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Continental Automotive recalls 5 million airbag control units

Takata isn't the only supplier having airbag problems. Rival manufacturer Continental Automotive Systems announced a recall of 5 million airbag control units fitted to vehicles from Honda, Fiat Chrysler Automotive, Mercedes-Benz, and even a certain Chrysler-based Volkswagen. This sweeping recall has actually been in progress for some time, although the exact scope is only now becoming evident. In October of 2015, Mercedes-Benz recalled 2008 and 2009 model year C- and GLK-Class vehicles because their Continental-made airbag control units could corrode. Such a condition could cause the airbags to deploy without cause or warning, or in the event of a crash, not deploy at all. You can read all about it in our post from last year. Now, Continental's recall is going wide. Alongside the already recalled C and GLK, you've already heard about the 2008 and 2009 Honda Accord airbag recall, which we reported on yesterday. Now, Fiat Chrysler is announcing the recall of the 2009 Dodge Journey, as well as the 2008 and 2009 Dodge Grand Caravan, Chrysler Town and Country, and their rebadged counterpart, the Volkswagen Routan. Yes, one manufacturer is recalling another manufacturer's vehicle. The models listed above only amount to about 580,000 vehicles out of 5 million bad airbag control units. And since Continental will notify manufacturers who will then issue their own recalls, it's extremely likely that more brands and vehicles will be ensnared. Stay tuned. Related Video: News Source: NHTSA via Automotive News - sub. req.Image Credit: Fabian Bimmer / Reuters Recalls Chrysler Dodge Fiat Honda Mercedes-Benz Safety Crossover Minivan/Van Sedan FCA

Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video:

If Tesla Model 3 is successful, Sergio Marchionne will copy it

Fiat Chrysler CEO Sergio Marchionne hasn't hidden his disdain for electric vehicles, but he would copy the Tesla Model 3 if it is successful, according to Automotive News Europe. If Elon Musk "can show me that the car will be profitable at that price, I will copy the formula, add the Italian design flair and get it to the market within 12 months," Marchionne told Automotive News Europe during FCA's annual meeting in Amsterdam. In terms of pre-orders, the Model 3 is a success. Musk tweeted on April 7 that the company had over 325,000 reservations for the sedan, which he estimated were worth around $14 billion. The car will start at $35,000 before incentives. Marchionne, however, isn't optimistic Tesla can actually make the electric sedan work financially. "I'm am not surprised by the high number of reservations but you have then to build and deliver them and also be profitable," he told ANE. The FCA boss is a noted skeptic of EVs. In 2012, he said that the company only built the 500e because of California's zero-emissions vehicle mandate and to give engineers experience with the technology. He doubled-down in 2014 when he claimed FCA lost $14,000 on each 500e and said he would rather people didn't buy them. More recently, he infamously said "you'd have to shoot me first," before he'd allow a fully electric Ferrari. Related Video: