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Analysts wary over FCA lawsuit but say emissions not as bad as VW

MILAN - Any potential fines Fiat Chrysler (FCA) may need to pay to settle a US civil lawsuit over diesel emissions will unlikely top $1 billion, analysts said, adding the case appeared less serious than at larger rival Volkswagen. The US government filed a civil lawsuit on Tuesday accusing FCA of illegally using software to bypass emission controls in 104,000 vehicles sold since 2014, which it said led to higher than allowable levels of nitrogen oxide (NOx) that are blamed for respiratory illnesses. FCA's shares dropped 16 percent in January when the U.S. Environmental Protection Agency (EPA) first raised the accusations, adding the carmaker could face a maximum fine of about $4.6 billion. The stock has been under pressure since. Volkswagen agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers. FCA, which sits on net debt of 5.1 billion euros ($5.70 billion), lacks VW's cash pile but analysts said its case looked much less severe. While VW admitted to intentionally cheating, Fiat Chrysler denies any wrongdoing. Authorities will have to prove that FCA's software constitutes a so-called "defeat device" and that it was fitted in the vehicles purposefully to bypass emission controls. Even if found guilty, the number of FCA vehicles targeted by the lawsuit is less than a fifth of those in the VW case. Applying calculations used in the German settlement, analysts estimate potential civil and criminal charges for Fiat Chrysler of around $800 million at most. Barclays has already cut its target price on the stock to take such a figure into account. Analysts also noted that FCA's vehicles are equipped with selective catalytic reduction (SCR) systems for cutting NOx emissions, so it is likely that any problem could be fixed through a software update. "Should this be the case, we estimate a total cost per vehicle of not more than around $100, i.e. around $10 million in aggregate," Evercore ISI analyst George Galliers said in a note. The estimates exclude any additional investments FCA may be asked to make in zero emissions vehicles infrastructure and awareness as was the case with VW. FCA said last week it would update the software in the vehicles in question, hoping it would alleviate the regulators' concern, but analysts said it may have been too little too late. The carmaker is also facing accusations over its diesel emissions in Europe.

Nissan tells Renault it is 'not opposed' to Fiat Chrysler merger plan

TOKYO – Nissan on Wednesday told Renault it wasn't opposed to its partner's potential $35 billion merger with Fiat Chrysler, the Nikkei newspaper said, as the two met to hash out the future of their alliance amid a deal that could upend the auto industry. The leaders of Nissan Motor Co, France's Renault SA and junior partner Mitsubishi Motors Corp gathered at Nissan's headquarters in Yokohama for a scheduled alliance meeting - one overshadowed by Fiat Chrysler's proposal this week for a merger-of-equals with Renault. The plan, which would create the world's third-largest automaker, raises difficult questions about how Nissan would fit into a radically changed alliance. Renault Chairman Jean-Dominique Senard arrived in Japan on Tuesday to discuss the proposed tie-up with Nissan, 43.4% owned by the French automaker. "We are not opposed," the Nikkei quoted an unnamed Nissan source who had attended the meeting as saying. The person also said "many details need to be worked out" before the Japanese automaker solidifies its position on the issue, the Nikkei reported. In a statement, the alliance members confirmed that they had "an open and transparent discussion" on the proposal. The deal looks designed to tackle the costs of far-reaching technological and regulatory changes, including the drive toward electric vehicles. Nissan, which has rebuffed overtures by Renault for a merger of their own despite their 20-year alliance, was blindsided by the discussions, sources have told Reuters, stoking concerns that a deal with Fiat Chrysler could weaken Nissan's relations with Renault. The tie-up also poses an additional challenge for Nissan CEO Hiroto Saikawa, already grappling with poor financial performance and an uneasy relationship with Renault after Nissan led the ousting last year of long-standing alliance chairman Carlos Ghosn. There have long been tensions between Nissan and Renault over the imbalance of power in their alliance. Nissan, the bigger company, holds a 15% non-voting stake in the French automaker, while Renault owns 43.4% of Nissan. Ahead of Wednesday's meeting, Japanese media quoted Saikawa as telling reporters that he would look at the potential opportunities afforded by a Renault-FCA merger. Credit ratings agency Moody's said it was vital for Nissan to stabilize its partnership with Renault to expand operational synergies and improve margins.

2019 Fiat 500X refresh revealed for Europe

Jeep revealed the lightly refreshed Renegade subcompact crossover earlier this summer for the European market, so it's only natural that its fraternal twin, the 2019 Fiat 500X, would get a very similar type of makeover. Currently the refresh is only confirmed for Europe, but expect similar changes to arrive in the U.S. Visually, it's only subtly different. The headlights now feature LEDs for both accents and forward illumination, and they're slightly reshaped. The taillights are now rings that have body-color inserts in the middle, similar to those of the regular Fiat 500. The rest of the body is pretty similar to the current one, but a number of character lines have been given sharper creases. The interior is also pretty much the same except for a revamped instrument cluster. The big changes, as with the Renegade, are under the hood. Three gasoline engine options will be available, two of which are turbocharged. The smaller of the turbo engines is a 1.0-liter three-cylinder engine making 120 horsepower and 140 pound-feet of torque. The larger turbo engine is a 1.3-liter four-cylinder engine making 150 horsepower and 199 pound-feet of torque. Interestingly, there's no 180-horsepower version of the 1.3-liter engine listed, as there is with the Renegade. There's also a naturally aspirated 1.6-liter four-cylinder making 110 horsepower that's a carryover from the old model. Diesel engines will continue to be available on the 500X as well. They're all four-cylinder engines in 1.3-, 1.6-, and 2.0-liter displacements, from 95 horsepower up to 150 horsepower. Four transmissions are available to connect to these engines. They include a five-speed manual, a six-speed manual, a six-speed dual-clutch transmission and a nine-speed automatic. Front- or all-wheel drive is also available. Of the powertrains available for the European market, the turbocharged gas engines are probably the only ones coming to the U.S. Pricing hasn't been listed for any markets, but expect that and U.S.-market specific details to come later this year. Related Video: Featured Gallery 2019 Fiat 500X Euro-spec View 17 Photos Image Credit: Fiat Fiat Crossover SUV fiat 500x