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Stellantis unit FCA reaches plea deal in U.S. emissions probe

NEW YORK/WASHINGTON — The U.S. business of Fiat Chrysler Automobiles has agreed to plead guilty to criminal conduct and pay roughly $300 million in penalties to resolve a multi-year emissions fraud probe surrounding vehicles with diesel engines, people familiar with the matter said. FCA US LLC, now part of Stellantis NV, has agreed to plead guilty to a criminal conspiracy charge arising from its efforts to evade emissions requirements for more than 100,000 older Ram pickup trucks and Jeep sport-utility vehicles in its U.S. lineup, the people said. The plea deal, negotiated with U.S. Justice Department officials, is set to be unveiled as soon as next week, though the timing could slip. The company would then enter its guilty plea during a subsequent hearing in a U.S. district court. The affected diesel-powered vehicles span model years 2014 to 2016. FCA merged with French Peugeot maker PSA in 2021 to form Stellantis. Stellantis and the Justice Department declined to comment. The plea deal comes five years after Volkswagen AG pleaded guilty to criminal charges to resolve its own emissions crisis affecting nearly 600,000 vehicles in a scandal that became known as "Dieselgate." Volkswagen's deception precipitated additional scrutiny that resulted in officials on both sides of the Atlantic cracking down on automakers accused of using illegal software known as defeat devices to dupe government emissions tests. European automakers relied on so-called clean diesel technology to make vehicles that could comply with tougher environmental regulations only for officials to find they were polluting more on the road than during the tests that certified them for sale. Automakers are now focusing efforts on battery-powered electric vehicles. Negotiations between FCA lawyers and U.S. officials to resolve the current probe dragged on for years and across presidential administrations as the two sides haggled over whether the company would plead guilty and, if it did, the exact details in any criminal charge, one of the people said. One of FCAÂ’s employees is preparing to face trial on charges he misled regulators about pollution from the vehicles targeted in the investigation. Last year, the Justice Department disclosed charges against two additional FCA employees in the alleged emissions fraud. An indictment alleges the employees conspired to install defeat devices in vehicles so they could dupe government emissions tests and then pollute beyond legal limits on roadways.

Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.

2018 Jeep Wrangler Rubicon Alaska Cannonball | Into the West

Our man Jonathon Ramsey is driving a Jeep Wrangler Rubicon on a 14-week, 14,000 mile journey across North America. Check out his first and second installments. DOVE CREEK, Colo. – Last week I hopped off the Oklahoma panhandle into Grenville, New Mexico. After a tight right-left on Grenville's Lake Road, the tarmac fell away into immense, scrub-filled valleys rimmed by rock spires and elevated mesas. Pushing into Colorado from the southeast, elevation and high-plains beauty come quickly. It's like driving through the imaginary Arcadias on bottled water labels, or one of those 5,000-piece puzzle sets that grandparents and aunts devote months and bottles of gin to. I'm shacked up in Dove Creek's surprisingly quaint Country Inn because rain. Here are some notes from the road. For lack of time and space, I only mentioned the Jeep Collection in Suwanee, Georgia in passing last week. Once more: if you're a fan of Jeeps and you get to the Atlanta metro area, I highly recommend a visit — and look at the pictures at the bottom of this article. The 2018 Wrangler Rubicon I'm driving now sports Willys icons on the gear shift lever, windshield, and wheels, and when you turn the rig on, a graphic in the dash cluster morphs from a Willys into a JL Wrangler. Jeep insists on carrying the torch of its origins, so I found it edifying to sit in all four of those origins at the Jeep Collection. I can tell you this: the Americans who fought WWII were a lot smaller than we are. What am I driving? The Monroney titles it a 2018 Jeep Wrangler Unlimited Rubicon 4X4, with a base price of $40,495. It's been plumped with these options: Leather ($1,495), Customer Preferred Package 24R (Cold Weather Group, $895), Trailer Tow HD Electrical Group ($795), LED Lighting ($895), Electronic Infotainment System Group with 8.4-inch Uconnect and Alpine Premium Audio ($1,295), Steel Bumper Group ($1,295), Trail Rail Management System ($195), All-Weather Floor Mats ($130), 8-Speed Automatic Transmission ($2,000), Premium Black Sunrider Soft Top ($595), and 17-inch black wheels with polished lips ($895). Add the $1,195 destination charge, and a customer paying MSRP would need to pony up $52,175 to take it home. Regarding my previous list of aftermarket bits, the Mopar rock rails are so well integrated that I forgot to mention them. They have come in handy. The Mopar grab handles, however, aren't so handy. The hard rubber grips hang from the roof by nylon straps, next to the front windows.