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FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

FCA under investigation for fraud by FBI, SEC, and DOJ

The US Justice Department is currently in the initial stages of investigating Fiat Chrysler Automobiles for fraud, according to two anonymous sources that spoke with Bloomberg. According to the unnamed sources, prosecutors are examining whether FCA violated US securities laws. As part of a coordinated investigation into FCA's sales reporting practices, investigators from the Federal Bureau of Investigation and the Securities and Exchange Commission visited the automaker's field staff in their offices and homes earlier this month, reports Automotive News. According to an anonymous source that spoke to Automotive News, federal staff attorneys visited FCA's US headquarters in Auburn Hills, MI on July 11. The unnamed source told the outlet that employees were advised to seek counsel before speaking with investigators. Investigators also visited the automaker's offices in Dallas, California, and Orlando, the unnamed source told Automotive News. The investigation comes after FCA claimed it had recorded the best month of sales in the US in the automaker's history in December with a total of 217,527 vehicles sold, reports Bloomberg. The claim now seems untrustworthy. According to a previous report from Automotive News, a Chicago-based dealership group filed a lawsuit against FCA earlier this year. The suit accused the automaker of paying dealers to fake new-vehicle sales. At the time, the automaker claimed the allegations were baseless and had no merit. After the lawsuit, FCA started to add an extended disclaimed at the end of its monthly sales reports, according to Automotive News. In a statement, FCA claimed that the automaker is cooperating with the SEC investigation and pointed out that it records "revenues based on shipments to dealers and customers, not on reported vehicle unit sales to end customers." We'll have more on the investigation as it unfolds. Related Video: News Source: Automotive News-sub.req., Automotive News-sub.req, Bloomberg, GIUSEPPE CACACE/AFP/Getty Images Government/Legal Chrysler Fiat FCA USDOJ investigation

Fiat 500X scampers across the Alps

It's been a long time coming, but it's finally here. It's the new Fiat 500X: the rounder, somehow even more retro version of the Jeep Renegade. Joining an ever-expanding Cinquecento lineup alongside the 500, 500C and 500L, the new 500X is - to our eyes at least - the most handsome yet... better looking, at any rate, than the somewhat ungainly Mini Countryman. But despite its more fluid lines, the new 500X is barely any longer than the Renegade and only slightly less tall.
Taking the place of the previous Suzuki-based Sedici, Fiat will offer the new 500X in two versions (one more cosmopolitan, the other more rugged), with three transmissions, three traction systems and a whole mess of different engines. The list starts with a 1.4-liter turbo four with 140 horsepower and a 1.6-liter diesel with 120 hp, later to be joined by a 1.6-liter with 110 hp, a more powerful 1.4-liter turbo with 170 hp and finally the 2.4-liter Tigershark engine with 184 hp. Gearboxes will include 5- and 6-speed manuals and - in a Fiat first - a nine-speed automatic, driving the front wheels (with our without traction control) or all four.
Buyers will also be able to choose between 12 exterior colors, seven interior combinations and eight wheel designs ranging from 16 inches to 18, adding up to a long list of configurations to give the 500X the same kind of mass-customization options that have made its stablemate so successful. The 500X will be manufactured in Melfi, Italy, alongside its Jeep counterpart and will eventually reach over 100 markets around the world - including North America.