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Fiat ups Chrysler stake by 3.3%, inches closer to full control

Fiat is one step closer to completing a merger with Chrysler after exercising an option to acquire an additional 3.3 percent of the Auburn Hills-based automaker today. Automotive News reports that Fiat now controls 68.49-percent of Chrysler, which is up almost 10 percent since we last heard news of this deal back in February when Fiat talking to various banks to raise more capital in order to complete the acquisition.
The article says that Fiat is still able to increase its stake in Chrysler up to 75 percent over the next 12 months, but it sounds like CEO Sergio Marchinonne would rather purchase the remaining shares from VEBA - the retiree benefits trust - sooner rather than later. Unfortunately, the two sides still seem far from an agreement on a fair price for the rest of Chrysler, as Fiat has them valued at $4.2 billion compared to the $10.3 billion estimate from the unions that currently own the remaining stake in Chrysler.

25,000 Jeep Grand Cherokee, Dodge Durango SUVs recalled over brake feel

Chrysler has announced that it is recalling over 25,000 Jeep Grand Cherokee and Dodge Durango SUVs from several markets over concerns about brake feel under hard braking. The affected models are from the 2012 and 2013 model years, although the actual dates of production aren't available. 18,700 are in the US, while 825 are in Canada, 530 are in Mexico and a further 5,200 outside of North America.
According to a statement, Chrysler was informed of the issue by a component supplier for the Ready Alert Braking system, which primes the brakes in anticipation of an emergency stop. A component in the system was restricting the flow of brake fluid too much.
As Chrysler is quick to point out, the way the brakes functioned was in compliance with regulations and there are no reported cases of drivers losing braking power. Instead, the issue rests with what Chrysler calls a pedal feel that "was not consistent with customer expectations." So it would seem Chrysler is being proactive and fixing a problem not because there's a legal issue at work, but simply because it doesn't feel the way the manufacturer wants it to. Well done.

Chrysler's Jefferson North plant builds 5-millionth SUV [w/video]

Chrysler's Jefferson North Assembly Plant opened in 1992 for production of the first Jeep Grand Cherokee, but in the subsequent years, the Detroit plant has gone on to produce some of the company's biggest SUVs including the Jeep Commander and Dodge Durango. Earlier this week, the plant produced its five-millionth SUV, which, fittingly, was a Grand Cherokee.
Celebrating the plant's five-millionth unit, the silver 2014 Grand Cherokee was promptly donated to the USO. In addition to this milestone SUV, Chrysler also had a near-perfect 1993-95 ZJ Grand Cherokee on hand for the photo op. Scroll down for the Chrysler press release as well as a video showing some of the speeches from the celebration.