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FCA believes thieves aren't getting into Jeeps with laptops

Last week, we reported on an incident where thieves stole a 2010 Jeep Wrangler from an owner's driveway in Houston, TX with nothing but a laptop. While the security footage made it seem like the perpetrator hacked into the vehicle, we had a conversation with FCA's senior manager of security architecture Titus Melnyk who set the record straight. According to Melnyk, the thief in the video isn't using the laptop to get into the vehicle, but rather as a means of coding a blank key fob and then using that fob to get into the Jeep. According to Melnyk, the suspects have gained access to a key programming tool, which allows them to pair blank key fobs to FCA vehicles. With the key fob now coded, the suspects can get into the vehicle and drive away. The thieves, believes Melnyk, have acquired the programming tool through a dishonest dealership or locksmith. Since the suspects are using a process designed to be used (honestly) by dealers, FCA doesn't consider this to be hacking and believes that there are no security flaws in the vehicles. How are the thieves getting key fobs? While Melnyk believes it is possible to recode an existing key fob, he points out that it's much easier to purchase a blank key fob on Ebay for less than $25. FCA is working closely with the Houston Police Department to apprehend the suspects. Related Video: Jeep Technology SUV Videos viral video hacking thieves

Stellantis won't race to split electric vehicles from fossil fuel cars

MILAN - Stellantis is not considering splitting its electric vehicle (EV) business from its legacy combustion engine operation, its finance chief said on Thursday, as the carmaker presented above-expectation revenue data for the first quarter. Chief Financial Officer Richard Palmer told analysts he did not see huge benefits in the kind of separations pursued by rivals such as France's Renault and U.S. Ford. "We need to manage the company and the assets we have through this transition," he said. "There are benefits to having the cash flow being generated by the internal combustion business for the investments we need to make." Palmer said the group, formed by a merger last year of Fiat Chrysler and Peugeot maker PSA, was not averse to considering adjusting its structure "but we aren't anticipating any big changes." Palmer's comments came after the world's fourth largest carmaker said its net revenue rose 12% to 41.5 billion euros ($44.1 billion) in the January-March period, as strong pricing and the type of vehicles sold helped offset the impact of the semiconductor shortage on volumes. That topped analyst expectations of 36.9 billion euros, according to a Reuters poll. Milan-listed shares were up 0.5% by 1415 GMT, in line with Italy's blue-chip index. The impact of the chip crunch was evident in the decline in shipment figures which fell 12% in the quarter to 1.374 million vehicles. It was a similar story for Germany's BMW which posted higher revenues on Thursday and a decline in car sales. Riding the Recovery Stellantis, whose brands also include Citroen, Jeep and Maserati, confirmed its 2022 forecasts for a double-digit adjusted operating income margin, after 11.8% last year, and a positive cash-flow despite supply and inflationary headwinds. Morgan Stanley analysts said after the results that Stellantis had better management than many peers and benefited from its significant exposure to a stronger U.S. economy and a European recovery from the COVID-19 pandemic. They also said it was less affected by a slowing Chinese economy. Palmer said it was important for the group to maintain double-digit margins and keep delivering positive cash flows. "A 12% increase in revenue with a 12% decrease in volumes indicates a very strong performance on price and mix, which augurs well for our margin performance," he said. He said semiconductor supply problems were expected to ease this year with continued improvements in 2023.

Chrysler nets $1.6B income in Q4, Fiat profit up 5%

Chrysler announced its 2013 financial results today and unveiled its new name and decidedly bank-like logo. Amid the announcement, Chrysler posted big gains in income, while Fiat didn't perform to analysts' expectations.
For 2013, Chrysler had revenue of $72.1 billion, up 10 percent from 2012. Net income reached $2.8 billion, a 65-percent increase. It was the company's third straight year of annual profits.
In terms of unit sales, Chrysler sold 2.4 million cars worldwide in 2013, up 9 percent. According to Automotive News, 1.8 million of those vehicles were sold in the US, a 14-percent increase. The sales growth boosted Chrysler's US market share to 11.4 percent, up 0.2 percent.