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2017 Fiat 124 Spider: Japanese bones, Italian flair

Fiata! Fiat + Miata. That's exactly what we have here in the new 124 Spider that officially debuts in Los Angeles this week. FCA leveraged Mazda's excellent fourth-generation MX-5 Miata platform, but created something rather unique in the process. Yes, it's more than just a rebadged Mazda. See what we mean with a lot more detail, here. The big difference is design, Fiat having incorporated totally new sheetmetal for the 124 Spider. It's a polarizing look, perhaps not as friendly as the Mazda, and Fiat says it pays homage to the original 124 Spider from long ago. There's an upright fascia with rounded lamps and a nice LED running lamp signature, mimicked out back with squared-off taillamps with LEDs that light up the outline of the taillamp housings. Curves and lines abound, making the Fiat an interesting roadster to behold. Under the hood lies Fiat's 1.4-liter, turbocharged, inline four-cylinder engine, plucked from the 500 Abarth. It makes 160 horsepower and 184 pound-feet of torque, and can be mated to either a six-speed manual or automatic transmission. Fiat's quite insistent that its 124 Spider has the soul of a proper Italian roadster, and from some short teaser videos we were able to watch, it sounds like the little droptop will offer plenty of raspy, throaty, aural delight. The interior is, well, straight from the Miata, right down to the control knobs for the HVAC system, infotainment screen (no UConnect here), and window switches. But that also means the roof is easy to unlatch and throw back, the seats are surprisingly comfortable, and there's ample room for even larger drivers. Fiat will launch the 124 Spider next summer, and the first 124 examples will be offered in a limited-edition Prima Edizione Lusso trim, with individually numbered badges. Those first samples will be available in a unique Azzurro Italia (read: blue) paint. Read Fiat's full press release below for more details, and don't forget to check out or deep dive about how this car stacks up agains the Miata on which its based. All-new 2017 Fiat 124 Spider Revives Legendary Nameplate with Iconic Italian Styling and Dynamic Driving Experience - 2017 Fiat 124 Spider returns nearly 50 years after original introduction Revival of roadster continues expansion of FIAT brand in North America - Delivers iconic Italian style with modern adaptation of original Spider legend - Powered by turbocharged MultiAir 1.4-liter engine for 160 horsepower and 184 lb.-ft.

Weekly Recap: Marchionne's Manifesto again calls for industry consolidation

Sergio Marchionne isn't taking no for an answer. Despite public rebuffs from General Motors and Ford, the leader of Fiat Chrysler Automobiles continues to push for consolidation within the auto industry. His latest assertion came Wednesday when he said a combination of FCA with another automaker could net savings of $5 billion or more annually. No, this isn't about selling his company, he claimed, it's about cutting costs. Put simply, the auto industry wastes money, Marchionne said during FCA's earnings conference call. Companies invest billions to develop basic components that all cars use, but many consumers don't care how they work or recognize the differences. "About half of this is really relevant in terms of positioning the car in the marketplace," he said. "The other half, in our view, is stuff which is neither visible to the consumer nor is it relevant to the consumer." In 2014, top automakers spent more than $100 million on product development, FCA estimated. Marchionne said consolidation could save up to $1 billion on powertrains alone, noting that almost every automaker offers four- and six-cylinder engines. Not everyone has to make their own, he contended. "The consumer could not give a flying leap whose engines we are using because they are irrelevant to the buying decision." That's pretty provocative for enthusiasts, but less so for average consumers. Still, there are major differences in power and efficiency ratings, even among similar engines. Skeptics could argue consolidation would also weaken competition and reduce choices for car buyers. Marchionne stressed his presentation, curiously entitled Confessions of a Capital Junkie, wouldn't require closing factories or dealerships. It's not his final "big deal" as CEO, intent to sell FCA, or a way to elevate his company up the automotive food chain. He claims he wants to fundamentally change the industry and its habit for burning cash. "The horrible part about this, and the thing that I find most offensive, is that the capital consumption rate is duplicative," he said. "It doesn't deliver real value to the consumer and it is in its purest form, economic waste." Other News & Notes Ford Profits dip in first quarter Ford profits fell $65 million to $924 million in the first quarter, hampered by slight dips in revenue and sales.

FCA under investigation for fraud by FBI, SEC, and DOJ

The US Justice Department is currently in the initial stages of investigating Fiat Chrysler Automobiles for fraud, according to two anonymous sources that spoke with Bloomberg. According to the unnamed sources, prosecutors are examining whether FCA violated US securities laws. As part of a coordinated investigation into FCA's sales reporting practices, investigators from the Federal Bureau of Investigation and the Securities and Exchange Commission visited the automaker's field staff in their offices and homes earlier this month, reports Automotive News. According to an anonymous source that spoke to Automotive News, federal staff attorneys visited FCA's US headquarters in Auburn Hills, MI on July 11. The unnamed source told the outlet that employees were advised to seek counsel before speaking with investigators. Investigators also visited the automaker's offices in Dallas, California, and Orlando, the unnamed source told Automotive News. The investigation comes after FCA claimed it had recorded the best month of sales in the US in the automaker's history in December with a total of 217,527 vehicles sold, reports Bloomberg. The claim now seems untrustworthy. According to a previous report from Automotive News, a Chicago-based dealership group filed a lawsuit against FCA earlier this year. The suit accused the automaker of paying dealers to fake new-vehicle sales. At the time, the automaker claimed the allegations were baseless and had no merit. After the lawsuit, FCA started to add an extended disclaimed at the end of its monthly sales reports, according to Automotive News. In a statement, FCA claimed that the automaker is cooperating with the SEC investigation and pointed out that it records "revenues based on shipments to dealers and customers, not on reported vehicle unit sales to end customers." We'll have more on the investigation as it unfolds. Related Video: News Source: Automotive News-sub.req., Automotive News-sub.req, Bloomberg, GIUSEPPE CACACE/AFP/Getty Images Government/Legal Chrysler Fiat FCA USDOJ investigation