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Fiat stock rockets up after word of Chrysler deal

Now that Fiat has finalized a deal to purchase the outstanding shares of Chrysler owned by the United Auto Workers' VEBA retiree heathcare fund without having to file for an IPO, you can count the Italian automaker's stockholders among the happy. The Detroit News reports that Fiat stock closed Thursday with a 12-percent gain for the day on the Borsa Italiana, having been up by as much as 15.8 percent during the day's trading, at prices not seen since mid-2011. One trader reasoned the run was because Fiat "paid less than the market had expected and there will be no capital increase to fund this."
But there are some who worry, including bank analysts and unions. The final price of the stake will be $4.35 billion - $1.9 billion in cash from Chrysler, $1.75 billion from Fiat and extraordinary dividends in the amount of $700 million paid over three years. Adding that sum to its ledger will raise Fiat's debt level to roughly 10 billion euros ($13.8 billion), which Citibank says will make it the most indebted OEM in Europe.
Italian unions are also concerned about what the deal means for the future. Fiat CEO Sergio Marchionne has had an at-times contentious relationship with both unions and the Italian government over the future of Italian manufacturing, a fact that makes headlines because Fiat is Italy's largest private employer. At least two left-leaning unions have publicly called on Fiat to give guarantees and to explain what the deal means for its Italian operations, while a centrist union argues this is "good news for Fiat workers, for the auto industry and for our country."

How to update and secure a vulnerable Chrysler Uconnect system

If you own one of the 1.4 million vehicles affected by the recent Chrysler software recall, you may want to watch this video. In it, we explain how to get the latest infotainment software loaded onto the 8.4-inch Uconnect system. The recall was a response to the findings of researchers who were able to hack into and remotely control a 2014 Jeep Cherokee through its cellular connection. Although Fiat Chrysler has worked with Sprint to plug most of the holes on the carrier side, there are still some vulnerabilities that only this latest software version can patch. Owners have three options to get the update: download it now, wait for a USB stick in the mail, or take the vehicle to an FCA dealer. Chrysler will be sending USB sticks loaded with the software update to customers. Anyone with an internet connection and a USB stick of their own with at least 4 GB capacity can speed things up by downloading the patch from the Uconnect website. We cover that process from start to finish in the video, with the final portion still applicable to those using the FCA-supplied USB stick. If after watching this you still don't want to tackle the patch yourself, you can take your vehicle to the dealer to have it done. Also note that this process is the same for all Uconnect updates, not just the one patching the exploits. Our demonstrator vehicle is a 2015 Ram 1500 pickup. The procedure should be very similar on other products with the 8.4-inch Uconnect system, with only the location of the USB port varying. Once you have the USB stick with the software on it – either after having downloaded it yourself or receiving it in the mail from Chrysler – the installation process is relatively simple. It takes about 15 minutes to perform the update; we edited out the wait in the video. To check whether or not your car's 8.4-inch Uconnect system is running the latest software, go to System Information on the touch screen's Settings page and look at Software Version. The update related to the recall is version 15.17.5. Related Video: Recalls Chrysler Dodge Jeep RAM Safety Technology Infotainment Videos Original Video hacking

Ward's Automotive Ten Best Engines of 2014 dominated by diesels, turbos

With the Car and Driver Ten Best decided, the North American Car and Truck of the Year finalists announced and Cadillac, Ram and Subaru chalking up wins with Motor Trend, it's fair to say that the automotive awards season is in full swing. The next set of trophies to be handed out will be from Ward's Automotive, which has announced the winners of its 2014 10 Best Engines.
The latest contest was marked by the widespread emergence of diesel power and the continued success of turbocharged engines. There was even an electric motor on this year's list. In fact, only three of the ten winners were naturally aspirated and only two winners returned from last year.
"We weren't looking to throw the bums out, as they might say about an election. We were just really impressed with the flood of new powertrains," said Ward's Automotive Editor-in-Chief Drew Winter. Those new powertrains include the 83-kilowatt electric motor from the Fiat 500e, the 1.0-liter, EcoBoost three-cylinder from the Ford Fiesta and the 2.0-liter turbodiesel from the Chevrolet Cruze.