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Share price falls on skepticism of Chrysler-Fiat five-year plan

Following this week's Fiat Chrysler extravaganza, where the Italian-American manufacturer announced its plans for the next five years, the Autoblog staff was cautiously optimistic of the company's future. Investors? Not so much.
Fiat saw its shares tumble 12 percent in Wednesday's trading, falling from 8.67 euros ($12.06 at today's rates) to 7.44 euros ($10.35) as of this writing, with blame partly going to the Italian half of the FCA marriage, which recorded a pretty significant drop in profits during the first quarter of this year.
The plan, which will cost around $77 billion over the next several years, is facing criticism from investors thanks in part to a 1.4-percent drop in Fiat's first-quarter profits, to 622 million euros ($862 million). That figure is also short of Bloomberg analysts' projections, which predicted $1.18 billion in profits before taxes, interest and one-time items.

Weekly Recap: FCA hit with record fine as NHTSA crackdown continues

The National Highway Traffic Safety Administration slapped Fiat Chrysler Automobiles with a record fine this week that could reach $105 million. The punishment comes after NHTSA found problems with the automaker's execution of 23 recalls that affect more than 11 million vehicles. The consent agreement, announced Sunday, calls for FCA to pay a $70-million cash fine and requires the company to spend at least $20 million over a three-year period on industry outreach programs and to beef up old recall campaigns. Failure to comply will result in another $15-million fine. FCA also agreed to federal oversight, which includes an independent monitor to oversee the company's recalls. The $70-million cash fine equals a penalty NHTSA levied on Honda in January. "Fiat Chrysler's pattern of poor performance put millions of its customers and the driving public at risk," NHTSA administrator Mark Rosekind said in a statement. "This action will provide relief to owners of defective vehicles, will help improve recall performance throughout the auto industry, and gives Fiat Chrysler the opportunity to embrace a proactive safety culture." FCA called the deal a "consensual resolution," but admitted that it "failed to timely provide an effective remedy" during certain recalls. "We are intent on rebuilding our relationship with NHTSA and we embrace the role of public safety advocate," the company said in a statement. The announcement kicked off a busy week for the automaker. NHTSA agreed FCA did not need to recall 4.7 million vehicles after an investigation failed to find defects with a power module used in some Jeep, Dodge, and Ram vehicles. A Georgia judge also reduced a civil verdict involving a death in a Jeep Grand Cherokee crash. Amid all of that, the company reported net profit of about 333 million euros, or $364 million in the second quarter on Thursday. OTHER NEWS & NOTES FCA ramps up Hellcat production Despite a decidedly legal and financial week for FCA, there was still time for the performance side of the business to briefly grab the spotlight. The automaker is more than doubling its production of the Dodge Challenger and Charger SRT Hellcats in response to strong demand. The order bank opens the second week of August and production begins in September. FCA will finish up its scheduled 2015 model-year Hellcat builds, and cancel any "unscheduled" versions, though customers will get discounted pricing for 2016.

2017 Fiat 124 Spider Elaborazione Abarth is lacking its sting

After seeing the 2017 Fiat 124 Spider Elaborazione Abarth at the New York Auto Show, we're starting to understand the convertible is essentially Fiat's take on the 2016 Mazda MX-5 Miata Club trim. Thing is, the Abarth name is synonymous with big performance out of tiny engines, and that's exactly what the latest Fiat 124 Abarth gets in Europe. We want it here, too. Despite the scorpion badge on the fender, this model makes the same 160 horsepower and 184 pound-feet as the standard 124 Spider. By way of comparison, the 1.4-liter turbocharged four-cylinder makes 170 horsepower in Europe. Customers here can choose between a six-speed manual or automatic to route power to the rear wheels through a limited slip differential. The Elaborazione Abarth isn't completely without improvements, though. The droptop gets a stiffer suspension with Bilstein shocks, and a Sport Mode button adds an extra edge when drivers want it. Brembo four-piston calipers are optional, and the US model keeps the European Abarth's retro touches like the black hood. Unfortunately, Abarth's performance legacy holds the Elaborazione Abarth back, rather than helping it. The Mazda MX-5 Miata Club gets most of the same upgrades, including a limited-slip differential, Bilstein shocks, and optional Brembo brakes. However, the Miata's sporty trim is easy to accept because it's just part of the regular lineup; Mazda doesn't attach a brand name with racing history to the sharper model. In contrast, the scorpion badge on this 124 Spider makes the convertible hard to accept as a real Abarth. Related Video: