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Chrysler set to make $266M-investment into 8-speed transmission production

Chrysler will shortly make a significant $266-million investment into its Kokomo, IN transmission factory in a bid to expand production of its eight-speed automatic transmissions. The gearboxes, which are built under license from Germany's ZF Friedrichshafen, have been well received by customers and critics, and according to an SEC filing obtained by Automotive News, the transmissions will eventually find their way to all of Chrysler's rear-drive offerings (Viper and heavy-duty Ram models, aside). According to AN, a Chrysler spokesman says the investment has not been confirmed, but once it is, it'll mark the company's latest in a growing line of investments at the facility. Chrysler has poured $1.5 billion into Kokomo since 2009.

Hyundai reportedly eyeing a takeover of FCA

The CEO of Hyundai Motor Group plans to launch a takeover bid for Fiat Chrysler ahead of the planned retirement of FCA Chief Executive Sergio Marchionne next spring, Asia Times reports, citing unnamed sources close the situation. CEO Chung Mong-koo will wait for an expected decline in the Italian-American automaker's shares to make his move. Hyundai isn't commenting on the rumors, unsurprisingly, but would presumably stand to benefit by gaining Chrysler's dealer network and the lucrative Jeep brand and probably Ram, too. An FCA spokeswoman in Auburn Hills told Autoblog the company had no comment. But like any story about a possible takeover, this one gets complicated with inside players — and President Trump's posturing on international trade issues. FCA has been the subject of takeover interest before, including by Hyundai, but Marchionne has denied a merger was likely, instead saying his company was in talks with the Korean automaker about a technical partnership. In 2015, Marchionne lobbied General Motors hard, but unsuccessfully, for a tie-up; he was also spurned by Volkswagen. Marchionne had repeatedly stressed the need for car companies to merge to decrease overcapacity and better afford the massive investments needed for things like autonomous and electric vehicles. In the case of Hyundai's reported interest, there is a cast of characters. One is Paul Singer, principal of the hedge fund Elliott Management, an activist shareholder with a $1 billion stake in Hyundai and a major owner of equities in Fiat's home turf of Italy. Then there is FCA Chairman John Elkann, who reportedly disagrees with Marchionne on a successor as CEO of Fiat Chrysler but has little interest in running the company himself and would prefer a merger. Compounding things is what the Trump administration would think of a further blending of Fiat Chrysler's international DNA, though a deal with a Korean automaker is thought to be more palatable to the president and members of Congress than by a Chinese conglomerate like Great Wall Motor, which has confirmed its interest in taking over all or parts of FCA. The full Asia Times piece is here. Related Video: News Source: Asia TimesImage Credit: REUTERS/Rebecca Cook Chrysler Fiat Hyundai Jeep RAM Sergio Marchionne FCA merger takeover

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.