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UAW urging Chrysler to sell shares to investors

The United Auto Workers union is pushing Chrysler to sell 16.6 percent of its stock to investors in an attempt to establish the value of the shares. The UAW is currently locked in a lawsuit with Chrysler parent company Fiat over how much the Italian automaker should pay to buy shares from the trust fund. Last year, Fiat told the trust it intended to exercise its right to purchase 3.3 percent of the union's shares at issue. But the union contended the 54,154 shares were worth closer to $381 million instead of the $155 million Fiat offered.
Currently, the UAW owns 41.5 percent of Chrysler while Fiat holds 58.5 percent of the company. Currently, it's unclear whether the UAW could force Chrysler to put the shares on the open market. Doing so would be the first step toward a much-anticipated initial public offering. Chrysler has said it will comply with its shareholders agreement, and Fiat has echoed that tune. According to The Detroit Free Press, the UAW Retiree Medical Benefits Trust has declined to comment on the situation.

Ram, Jeep redesigns on hold, Alfa Romeo models may come sooner

Last summer, FCA outlined an ambitious five-year plan that sketched out the company's product intentions for each of its brands through the end of 2018. However, even the best strategies sometimes need tweaking. According to Reuters after speaking with unnamed people at auto suppliers, FCA is now possibly delaying at least a dozen projects in North America for a variety of reasons. From vehicle to vehicle, these postponements allegedly last anywhere from just a few months to over a year. The sources from the suppliers claim that in some cases these tweaks are for engineering and design changes. The next-gen Ram 1500 reportedly has among the shorter delays and is being pushed from mid-2017 to November 2017, according to Reuters. Also, the much-discussed future Jeep Wrangler is allegedly moving a little later to July 2017. Among the vehicles purportedly seeing longer delays, the next-gen Grand Cherokee could get pushed back about a year to 2018. That then forces the launch of the three-row, luxury Grand Wagoneer to be even further away. Jeep's upcoming C-segment CUV and the all-new Chrysler 300, Dodge Charger, and Challenger might also see postponements. The one brand allegedly seeing an accelerated plan is Alfa Romeo. Without going into detail, the sources from these suppliers claim that the Italian automaker is getting even more vehicles for its lineup and could get them even faster than planned. "Those plans need to be flexible and fluid, with the potential to add some vehicles, pull some forward and extend the life cycle of others," FCA said to Reuters about all of these allegations. "We look at these programs on a vehicle-by-vehicle basis." Investment in the auto industry has been a major topic for FCA CEO Sergio Marchionne as of late. He believes consolidation is necessary so that companies aren't burning money on the same projects. Related Video: News Source: ReutersImage Credit: Bill Pugliano / Getty Images Plants/Manufacturing Alfa Romeo Chrysler Dodge Fiat Jeep RAM Sergio Marchionne FCA fca us

Autoblog Minute: FCA hit with record fine, issues recall and buyback

FCA, found in violation of the Motor Vehicle Safety Act, agrees to buyback recalled models as part of record penalties issued by National Highway Traffic Safety Administration. The cars in question are more than half a million Chrysler vehicles with defective suspension parts that could cause cars to lose control, and more than a million Jeeps that are prone to deadly fires. Autoblog's Eddie Sabatini reports on this edition of Autoblog Minute, with expert commentary from Pete Bigelow. Show full video transcript text [00:00:00] FCA faces record penalties as the National Highway Traffic Safety Administration finds the automaker in violation of the Motor Vehicle Safety Act. I'm Eddie Sabatini and this is your Autoblog Minute. Penalties for the automaker include submitting to increased government oversight, a hundred and five million dollar civil penalty, as well as, mandates to buy back defective vehicles from owners and payment for repairs. The cars in question are [00:00:30] more than half a million Chrysler vehicles with defective suspension parts that could cause cars to lose control, and more than a million Jeeps that are prone to deadly fires. Autoblog's Pete Bigelow discussed the NHTSA findings with us. [00:01:00] [PETE BIGELOW INTERVIEW] This fine and buyback recall, combined with the 1.4 million vehicles recalled over remote hacking concerns makes for a rough couple of weeks for FCA. For Autoblog, I'm Eddie Sabatini. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals.