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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.

The 2019 Ram 1500 Classic is new but is also old

If you've been following the interesting strategy that Jeep employed by keeping the old Wrangler on sale alongside the brand new JL Wrangler ( at least until the Scrambler needed the production line), Ram's move here – slapping a "Classic" badge on the end of the old 1500 – shouldn't be all that surprising. And that's what's happening. Not all the trim levels will be available, and the move is targeted at fleet buyers and those on a tight budget. For those cost-conscious buyers, snagging a Classic rather than a new Ram might be a prudent move. After all, while the brand new Ram 1500 is a very nice truck and a decided upgrade from the old one, there's nothing fundamentally wrong with the outgoing truck – particularly if your needs are utilitarian. So, onto the changes. The reduced trim level spread on the 1500 Classic goes like so: Tradesman, Express, Big Horn (or Lone Star if you're in Texas), and SSV (Special Services Vehicle) intended for law enforcement. You'll notice that some trims are missing, and there's nothing fancy here. If you want anything beyond the Big Horn, like a Laramie, Rebel, Longhorn, or Limited, you'll need to step up to the newer truck. There's good news, though. Some stuff from the higher trims that are now out of production can be had on 1500 Classics through some new packages. The Chrome Plus package offers some upgrades to the Tradesman trim, like body-color bumpers, 17-inch wheels, keyless entry, and carpet. The Tradesman SXT gets chrome bumpers, fog lamps, dual exhaust (on V8 models), and 20-inch chrome wheels – some of which is new to the Tradesman trim, even as an option. And the Express Black Accent Package blacks out the badges wheels, and headlight bezels. So while there's less choice overall, you can still add some up-level touches to the 1500 Classic. The powertrain and bed/cab configurations are still robust. You can get the Regular Cab with a regular or long bed, the Quad Cab with the regular bed, or the Crew Cab with the short or regular bed. The 3.6L Pentastar V6 and 5.7 Hemi V8 are both available with 2- or 4WD, and the EcoDiesel will go on sale later. We don't have the all-important pricing information to tell you how good of a deal the Ram 1500 Classic will be, but buyers dragging their feet on buying a lower-trim 2019 Ram 1500 might want to cool their heels until later this year when the 1500 Classic goes on sale to see if it better fits their needs. Related Video: This content is hosted by a third party.

Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall