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Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Feds fretting over remote hack of Jeep Cherokee

A cyber-security gap that allowed for the remote hacking of a Jeep Cherokee has federal officials concerned. An associate administrator with the National Highway Traffic Safety Administration said Thursday that news of the breach conducted by researchers Chris Valasek and Charlie Miller had "floated around the entire federal government." "The Homeland Security folks sent out broadcasts that, 'Here's an issue that needs to be addressed,'" said Nathaniel Beuse, an associate administrator with the National Highway Traffic Safety Administration. Valasek and Miller commandeered remote control of the Cherokee through a security flaw in the cellular connection to the car's Uconnect infotainment system. From his Pittsburgh home, Valasek manipulated critical safety inputs, such as transmission function, on Miller's Jeep as he drove along a highway near St. Louis, MO. The scope of the remote breach is believed to be the first of its kind. The prominent cyber-security researchers needed no prior access to the vehicle to perform the hack, and the scope of the remote breach is believed to be the first of its kind. A NHTSA spokesperson said the agency's cyber-security staff members are "putting their expertise to work assessing this threat and the response, and we will take action if we determine it's necessary to protect safety." A Homeland Security spokesperson referred questions about the hack to Chrysler. Fiat Chrysler Automobiles has already been the subject of a federal hearing this month, in which officials scrutinized whether the company had adequately fixed recalled vehicles and repeatedly failed to notify the government about defects. But cyber-security concerns are a new and different species for the regulatory agency. Only hours before the Jeep hack was announced by Wired magazine earlier this week, NHTSA administrator Dr. Mark Rosekind said hacking vulnerabilities were a threat to privacy, safety, and the public's trust with new connected and autonomous technologies that allow vehicles to communicate. NHTSA outlined its response to the cyber-security challenges facing the industry in a report issued Tuesday. In it, the agency summarized its best practices for thwarting attacks and said it will analyze possible real-time infiltration responses. But the agency's ability to handle hackers may only go so far.

Next-gen Jeep Wrangler to pack 300-hp Hurricane turbo four

Fiat Chrysler has been working for some time now on a new turbocharged four-cylinder engine. Dubbed "Hurricane," the engine is now said to produce nearly 300 horsepower. And its first application could be in the next-generation Jeep Wrangler. With that much power coming from such a small engine, the Hurricane would offer an even higher level of specific output than the 1.75-liter engine in the Alfa Romeo 4C – one of FCA's highest-stressed engines – far eclipsing the 4C's 120 horsepower per liter with 150 hp/l. By way of comparison, the latest 2.0-liter, four-cylinder version of Ford's EcoBoost engine produces "only" 245 hp (122.5 hp/l). The 2.0-liter turbo four in the latest Mercedes-AMG CLA45 and GLA45, however, produces 375 hp. To get so much out of so little an engine, FCA will utilize a twin-scroll turbocharger and variable valve timing. That could make it ideally suited towards a compact performance model, but according to Automotive News, its first application could be in the new the Wrangler. The larger 3.6-liter Pentastar V6 produces 285 hp, nearly as much as the Hurricane will. But with a smaller engine, an eight-speed transmission, and aluminum construction, the new Jeep will likely benefit from dramatically-improved fuel consumption. Related Video: