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Chrysler Recalling Nearly 907,000 Cars, SUVs

Nearly 907,000 Chrysler, Dodge and Jeep SUVs and cars are being recalled for alternators that can fail and heated power mirror wiring that can short and cause minor fires. The recalls, posted Thursday by U.S. safety regulators, push the total number of recalls so far this year 544, totaling a record of more than 52 million vehicles. The largest of Thursday's recalls covers nearly 470,000 Jeep Grand Cherokees, Chrysler 300s, and Dodge Chargers, Challengers and Durangos from the 2011 through 2014 model years. The alternators can fail, causing the 3.6-liter V6 engines to stall unexpectedly. The problem also can cause the electrical system to fail, as well as knock out power-assisted steering, antilock brakes and electronic stability control. It can even cause fire or smoke, according to documents Chrysler filed with the U.S. National Highway Traffic Safety Administration. NHTSA opened an investigation into the problem in July, and Chrysler began its own probe in August. The company analyzed warranty complaints and alternators that had failed. The alternator generates electricity to recharge the battery and run other devices. Chrysler investigators traced the problem to heat fatigue in an alternator diode. Chrysler said it received 322 complaints about the problem, while 55 people complained to NHTSA. The company said it knows of one crash related to the problem, but no injuries or fires. The company will replace the alternators with upgraded versions for free. Owners will be notified in November. The company says customers who see warning lights or suspect a problem should contact their dealers. The recall affects cars and SUVs sold mainly in the U.S. and Canada, but some were sold in Mexico and overseas markets. The second recall covers almost 437,000 Jeep Wranglers from 2011 through 2013. Water can find its way into the heated power mirror wiring harness and cause corrosion. That can cause a short and could cause a minor fire and smoke, as well as cause loss of function of the mirror. The problem was discovered in February after three Wranglers in Canada were damaged. Chrysler says it has 26 complaints about the problem, but it knows of no fires, crashes or injuries. Dealers will move the wiring and install a protective shield to keep water out at no cost to owners, starting in December. Most of the Wranglers are in the U.S., Canada and Mexico, but more than 78,000 were sold overseas.

FCA chairman confirms Marchionne email to Barra

FCA CEO Sergio Marchionne is apparently backing up his talk about the need for consolidation in the auto industry with quite a bit of action. One recent report claimed that he even emailed General Motors CEO Mary Barra to make a deal. FCA chairman John Elkann has now confirmed that the correspondence actually happened, and that it wasn't a one-off occurrence. "It was not the only email, it was not the only conversation," Elkann (pictured above with Marchionne) said, according to Reuters. He is a member of the Agnelli family that has a controlling stake in FCA's stock and is supporting the idea of a merger. The automaker is willing to "act with determination if there are the prerequisites to do something that makes sense," Elkann said. Marchionne has been pushing for industry consolidation for months. While GM has been the main target of late, Ford was also rumored as a partner under consideration. In the past, there have also been reports of FCA negotiating with Volkswagen Group and PSA Peugeot Citroen for mergers, as well. According to Reuters, part of the reason for all of this effort might be as a way for Marchionne to ensure his legacy, though he's denied that. He's reportedly considering retiring after 2018. In his opinion, consolidation is needed because automakers are investing too much money to achieve the same goals. The situation would be better after mergers, and he predicts something to happen before 2018. Related Video: News Source: ReutersImage Credit: Massimo Pinca / AP Photo Earnings/Financials Chrysler Fiat Sergio Marchionne FCA merger John Elkann

Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video: