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CEO Sergio Marchionne curses FCA spokesman for emissions cheating denial

WASHINGTON — Fiat Chrysler Chief Executive Officer Sergio Marchionne reprimanded the company's top U.S. spokesman for issuing press releases about Fiat's vehicle emissions practices days after Volkswagen's disclosure in September 2015 that the German automaker had used illegal software to evade emissions tests, documents released Monday show. Lawyers suing Fiat Chrysler Automobiles in a securities case filed excerpts of an email from Marchionne to Gualberto Ranieri, then the company's U.S. spokesman, in a filing in federal court in New York criticizing him for saying that the company does not use defeat devices. "Are you out of your goddam mind?" Marchionne wrote in an email on Sept. 22, 2015, adding that Ranieri should be fired and calling his actions "utterly stupid and unconscionable." The company said in a statement on Monday it was "understandable that our CEO would have a forceful response to any employee who would opine on such a significant and complex matter, without the matter having been fully reviewed through its appropriate channels." The statement added that Ranieri's comments came just days after VW's emissions issue became public "and before a comprehensive internal review and discussions with component suppliers was possible." Fiat Chrysler was sued in 2015 along with Marchionne and other executives over claims it defrauded shareholders by overstating its ability to comply with vehicle safety laws. An amended version of the complaint filed in 2017 added claims about its compliance with emissions laws. The shareholders accused the defendants of inflating Fiat Chrysler's share price by hundreds of millions of dollars from October 2014 to October 2015 by downplaying safety concerns. They said the shortcomings materialized in 2015 when the automaker was fined $175 million by the National Highway Traffic Safety Administration, and took a roughly $670 million charge for recalls. Plaintiffs filed the excerpts seeking approval to take up to 40 additional depositions, including Marchionne's. The U.S. Justice Department sued Fiat Chrysler in May 2017, accusing it of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014. Fiat Chrysler has held numerous rounds of settlement talks with the Justice Department and California Air Resources Board to settle the civil suit, including talks as recently as earlier this month. It faces a separate criminal probe into the matter.

2019 Jeep Renegade Limited and Trailhawk revealed with updated styling

A few weeks back, we got our first glimpse of the refreshed 2019 Jeep Renegade. The Italian-built compact crossover is currently the smallest model in Jeep's lineup. Details were scarce, but we now have some new info on the European-spec model as well as a whole batch of photos of both the Renegade Limited and Renegade Trailhawk. Visually, both the Limited and Trailhawk models get revised front fascias with dark LED and Xenon lighting that mimics the new Jeep Wrangler JL. The Limited's bumper includes more body-color panels with new turn signals, fog lights and a lower air intake. Outside of the new lighting, the only real change to the front of the Trailhawk is the lack of a bright red front tow hook. In the rear, both models get new taillights, though the bumpers appear to be the same. The Renegade Limited now comes with 19-inch wheels. The Renegade now has new gasoline and diesel engines, though it's unclear which — if any — will make it to the U.S. market. There's a 1.0-liter turbo inline-three that makes 120 horsepower, a 1.3-liter turbo inline-four that makes either 150 or 180 horsepower. That makes it as powerful as the 2.4-liter naturally-aspirated inline-four that's currently available. The 1.6-liter and 2.0-liter turbo diesel engines — not available in the U.S. — both get updated European emissions equipment. There are three transmissions: a six-speed manual, a six-speed dry dual-clutch and a nine-speed auto. The Renegade is still available with both front- and four-wheel drive. There are two four-wheel drive systems, with one slightly more sophisticated system reserved for the Trailhawk. Other carryovers include the removable My Sky roof panels and most of the interior. The Renegade also gets the latest version of FCA's UConnect infotainment system that is compatible with Apple CarPlay and Android Auto. Pricing hasn't been announced, but look for U.S.-specific details sometime later this summer. Related Video:

Fiat Chrysler dumped 40,000 unordered vehicles on dealers

In a move that echoes recent history, Fiat Chrysler has been making more cars and trucks than dealers in the U.S. are willing to accept, with Bloomberg reporting that at one point the automaker had built up a glut of around 40,000 unordered vehicles. That’s led some dealers to accuse FCA of reviving the dreaded “sales bank” accounting practice of obscuring inventory to improve the balance sheet. The company reportedly began building up its inventory of unordered cars this summer despite an industrywide slowdown in sales and an eagerness by some dealers to thin their inventories because rising interest rates are making it more expensive to hold unsold cars. The inventory build-up also coincided with Fiat ChryslerÂ’s efforts to find a merger partner, first with Renault, which fell through, then last monthÂ’s announcement that it will merge with FranceÂ’s PSA Group. FCA denies any such scheme and tells Bloomberg the rising inventory is down to a new predictive analytics system designed to better square supply with demand from dealers that is helping the company save money and narrow the numbers of unsold vehicles. The company recently agreed to pay a $40 million civil penalty to the U.S. Securities and Exchange Commission to settle a complaint that it paid dealers to report fake sales figures over a span of five years. While no one is suggesting that FCA is in dire financial straits — the company saw higher than expected earnings in the third quarter and record profits in North America — the practice has strong historical precedent by Chrysler, which built up bloated inventories in the run-up to its two federal bailouts, in 1980 and 2009. It was also common at GM and Ford during the 2000s, when all three Detroit automakers struggled with excess manufacturing capacity and plummeting sales in the lead-up to the Great Recession. Back in 2012, CFO Magazine wrote about a report that explained automakersÂ’ rationale for the practice and how it works: Say fixed costs for a given factory are $100, and that the factory can make 50 cars. Consumers, however, demand only 10. Under absorption costing, if the company makes all 50 cars, its cost-per-car is $2. If it makes only up to demand, or 10 cars, the cost-per-car is $10. Although each car adds variable costs for steel and other parts, if those costs are low, the company still has an incentive to make more cars to keep the cost-per-car down.