2007 Jeep Grand Cherokee Laredo Flex Fuel 4 Door 4wd on 2040-cars

Auto blog

Ram and Jeep Wrangler drive Fiat Chrysler profits up 61 percent

MILAN — Italian American automaker Fiat Chrysler says fourth-quarter net profits rose by 61 percent, powered by North American sales of the all-new Ram 1500 and Jeep Wrangler. Fiat Chrysler Automobiles on Thursday reported quarterly net profits of 1.29 billion euros ($1.46 billion), compared with 804 million euros in 2017. Revenues rose 6 percent to 30.6 billion euros. North America profits grew by 19 percent to 6.2 billion euros, accounting for the lion's share of the automaker's global profits. The carmaker continued to have trouble in Asia, which swung to a loss due to market weakness in China and more competition in Fiat Chrysler's core SUV market. Europe also lost ground, with profits dipping 44 percent on lower shipments and weaker pricing, while Latin America more than doubled. Based on the company's earnings last year, 44,000 unionized U.S. auto workers will get $6,000 profit-sharing checks. That's $500 more than in 2017, but smaller than U.S. rivals Ford and General Motors. On Wednesday, GM announced that workers would get $10,750, while Ford workers will get $7,600.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

FCA facing class-action lawsuit over Grand Cherokee shifters

Fiat Chrysler Automobiles is now facing a multi-million-dollar class-action lawsuit over the recalled shifter design in the 2014 and 2015 Jeep Grand Cherokee, and the 2012 to 2014 Dodge Charger and Chrysler 300. Grand Cherokee owners, galvanized by Star Trek actor Anton Yelchin's fatal accident, filed the suit. According to The Wall Street Journal, the owners allege that FCA concealed the shifter's problems. On top of restitution, the class action suit is demanding a court order force FCA to issue a do-not-drive warning to owners of affected vehicles until it fixes the problem. FCA started distributing a software fix to dealers last week – according to the WSJ, the update will add more warnings about the shifter's position and will automatically kick the vehicle into park if the driver steps out. FCA's shifter problems have been bubbling under the surface as part of the company's recall issues. The US government dinged FCA with a $105 million fine last year for its recall practices (or lack thereof) last year, but things have exploded this week after Yelchin's death. The 27-year-old, best known for playing Ensign Pavel Chekov in the rebooted Star Trek film series, was killed after his 2015 Grand Cherokee rolled down his driveway and pinned the actor against a security gate. According to Jeep CEO Mike Manley, the company will dispatch engineers to analyze Yelchin's vehicle. Related Video:

The UAW's 'record contract' hinges on pensions, battery plants

DETROIT - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers. General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path to full-time, full-wage status. All three have proposed slashing the time it takes a new hire to get to the top UAW pay rate. The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker. But coming close to a deal is not the same thing as reaching a deal. Big obstacles remain on at least two major UAW demands: restoring the retirement security provided by pre-2007 defined benefit pension plans, and covering present and future joint- venture electric vehicle battery plants under the union's master contracts with the automakers. On retirement, none of the automakers has agreed to restore pre-2007 defined-benefit pension plans for workers hired after 2007. Doing so could force the automakers to again burden their balance sheets with multibillion-dollar liabilities. GM and the former Chrysler unloaded most of those liabilities in their 2009 bankruptcies. The union and automakers have explored an approach to providing more income security by offering annuities as an investment option in their company-sponsored 401(k) savings plans, people familiar with the discussions said. Stellantis referred to an annuity option as part of a more generous 401(k) proposal on Sept. 22. Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. Recent changes in federal law have removed obstacles to including annuities as a feature of corporate 401(k) plans, said Olivia Mitchell, a professor at the University of Pennsylvania Wharton School and an expert on pensions and retirement. "Retirees want a way to be assured they won't run out of money," Mitchell said.