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Fiat and UAW back at negotiating table over Chrysler stake

We knew there'd be no Chrysler IPO before the end of this year, but Fiat is determined to get the best run going into 2014 and is back at the poker table with the UAW. The delay was said to be Chrysler's desire to clean up a tax issue with the IRS; turns out that also bought the carmaker time to try and close a deal for the UAW's 48.5-percent stake in the company before the IPO happens.
Whereas the price Chrysler was willing to pay was once more than $1 billion under the UAW's asking price, the gap has closed to just $800 million of late. A recent valuation of the company at $10 billion - a valuation the UAW has disputed - means Fiat would be looking to pay about $4.2 billion instead of the $5 billion that the UAW seeks. But the UAW needs to hold out for the highest amount it can get because its pension obligations through the Voluntary Employee Benefit Association (VEBA) are $3.1 billion greater than the VEBA's assets, which include the Chrysler stake.
There's a clause in the agreement that Fiat can buy the VEBA shares for $6 billion, but Fiat CEO Sergio Marchionne has said that the UAW "should buy a ticket for the lottery" if they even want $5 billion. The UAW, though, has more time to wait; it's Fiat that wants access to Chrysler's $11.9-billion war chest and that would like to avoid the risk of paying the full $6 billion for the UAW share if the float really takes off. With other valuations of Chrysler as high as $19 billion, a hot IPO could make that $6 billion look like a bargain.

5,600 Fiat 500e EVs recalled for buggy software

Fiat will be recalling some 5,600 of its all-electric 500e hatchbacks, all of which hail from model years 2013, 2014 and 2015. Weirdly, this recall is being caused by a March 2015 software update. According to The Detroit News, last month's update addressed the software in the Electric Vehicle Control Unit and Battery Pack Control Module "to implement improvements in charging system robustness, diagnostic capability and range estimation over life. In addition to the primary reasons for the software update, Limp Home Mode was included as part of battery pack software continuous improvement," FCA explained. "It was because of this software update that the software incompatibility occurred where the EVCU did not recognize the Limp Home Mode." Should your car go into limp mode, "incompatible software between Electric Vehicle Control Unit (EVCU) and Battery Pack Control Module (BPCM) may cause the electric propulsion system to fully shut down," according to the National Highway Traffic Safety Administration bulletin. So yes, the March software update can cause your EV to stall. Vehicles built between March 27, 2012 and November 1, 2014, which sounds like basically all 500es, are affected by the recall. Chrysler will begin notifying owners with recall operations to begin in the middle of next month. Scroll down for the official NHTSA bulletin. Related Video: Report Receipt Date: MAR 27, 2015 NHTSA Campaign Number: 15V179000 Component(s): ELECTRICAL SYSTEM Manufacturer: Chrysler (FCA US LLC) SUMMARY: Chrysler (FCA US LLC) is recalling certain model year 2013-2015 Fiat 500 EV vehicles manufactured March 27, 2012, to November 1, 2014. If the vehicle goes in to limp home mode, incompatible software between Electric Vehicle Control Unit (EVCU) and Battery Pack Control Module (BPCM) may cause the electric propulsion system to fully shut down. CONSEQUENCE: An electric propulsion system shut down will cause a stall-like condition, increasing the risk of a crash. REMEDY: Chrysler will notify owners, and dealers will update the vehicle software to ensure compatability between components, free of charge. The recall is expected to begin May 15, 2015. Owners may contact Chrysler customer service at 1-800-853-1403. Chrysler's number for this recall is R15. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

The company formerly known as Chrysler is now Stellantis

Introducing Stellantis. Talk to your doctor before using Stellantis as side effects may include model redundancy, the overwhelming urge to apply Dodge badges to Peugeot crossovers, and weak stream. Honestly, how can you not poke just a little fun at the name chosen for the new multi-national corporation that will result once the merger of Fiat Chrysler Automobiles (FCA) and Peugeot S.A. (Groupe PSA) is completed in the first quarter of 2021. According to the press release, "Stellantis is rooted in the Latin verb 'stello' meaning 'to brighten with stars' ... The name's Latin origins pay tribute to the rich history of its founding companies while the evocation of astronomy captures the true spirt of optimism, energy and renewal driving this industry-changing merger." The "Latin origins" of the French company Peugeot and the Italian Fiat are obvious. Chrysler, on the other hand, was founded by a man born in Kansas whose father was a Canadian-American of German and Dutch ancestry (thanks Wikipedia). His mother was also of German ancestry. So yeah, the name Stellantis is really only related to the Peugeot and Fiat bits. The Americans are just along for the ride with their Jeeps and Hellcats.  And it should be noted that we will henceforth never write "Stellantis" in ALL CAPS as the corporation does because it's silly and we don't do it for Hummer, Mini, etc. Admittedly, Fiat could go either way since it's literally an acronym, but Fiat doesn't even bother doing that any more.   The name Stellantis will only be applied at the corporate level, so effectively in place where you previously would've said Fiat-Chrysler or FCA. There won't be a Stellantis Challenger.  We produced a list last year of all the cars that are currently made by the brands within Stellantis. Here's also a list of all the names that the company we generically know as "Chrysler" has gone through over the years. Chrysler Corporation (1925-1998) DaimlerChrysler (1998-2007) Chrysler LLC (2007-2009) Chrysler Group (2009-2014) Fiat Chrysler Automobiles (2014-2021) Stellantis  There have also been secondary corporate entities. There was Diamond Star Motors from 1985 to 2015, a manufacturing joint venture between Mitsubishi and whatever Chrysler was called at the time. It resulted in the Plymouth Laser, a randomly selected example pictured above, amongst other automotive diamonds.