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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

Chrysler's Woodward Dream Cruise festivities include Ram concept truck debut

The streets will be crowded next weekend along Woodward Avenue in Royal Oak, Michigan for the 19th Annual Woodward Dream Cruise. As part of the run-up to the festivities, Chrysler has announced that all of its brands - Chrysler, Jeep, Dodge, Ram, Fiat, SRT and Mopar - will bring along their latest vehicles. Also included will be a collection of classic American cars and various activities for attendees at the official Chrysler location on the corner of Woodward and 13 Mile Road.
Special to this year, Ram brand director Bob Hegbloom and head of design John Dehner will unveil a Ram concept truck on Saturday. Chrysler will also bring Ryan Friedlinghaus of West Coast Customs fame along to show off a few custom Chrysler-made vehicles of his own. Fans of the brand on Facebook will get the chance to virtually customize a vehicle from the automaker's portfolio, with the winner getting their dream car built for them by Chrysler. Pretty cool stuff, no?
As in past years, Ford and General Motors will have an official presence at the event as well, and you can expect to see plenty of cars of all makes and models from all parts of the globe. The madness starts this Friday, August 16, from 4:30 PM to 10 PM, with the main event taking place on Saturday, from 9 AM to 9 PM. For more details on the show, including events and their times, check out the press release below.

FCA US under-reported death and injury claims to NHTSA

The National Highway Traffic Safety Administration says FCA US significantly under-reported death and injury claims due to flaws in its early warning system. The government first discovered a potential problem with the automaker's reporting in late July, and FCA US has been investigating the issue since. NHTSA claims that the problem appears linked to the way the company gathers and reports safety information. The agency is still investigating how serious the flaws are and their causes. "This represents a significant failure to meet a manufacturer's safety responsibilities," NHTSA Administrator Mark Rosekind.Rosekind said in a statement. FCA US admits that it "identified deficiencies" in the reporting, but in a statement the company said that it notified NHTSA of the issue immediately. The company promised that it is taking this problem "extremely seriously" and pledged to remedy the situation. In late July, FCA US was hit with a potential $105-million fine by NHTSA for the way the automaker conducted some recalls. As part of that agreement, the company also consented to more rigorous oversight by safety regulators in the future and a buy-back of some affected vehicles. Other automakers have been punished for failing to submit EWR data. Honda incurred a $70 million fine in January from NHTSA for missing 1,729 incidents over 11 years. Ferrari had to pay $3.5 million in 2014 for not sending them in for three years. Statement from NHTSA Administrator, Mark Rosekind, on Fiat Chrysler Automobiles' under-reported discrepancy in FCA's Early Warning Report data September 29, 2015 "In late July, NHTSA notified Fiat Chrysler Automobiles of an apparent discrepancy in FCA's Early Warning Report data. FCA has informed NHTSA that in investigating that discrepancy, it has found significant under-reported notices and claims of deaths, injuries and other information required as part of the Early Warning Reporting system. Preliminary information suggests that this under-reporting is the result of a number of problems with FCA's systems for gathering and reporting EWR data. This represents a significant failure to meet a manufacturer's safety responsibilities. NHTSA will take appropriate action after gathering additional information on the scope and causes of this failure." – Mark Rosekind, NHTSA Administrator. Statement: TREAD Reporting September 29, 2015 , Auburn Hills, Mich.