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Fiat shareholders green-light Chrysler merger, end of an Italian era

Fiat has just taken a major step away from its Italian heritage, as shareholders officially approved the company's merger with Chrysler. That move will lead to the formation of Fiat Chrysler Automobiles NV, a Dutch company based in Great Britain and listed on the New York Stock Exchange, according to Automotive News Europe.
The company captured the two-thirds majority at a special shareholders meeting, although there are still a few situations that could defeat the movement. According to ANE, roughly eight percent of shareholders opposed the merger, which is a group large enough to defeat the plan, should they all exercise their exit rights outlined in the merger conditions.
Meanwhile, Fiat Chairman John Elkann (pictured above, right, with CEO Sergio Marchionne and Ferrari Chairman Luca Cordero di Montezemolo), the great-great-grandson of Fiat founder Giovanni Agnelli, reaffirmed his family's commitment to the company beyond the merger. Exor, the Agnelli family's holding company, still maintains a 30-percent stake in Fiat.

The problem with how automakers confront hacking threats

More than anyone, Chris Valasek and Charlie Miller are responsible for alerting Americans to the hacking perils awaiting them in their modern-day cars. In 2013, the pair of cyber-security researchers followed in the footsteps of academics at the University of Cal-San Diego and University of Washington, demonstrating it was possible to hack and control cars. Last summer, their research established which vehicles contained inherent security weaknesses. In recent weeks, their latest findings have underscored the far-reaching danger of automotive security breaches. From the comfort of his Pittsburgh home, Valasek exploited a flaw in the cellular connection of a Jeep Cherokee and commandeered control as Miller drove along a St. Louis highway. Remote access. No prior tampering with the vehicle. An industry's nightmare. As a result of their work, FCA US recalled 1.4 million cars, improving safety for millions of motorists. For now, Valasek and Miller are at the forefront of their profession. In a few months, they could be out of jobs. Rather than embrace the skills of software and security experts in confronting the unforeseen downside of connectivity in cars, automakers have been doing their best to stifle independent cyber-security research. Lost in the analysis of the Jeep Cherokee vulnerabilities is the possibility this could be the last study of its kind. In September or October, the U.S. Copyright Office will issue a key ruling that could prevent third-party researchers like Valasek and Miller from accessing the components they need to conduct experiments on vehicles. Researchers have asked for an exemption in the Digital Millennial Copyright Act that would preserve their right to analyze cars, but automakers have opposed that exemption, claiming the software that runs almost every conceivable vehicle function is proprietary. Further, their attorneys have argued the complexity of the software has evolved to a point where safety and security risks arise when third parties start monkeying with the code. Their message on cyber security is, as it has been for years, that they know their products better than anyone else and that it's dangerous for others to meddle with them. But in precise terms, the Jeep Cherokee problems show this is not the case. Valasek and Miller discovered the problem, a security hole in the Sprint cellular connection to the UConnect infotainment system, not industry insiders.

Detroit automakers gain market share simultaneously for first time in 20 years

While monthly sales figures might be an easy way of tracking the progression of the auto industry and individual automakers, looking at market share might be more indicative of how each company is actually standing up against its competitors. For the Detroit Three automakers, they have collectively lost almost 30 percent of the market over the last 20 years, but now, for the first time since 1993, Ford, General Motors and Chrysler have each posted market share gains at the same time.
According to Automotive News, Ford's share increased the most by 0.7 percent, GM was up 0.5 percent and Chrysler rose marginally by 0.2 percent, giving the Detroit automakers a total market share of 45.6 percent. As for the Japan's Big Three, the article reports that Toyota is up by 0.7 percent, Nissan is down the same amount and Honda has seen "little change."