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FCA's profit rises ahead of Peugeot merger

MILAN — Fiat Chrysler (FCA) posted a 7% rise in fourth-quarter profit on Thursday, boosted by strong business in North America and better results in Latin America as it heads into a merger with France's PSA. The Italian-American carmaker said adjusted earnings before interest and tax (EBIT) rose to 2.12 billion euros ($2.3 billion), in line with a 2.11 billion forecast in Reuters poll of analysts. That left its adjusted operating profit for the year at 6.67 billion euros ($7.34 billion), just shy of its target of over 6.7 billion euros. Its adjusted EBITDA margin came in at 6.2%, in line with its target of more than 6.1%. A trader said Fiat Chrysler results were "a touch above" expectations and the carmaker's shares in Milan were up 3.4% at 1300 GMT following the results. Fiat Chrysler and Peugeot maker PSA agreed in December to combine forces in a $50 billion deal to create the world's No. 4 carmaker, in response to slower global demand and the mounting cost of making cleaner cars amid tighter emissions rules. Chief Executive Mike Manley said last month that talks with PSA were progressing well and that he hoped to complete the deal by early 2021. FCA reiterated its plan to boost adjusted EBIT to above 7 billion euros ($7.7 billion) this year. In slides prepared for an analyst call, FCA said it was monitoring the global impact of coronavirus in China. FCA operates in the country through a loss-making joint venture with Guangzhou Automobile Group (GAC) and has a 0.35% share of the Chinese passenger car market. Reporting by Giulio Piovaccari; Additional reporting by Danilo Masoni; Editing by Stephen Jewkes, Jason Neely and David Clarke. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Jeep in St. Louis hacked from Pittsburgh

One of America's most popular vehicles contains a security flaw that allows hackers to remotely commandeer it from anywhere on the planet. Cyber-security researchers Chris Valasek and Charlie Miller say they've accessed critical vehicle controls on a 2014 Jeep Cherokee that allowed them to remotely control critical vehicle functions like braking, transmission function, and steering. Automakers have downplayed the possibility a car could be remotely compromised, but the significance of the findings detailed Tuesday could cause them to reevaluate the threats posed to hundreds of thousands of vehicles already on the road. A key finding – the pair needed no physical access to the Jeep to pull off the attack. Valasek and Miller accessed the controls via a security hole in the Sprint cellular connection to Chrysler's UConnect infotainment system. In the course of their research, Valasek sat in his Pittsburgh home and remotely manipulated Miller's Jeep as he drove along a highway outside St. Louis. If you know a car's IP address, they say, a hacker could control it from anywhere. "We didn't add anything, didn't touch it," Valasek told Autoblog. "A customer could drive one of these things off a lot, and they'd have no clue it had these open attack surfaces." Remotely, he disabled brakes, turned the radio volume up, engaged windshield wipers and tampered with the transmission. Further, they could conduct surveillance on the Jeep, measuring its speed and tracking its whereabouts. They conducted the experiments over multiple breaches. They made their findings public on the same day the National Highway Traffic Safety Administration, the federal agency in charge of vehicle safety, released its latest report on the readiness of government and automakers to fend off these sorts of cyber attacks. Later today, two US Senators are expected to introduce legislation that would help consumers better understand the potential risks of car hacking. In the early stages of their research, Valasek and Miller found a security flaw in the car's wi-fi that allowed them to remotely manipulate controls from a range of about three feet. But in recent months, they found another vulnerability in the Sprint cellular connection in the UConnect system. That was a key breakthrough. "Lo and behold, we found we could communicate with this thing using cellular, and then more research, and 'Holy cow,' we're using the Sprint network to communicate with these vehicles," Valasek said.

Stellantis dealer briefing hints at midsize Ram, Jeep Recon, Dodge Stealth

With dealers returning to regular life after Stellantis' Dealer Business Meeting 2023 in Las Vegas last week, bits of intel are escaping. Between reports in Automotive News, Mopar Insiders, and a now-deleted Reddit thread that Carscoops dissected, we can make out rough details about a few products on the way for Chrysler Jeep Dodge Ram stores across the country. We'll start with Chrysler, which got the least attention during the event. The Pentastar, starved of product as if it were Stellantis' version of Jaguar, appears to have a refreshed Pacifica minivan in the works and continues to develop its first EV, due by 2025. That's the alpha and the omega there, at least publicly. Jeep's making moves on several fronts. The Jeep Recon forum got photos of an electrified concept brought to the meeting, the Recon Moab 4xe (pictured). It looks like an upsized Renegade, its tire size thought to be 285/70R17, same as the stock Wrangler Rubicon. Head to the thread to see the rest of the photos.  The end of the Cherokee is but a hiatus, Appearance-wise, a new version in the works is said to be a smaller version of the Grand Cherokee L that's about the same size as the outgoing model. When it launches in late 2024 as a 2025MY SUV, it could debut with a new name as well as hybrid and electric powertrains. The Grand Cherokee L, meanwhile, will get a mid-cycle refresh in 2025.   Adding to information previously reported about the 2024 Jeep Wrangler range, the 2024 Gladiator is said to get a Willys trim with upgraded spec. Mopar Insiders had cited communication to dealers that the Wrangler Willys would improve capability thanks to higher ground clearance and what's expected to be a gripper off-road wheel and tire package. At the dealer meeting, Jeep reps apparently said the Gladiator Willys would get high fenders, a locking rear axle, and 33-inch tires. The current Gladiator Willys fits a Trac-Lok limited-slip rear differential and 32-inch mud terrain tires. The tow rating for the Gladiator range could see an increase from 7,650 pounds to 7,700 pounds. Above that, the Wagoneer range will expand with a 4xe version thought to come by next year. In the Dodge camp, the big news would be that the next Charger won't only be electric. Brand reps allegedly told dealers the car, which will come as a four-door despite the attention lavished on the two-door concept making the rounds, will get an internal combustion engine option.