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Dongfeng and PSA extend Chinese joint venture

BEIJING/PARIS — China's Dongfeng and Peugeot maker PSA are extending their business cooperation, despite the Chinese company reducing its stake in PSA to help smooth the French carmaker's merger with Fiat Chrysler Automobiles (FCA). Dongfeng said on Thursday it had agreed with PSA to extend the duration of their joint venture Dongfeng Peugeot Citroen Automobiles (DPCA). Under the deal, the venture could get the rights to PSA's new brands in China and will benefit from new technologies and intellectual properties, the Chinese company said. PSA was not immediately available for comment. The announcement comes a day after the companies said Dongfeng would reduce its 12.2% stake in PSA by selling 30.7 million shares to the French company. Analysts said the move could smooth U.S. regulatory approval for PSA's roughly $50 billion (GBP38.97 billion) merger with Italian-American carmaker FCA. The sale of Dongfeng's shares in PSA, worth around 680 million euros ($757 million), will leave the Chinese group holding around 4.5% of the merged PSA-FCA, which is set to become the world's fourth-biggest carmaker by sales volumes. "As the cooperation between Dongfeng and PSA deepens, we expect the joint venture to continue making good progress in China," a Dongfeng representative said. On a conference call, Dongfeng said DPCA would have exclusive rights to PSA's Opel cars should the partners agree to bring the brand to China, and enjoy lower prices on car parts imported from PSA. Earlier this year, a document seen by Reuters showed Dongfeng and PSA plan to cut jobs at Wuhan-based DPCA and reduce its number of car plants to try to make the venture more profitable. Chrysler Dodge Fiat Jeep RAM Citroen Peugeot China FCA PSA Dongfeng

NHTSA investigating 2015 Jeep Cherokee after new owner's total-loss fire [w/video]

The National Highway Traffic Safety Administration has opened a Preliminary Evaluation into the 2015 model year Jeep Cherokee after a single example caught on fire in California. This investigation will decide the cause, scope and frequency of this possible problem and will decide whether a recall is necessary for 50,415 potentially affected examples. According to Automotive News, the Cherokee's owner only purchased the CUV about two days before the fire, and it had been driven less than 100 miles. The new buyer reported parking the Jeep, and noticed a smell like smoke. Shortly after, the vehicle was consumed in flames. There were no injuries, but much of the incident was captured on video. NHTSA is also trying to decide whether another report is related. In this case, a driver noticed smoke under the hood of a 2015 Cherokee with just 45 miles on it, while driving at 60 miles per hour. According to the complaint to the agency, "the vehicle was not diagnosed or repaired," but FCA was notified. Read below NHTSA's announcement of the Preliminary Evaluation. CBS News 8 - San Diego, CA News Station - KFMB Channel 8 INVESTIGATION Subject : Engine compartment fire Date Investigation Opened: JAN 13, 2015 Date Investigation Closed: Open NHTSA Action Number: PE15003 Component(s): ENGINE Vehicle Make Model Model Year(s) JEEP CHEROKEE 2015 Manufacturer: Chrysler (FCA US LLC) SUMMARY: The Office of Defects Investigation (ODI) has received one complaint (VOQ) of engine compartment fire in model year (MY) 2015 Jeep Cherokee vehicles alleging a severe engine compartment fire incident resulting in a total vehicle loss (VOQ # 10672201). The consumer alleges that the entire vehicle was engulfed in flames approximately 20 feet high within seconds of parking the vehicle. The complaint alleged white smoke coming from under the hood immediately after parking the vehicle and while the ignition is off. In addition, ODI has identified field report data submitted as part of Early Warning Reporting that relate to the alleged defect. A Preliminary Evaluation has been opened to assess the cause, scope and frequency of the alleged defect. The following VOQ numbers are associated with the issues discussed in this opening resume: 10670034, 10672201.

Fiat/PSA's dominance in small vans hangs up EU's merger approval

BRUSSELS — EU antitrust regulators are concerned about Fiat Chrysler and Peugeot / PSA's combined high market share in small vans and may require concessions to clear their $50 billion merger, people familiar with the matter said. The companies, which are seeking to create the world's fourth biggest carmaker, were told of the European Commission's concerns last week. If Fiat and PSA fail to dispel the European Commission's doubts in the next two days and subsequently decline to offer concessions by Wednesday, the deadline for doing so, the deal would face a four-month-long investigation. The EU competition enforcer, which has set a June 17 deadline for its preliminary review, declined to comment. Fiat was not immediately available for comment while PSA had no immediate comment. Hiving off overlapping businesses, usually a regulatory demand to ensure more competition, could prove tricky for the carmakers because of the technicalities. Fiat and PSA are looking to merge to help offset slowing demand and shoulder the cost of making cleaner vehicles to meet tougher emissions regulations. The deal puts under one roof the Italian carmaker's brands such as Fiat, Jeep, Dodge, Ram, Maserati and the French company's Peugeot, Opel and DS. Related Video: Government/Legal Chrysler Dodge Fiat Jeep Maserati RAM Citroen Opel Peugeot