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Fiat Chrysler's London offices will be small, with financial focus

Fiat Chrysler's decision to locate its new corporate headquarters in jolly old London won't herald a sprawling relocation effort. Instead, it's very likely that the FCA outfit will be a small one, primarily focused on finance.
The report comes from Automotive News Europe, which claims FCA's London office will employ about 50 people with backgrounds in finance. CEO Sergio Marchionne and Fiat Group Chairman John Elkann will both have offices at the corporate headquarters, as well.
ANE cites an anonymous source that claims the people employed at the London office will focus primarily on treasury operations. It's unlikely that FCA will take on any additional employees specifically for its UK offices. That said, FCA isn't likely to downsize either its Turin or Auburn Hills offices once London comes online.

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.

FCA recalling 323,000 cars for wiring, software issues

The Basics: Fiat Chrysler Automobiles (FCA) is conducting a voluntary recall for an estimated 323,361 cars in the US. The affected vehicles were built after September 23, 2014 and include: the 2015 Chrysler 200, Ram ProMaster City, Jeep Renegade, and 2014 and 2015 Jeep Cherokees. The Problem: An insufficient crimp in the vehicles' wiring harness may result in a solenoid fault code, which could cause the engine to stop. The loss of power could lead to an accident. Injuries/Deaths: None reported. The Fix: FCA will update the affected vehicles' software and replace wire harnesses, as needed. According to FCA, owners that experience the problem can temporarily resolve the issue by restarting the vehicle. If you own one: FCA is reaching out to owners to schedule a service. Related Video: Statement: Wire Harness Crimp July 22, 2016 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 323,361 vehicles in the U.S. to update certain software and replace wire harnesses, as needed. An examination of warranty data led to an FCA US investigation that discovered an insufficient crimp in a wire harness. Such a crimp may lead to a solenoid fault code that can cause propulsion loss. The Company is unaware of any related injuries or accidents. Most vehicles in the recall population will not experience this fault code over their lifetimes. However, should the condition occur, it can typically be temporarily resolved by stopping the vehicle and re-starting its engine. Accordingly, FCA US urges customers to heed the instructions on their recall notices. Affected are certain model-year 2015 Chrysler 200 midsize sedans, Ram ProMaster City small vans, Jeep Renegade and Cherokee SUVs. Certain model-year 2014 Cherokees are also affected. A change made in the harness-manufacturing process eliminates the need to recall any vehicle built after Sept. 23, 2014. An estimated 35,511 additional vehicles in Canada are included in the campaign; as are 7,067 in Mexico; and 43,927 outside the NAFTA region. Customers will be advised when they may schedule service. Those with questions may call the FCA US Customer Care Center at 1-800-853-1403. News Source: FCAImage Credit: AOL Recalls Chrysler Jeep RAM FCA jeep renegade ram promaster city