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Chrysler Recalling 870,000 SUVs For Brake Defect

Chrysler is recalling nearly 870,000 SUVs because corrosion may make the vehicles' brakes harder to use. Jeep Grand Cherokee and Dodge Durango SUVs from the 2011 through 2014 model years are involved. Chrysler says crimp joints in the brake boosters can corrode if they're exposed to water. If the water freezes, the boosters won't aid braking as they usually do. Chrysler began investigating after some customers said their brakes felt too firm when pressed down. The company knows of one accident, but no injuries, due to the defect. Dealers will install a shield to protect the boosters for free and replace boosters that aren't working properly. Chrysler has since changed the design to make the boosters more corrosion resistant. Chrysler will notify owners of the recall, which involves 867,795 vehicles. Related Gallery Safest Crossovers For The Budget-Conscious Family View 10 Photos Recalls Chrysler Dodge

Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

2015 Chrysler 200

For the last seven years, the Chrysler Sebring/200 has been a car that few people have managed to say anything good about. When you saw one on the road, it was probably silver and you probably assumed it was rented - especially if it was a convertible. In fact, this writer has never been in one. Ever. I've only watched them go by, trailed always by a roiling wake of invective and vituperation, a lone defender or two asserting meekly and in vain, "It's actually not that bad..."
With roughly 2.3-million units sold every year in the midsize sedan segment where the 200 lives, even tallying 125,476 sales in 2012 (when the 200 was the best-selling car in the Chrysler Group) was never going to be enough. This is the brand's volume offering and the entry point for new-car buyers before they move up to something like a full-size or a crossover. Chrysler's 2011 facelift and rebranding program was a pretty valiant attempt at putting lipstick on a Sebring, but the automaker needed to do a lot better, in every way to command more consideration, sales, respect and resale value - and everyone at The Pentastar knew it.
Enter the 2015 Chrysler 200. This is the sedan that "charts a new course for the Chrysler brand," from its hovering wing badge on the grille to the one billion dollars invested in the company's suburban Detroit Sterling Heights Assembly Plant, including more than doubling the number of quality control inspectors in the new quality assurance center.