daimler to Cerberus to Fiat and the federal government. But it could be poised to gain some more before long. Like, a lot more.
The automaker has just announced that it has filed with the US Securities and Exchange Commission to issue an Initial Public Offering of common stocks. Chrysler hasn't revealed how many shares will be offered and at what price, however the shares in question will not come out of Fiat's approximate 60% majority shareholding but instead out of the 40% minority stock held by the UAW's VEBA retiree healthcare trust. Reports suggest that the IPO, which is being handled by JP Morgan, could encompass approximately 16% of Chrysler stock, initially valued at approximately $100 million.
Lest you think this is all part of Sergio Marchionne's grand plan to consolidate Chrysler and Fiat, the two auto groups over which he presides, think again. The filing, which still needs to be approved by the SEC, comes at the insistence of the UAW. Negotiations between Marchionne's management team and the union over Fiat's acquisition of the VEBA shares have stalled. If they manage to come to an agreement, however, the IPO would likely be taken off the table. So don't go calling your broker just yet, but you can analyze the official announcement below.

FCA recalls Fiat 500e to fix cruise control

Fiat is recalling almost 4,000 of its 500e electric vehicles because of a malfunction related to the model's cruise-control feature. The glitch causes the car's powertrain to be put into neutral under certain situations. It's the second recall on the 500e this year. Specifically, Chrysler-Fiat is recalling 3,975 cars. The issue is that the car's system can misread the motor's torque figures in cruise control, causing the sprightly EV to mistakenly shift into neutral in what was designed as a safety-precaution measure. The good news is that restarting the vehicle gets the car back to normal, but being dropped into neutral in highway mode is certainly no fun. Chrysler-Fiat said in a statement this week that it was "unaware" of injuries, accidents, or customer complaints caused by the issue. In April, the 500e was subject to a recall that impacted about 5,600 vehicles and stemmed from a March 2015 update. The update allowed the car to go into so-called "Limp Home Mode" to better extend range. The problem is that it inadvertently caused the car to stall. Range anxiety, indeed. Take a look at Chrysler-Fiat's press release on the most recent recall below. Related Video: Statement: Software Upgrade June 9, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 3,975 cars to upgrade cruise-control software. A review of warranty data led to an investigation by FCA US LLC engineers. The investigation discovered certain Fiat 500e hatchbacks were inadvertently equipped with software that may misread torque levels generated by their motors, causing them to shift into neutral – a prescribed failsafe mode. This condition may occur only while cruise-control is engaged and the driver attempts to override the feature with accelerator-pedal applications or rapid tapping of the accelerate/decelerate buttons. Restarting the vehicle restores normal function. The campaign is limited to certain model-year 2013-2015 vehicles. The Company is unaware of any related injuries, accidents or customer complaints. New software will be available when affected customers are advised of this action by FCA US. Service instructions are being sent to FCA US dealers today. Customers with questions may call the FCA US Customer Information Center at 1-800-853-1403.