2006 Jeep Liberty Sport on 2040-cars

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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

NHTSA closes investigation on 4.7M FCA power modules, no recall

FCA US hasn't had the best time with recalls as of late. Not only did the company recently agree to greater safety oversight and paid $105 million to the government, that came just days after hacking fears prompted a 1.4-million model recall campaign. However, a recent decision to close an investigation by the National Highway Traffic Safety Administration means that the automaker doesn't have to worry about another major recall possibly affecting 4.7 million vehicles, according to the agency's report (as a PDF). Last September, the Center for Auto Safety petitioned NHTSA to investigate an alleged problem with the totally integrated power module (TIPM) on these FCA US models. The group claimed that a fault with the component could cause a variety of maladies, including stalls, not starting, catching fire, unintended acceleration, and airbag non-deployment. At the time, it also submitted 70 cases where this had reportedly happened. According to NHTSA, "no valid evidence was presented in support of claims related to airbag non-deployment, unintended acceleration, or fire resulting from TIPM faults and these claims were found to be wholly without merit based on review of the field data and design of the relevant systems and components." The agency did find signs of an issue with the fuel pump relay in some Jeep Grand Cherokees and Dodge Durangos, but FCA US issued recalls for the problem in September 2014 and February 2015. Without anything else to go on, the Feds don't think it's worth investigating this topic any more.

FCA will pay you to hack its systems

FCA is willing to pay you to hack its cars, as long as you tell the company how you did it. In an effort to enhance cybersecurity and prevent future incidents like the Jeep Cherokee hack last year, FCA announced it's working with Bugcrowd to find vulnerabilities in its vehicle software. Bugcrowd labels itself as a crowdsourced application security testing company. Users, or independent security researchers as Bugcrowd calls them, can find exploits or vulnerabilities in FCA systems. They then submit the information to Bugcrowd, who in turn supplies the info to FCA. The goal is to update systems and close any possible security breaches. FCA is offering bounties from $150 to $1,500 to any Mr. Robot types, with payment based on the size and severity of the flaw. FCA wants hackers to focus specifically on the UConnect website and the company's iOS and Android apps. No bounties will be given for anything outside the scope of those three things. Bugcrowd says it will not take any legal action against anyone who submits an exploit. While we think it's good that the company is taking steps to address these problems, it's not a groundbreaking maneuver. Other companies employ similar systems. Earlier this year, both Tesla and Uber announced that they're willing to offer up to $10,000 to hackers who find vulnerabilities in their system. For years, Microsoft has been paying hackers to find exploits. It also seems that FCA took its time to announce this plan, considering the Jeep hack happened nearly a year ago. If the partnership works, we can expect other automakers to make similar deals. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: FCA, Bugcrowd Jeep Safety Technology Infotainment Smartphone FCA