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Fiat Chrysler CEO says final merger talks with Peugeot going well

BRUSSELS — Fiat Chrysler's chief executive Michael Manley said on Wednesday that merger talks with Peugeot owner PSA  to create the world's No. 4 carmaker are progressing well and he hopes to have a deal within 12-14 months. Speaking to Reuters on the sidelines of an industry meeting, he said he doesn't expect any major obstacles that could delay a final agreement. "Talks are progressing really well," Manley said about negotiations with the French carmaker ahead of a briefing by the European automotive association (ACEA), of which he is president. His comments come a month after the two carmakers agreed to a binding deal worth about $50 billion to combine forces in response to a slowdown in global demand and mounting costs of making cleaner vehicles amid tighter emissions regulations. Manley's timeline for completing the deal by early 2021 is in line with a forecast made by the companies in December. Fiat and Peugeot are now getting into the details of how the merger will work, including choosing which vehicle platforms — the technological underpinnings of a vehicle — will fit which products in a combined company. Because customers in different locations still prefer vastly different cars, there is room for multiple platforms in a combined group, Manley said. "That global platform is an elusive beast," he added. "This concept of a massive global platform in my mind is almost a myth, but that doesnÂ’t mean to say weÂ’re not going to recruit significant volume." Related Video:    

China's Great Wall confirms its interest — in Jeep, or all of FCA

HONG KONG/SHANGHAI — Chinese automaker Great Wall Motor reiterated its interest in Fiat Chrysler Automobiles NV on Tuesday, but said it had not held talks or signed a deal with executives at the Italian-American automaker. China's largest sport utility vehicle manufacturer made a direct overture to Fiat Chrysler on Monday, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram truck brands. Automotive News first reported the news, quoting Great Wall Motor President Wang Fengying as saying she planned to contact FCA to discuss acquiring the Jeep brand specifically. Those comments sent FCA shares higher but also raised questions over the ability of China's seventh-largest automaker by sales to buy larger Western rival FCA, or even Jeep, which some analysts value at as much as one-and-a-half times FCA. Great Wall sought to dampen speculation on Tuesday. It confirmed it had studied Fiat Chrysler, but said there was "no concrete progress so far" and "substantial uncertainty" over whether it would eventually bid. "The company has not built any relationship with the directors of FCA nor has the company entered into any discussion or signed any agreements with any officer of FCA so far," the company said in an English-language stock exchange filing. It did not give further detail. Fiat Chrysler stock dipped on the statement on Tuesday. Great Wall said trading in its Shanghai-listed shares would resume on Wednesday after having been suspended. Fiat Chrysler declined to comment on Great Wall's statement. On Monday, it said it had not been approached and was fully committed to implementing its current business plan. FLUSHING OUT RIVALS? Great Wall Motor, which was early to spot China's love of SUVs, had revenue of $14.8 billion last year and sold 1.07 million vehicles - but that compares with FCA's 2016 revenue of 111 billion euros ($130.6 billion). Analysts said Great Wall would need to raise both debt and equity to complete any deal, meaning its chairman Wei Jianjun could lose majority control. One possible scenario, according to analysts at Jefferies, would see Wei keeping a roughly 30 percent stake, while Great Wall would raise $10-$14 billion in debt and $10 billion in equity - hefty for a group currently worth just $16 billion. Ultimately, politics could be the clincher.

Jeep hackers return to take over your steering wheel

Last year, security researchers Charlie Miller and Chris Valasek made headlines by remotely hacking a Jeep, killing the transmission and applying the brakes while Wired reporter Andy Greenberg was behind the wheel and driving in traffic. The hack led to a 1.4 million-vehicle recall for Fiat Chrysler and new jobs at Uber's Advanced Technology Center for Miller and Valasek. Despite the cushy new gigs, the two of them apparently aren't done hacking Jeep Cherokees for sport. In their latest exploit, the pair can gain even more control over a vehicle, but it would also be extremely difficult to pull off in a real-world setting. Here's the harrowing part first: Miller and Valasek can do more than just apply the brakes at low speed or cut the transmission this time around. Now they can turn on the parking brake, mess with the cruise control and hijack the auto-parking system to jerk the steering wheel a dangerous 180 degrees while the car is in motion. It looks about as frightening as it sounds: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Although it's not hard to see how that would make for a very terrifying drive, there's a big grain of salt that comes along with it: Miller and Valasek actually used the same model 2014 Jeep Cherokee as the original demonstration, but without the software patch applied. Or, as Wired put it, "imagine an alternate reality," where a fix had never been made. Unlike before, the latest hack requires a physical connection plugging their laptop into the Jeep's OBD-II diagnostic port under the dash. The team also had to update the Jeep with their own firmware to disable some of the car's built-in safety checks before they could get much control. In other words: In order to get hacked, Jeep owners would first need to roll back their car's firmware to an older version, invite someone to remove security features and then also let them ride shotgun with a computer. Or, as Engadget's resident security expert Violet Blue wrote on Twitter, it's sort of a non-threat. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. That said, The Verge points out that it may still be possible to exploit OBD-connected wireless dongles like the Metromile Tag, Automatic Link or other similar devices currently marketed by insurance companies.