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Weekly Recap: FCA hit with record fine as NHTSA crackdown continues

The National Highway Traffic Safety Administration slapped Fiat Chrysler Automobiles with a record fine this week that could reach $105 million. The punishment comes after NHTSA found problems with the automaker's execution of 23 recalls that affect more than 11 million vehicles. The consent agreement, announced Sunday, calls for FCA to pay a $70-million cash fine and requires the company to spend at least $20 million over a three-year period on industry outreach programs and to beef up old recall campaigns. Failure to comply will result in another $15-million fine. FCA also agreed to federal oversight, which includes an independent monitor to oversee the company's recalls. The $70-million cash fine equals a penalty NHTSA levied on Honda in January. "Fiat Chrysler's pattern of poor performance put millions of its customers and the driving public at risk," NHTSA administrator Mark Rosekind said in a statement. "This action will provide relief to owners of defective vehicles, will help improve recall performance throughout the auto industry, and gives Fiat Chrysler the opportunity to embrace a proactive safety culture." FCA called the deal a "consensual resolution," but admitted that it "failed to timely provide an effective remedy" during certain recalls. "We are intent on rebuilding our relationship with NHTSA and we embrace the role of public safety advocate," the company said in a statement. The announcement kicked off a busy week for the automaker. NHTSA agreed FCA did not need to recall 4.7 million vehicles after an investigation failed to find defects with a power module used in some Jeep, Dodge, and Ram vehicles. A Georgia judge also reduced a civil verdict involving a death in a Jeep Grand Cherokee crash. Amid all of that, the company reported net profit of about 333 million euros, or $364 million in the second quarter on Thursday. OTHER NEWS & NOTES FCA ramps up Hellcat production Despite a decidedly legal and financial week for FCA, there was still time for the performance side of the business to briefly grab the spotlight. The automaker is more than doubling its production of the Dodge Challenger and Charger SRT Hellcats in response to strong demand. The order bank opens the second week of August and production begins in September. FCA will finish up its scheduled 2015 model-year Hellcat builds, and cancel any "unscheduled" versions, though customers will get discounted pricing for 2016.

Ferrari officially teases hybrid V8 before official reveal

This is Ferrari's official teaser for the V8 hybrid debuting this week, so let the Photoshop and parsing games begin. Among what we'll call the traditional supercar makers — Ferrari, Lamborghini, and McLaren — the Maranello outfit takes the first dive into the hybrid pool, and they're going to make a show of it. The motorcycle rider who ran down the prototype a few weeks ago looks to have been correct about the rectangular taillights. The last time we saw anything other than round taillights on a production Ferrari was on the much-loved Testarossa and the much unloved 348. There's some deliberate obfuscation going on, unsurprisingly. In the teaser, the rear wing stands up extra tall in the middle. The wing on the prototype spotted last week carries across the car from fender to fender; you can trace the line it makes around the rear three-quarter underneath the camouflage. Based on where there's mesh in the camouflage paneling to let air through, our guess is that the wing does more than channel air under its middle as on the F8 Tributo. And we'll wait to see if the twin exhaust outlet truly dominate the backside like bazookas. VIP clientele have apparently been headed to Maranello as of this morning, ready to witness a three-day event for the production sports car that will sit above the 812 Superfast and below whatever succeeds the LaFerrari. Eyes in Italy say there's a large tent at the Fiorano circuit erected just for the cause. Word is that Ferrari will reveal the car online around the same time as VIP showing, with an in-the-sheetmetal showing sometime next month, perhaps at Le Mans. Ferrari hybrid supercar View 9 Photos

Ferrari IPO could come any day now

According to Bloomberg, Fiat Chrysler Automotive Sergio Marchionne told reporters at the Toronto Global Forum that the Ferrari IPO could come any day now. "We are days away from filing the prospectus," said Marchionne, who declined to confirm whether rumors of involvement from UBS Group AG, JPMorgan Chase & Co and Goldman Sachs Group were accurate. In addition to an expected filing in New York, Marchionne hinted that a secondary filing could take place in Milan, Italy. Although the FCA Chief Executive didn't offer any expected sum for Ferrari, he had previously suggested that an IPO for the iconic Italian brand could be worth $1 billion, ringing the registers to the tune of 10 percent of the company's $11 billion valuation. According to Bloomberg, that potential sum is significantly higher than its own internal figures indicate after taking a poll of analysts who we assume must know a heck of a lot more about such things than we do. Considering how close we apparently are to the actual filing, though, we probably won't have to wait long to find out. Another hot topic any time Sergio is the subject of reporter questioning is a potential merger with General Motors or another large, full-line automaker. It seems there aren't any new revelations to reveal on the consolidation front, though Marchionne told reporters there were no plans to mount a hostile takeover of GM or any "other, less optimal" partners. Related Video: News Source: BloombergImage Credit: STR/AFP/Getty Earnings/Financials Chrysler Ferrari Fiat Sergio Marchionne FCA