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Jeep recalling 75,000 Cherokees over air-conditioning lines

Fiat Chrysler Automobiles has issued a recall for an estimated 75,364 examples of the Jeep Cherokee in the United States. The problem stems from an air-conditioning line, which may have been installed to close to the exhaust manifold. "Under certain operating conditions," says FCA in the statement below, "this may pose a fire risk." Thus far, however, the company says it is "unaware of any related injuries or accidents." The owners of those 75k Jeeps (as well as another 18,000+ in other markets) can expect to hear from their local dealers to have the problem rectified. However the manufacturer also advises owners to watch out for indicators like air-conditioning loss or a dashboard warning light and contact their dealers if necessary. Related Video: Statement: Air-conditioning System October 27, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 75,364 U.S.-market SUVs to inspect and replace, as required, their air-conditioning lines, as required. FCA US launched an investigation after the National Highway Traffic Safety Administration received two customer complaints involving smoke and fire. The Company discovered air-conditioning lines on some vehicles may have been installed in close proximity to their engines' exhaust manifolds; under certain operating conditions, this may pose a fire risk. FCA US is unaware of any related injuries or accidents. The recall is limited to certain 2015 Jeep Cherokees. Additional vehicles are affected in other markets. They include an estimated 7,571 in Canada; 4,018 in Mexico; and 6,942 outside the outside the NAFTA region. Affected customers will be advised when they may schedule service, which FCA US will provide free of charge. . Customers who observe air-conditioning loss or any other concern, such as a dashboard warning light, should contact their dealers. Customers with additional questions may call the FCA US Customer Information Center at 1-800-853-1403.

Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

Chrysler nets $1.6B income in Q4, Fiat profit up 5%

Chrysler announced its 2013 financial results today and unveiled its new name and decidedly bank-like logo. Amid the announcement, Chrysler posted big gains in income, while Fiat didn't perform to analysts' expectations.
For 2013, Chrysler had revenue of $72.1 billion, up 10 percent from 2012. Net income reached $2.8 billion, a 65-percent increase. It was the company's third straight year of annual profits.
In terms of unit sales, Chrysler sold 2.4 million cars worldwide in 2013, up 9 percent. According to Automotive News, 1.8 million of those vehicles were sold in the US, a 14-percent increase. The sales growth boosted Chrysler's US market share to 11.4 percent, up 0.2 percent.