2006 Touring Used 2.4l I4 16v Fwd Convertible on 2040-cars

Auto blog

Former UAW official gets 15 months in labor corruption case

DETROIT (Reuters) - A federal judge in Detroit on Monday sentenced the former United Auto Workers union vice president in charge of relations with Fiat Chrysler to 15 months in federal prison for misusing funds intended for worker training to pay for luxury travel, golf, liquor and parties for himself and other union officials. Norwood Jewell, 61, who led the UAW's national contract negotiations with Fiat Chrysler in 2015, is the highest ranking UAW official to be sentenced in connection with a wide-ranging federal investigation of corruption within the union that represents U.S. factory workers at Fiat Chrysler Automobiles, General Motors and Ford. Jewell pleaded guilty in April to a single charge of violating the Labor Relations Management Act. At the time, prosecutors proposed a prison sentence of 12 to 18 months. U.S. District Judge Paul Borman rejected Jewell's request to avoid prison and serve his sentence under house arrest. "He betrayed his position," Borman said from the bench. Jewell is the eighth former UAW or Fiat Chrysler official sentenced as part of the federal criminal investigation of UAW finances. Federal prosecutors are continuing to investigate the misuse of company and union funds at the Detroit automakers. Fiat Chrysler Chief Executive Mike Manley, during a meeting with reporters last week, declined to discuss whether the company is in talks with federal authorities or whether he has been interviewed by investigators. Federal prosecutors have said Fiat Chrysler officials conspired in the misuse of $4.5 million in training center funds. Fiat Chrysler's former vice president of labor relations, Alphons Iacobelli, pleaded guilty in January 2018 to charges of violating the Labor Management Relations Act and filing false tax returns. Prosecutors charged Iacobelli with making hundreds of thousands of dollars in improper payments to charities controlled by UAW officials, and agreeing to pay off the mortgage of a now-deceased UAW vice president, General Holiefield. Prosecutors said Jewell accepted over $90,000 in illegal payments from Fiat Chrysler for his own benefit and to pay for travel, golf outings, parties and other entertainment for senior UAW leaders. "The parties included thousands of dollars in Fiat Chrysler money spent on 20 boxes of cigars, ultra-premium liquor, personalized bottles of wine, and women paid to light the cigars of senior UAW leaders," federal prosecutors said in a statement on Monday.

Fiat Chrysler cuts 2018 outlook, shares tumble on weaker quarterly profit

MILAN — The news of former Fiat Chrysler chief executive Sergio Marchionne's death arrived Wednesday moments before the group reported a surprisingly heavy drop in profit. The death of one of the auto industry's most tenacious and respected CEOs overshadowed a big selloff in Fiat Chrysler shares. FCA's scheduled second-quarter earnings presentation, led by Marchionne's successor and former lieutenant Mike Manley, began on Wednesday afternoon with a moment of silence. As eulogies flooded in, FCA shares fell as much as 10 percent as investors digested an unexpected 35 percent fall in net profit, well below market forecasts. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Chairman John Elkann added. On Saturday, FCA named Jeep division head Mike Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June. FCA has said Manley will work to ensure a "strong and independent" future for the group. Underlining the task facing Manley, FCA cut its full-year earnings outlook after the weaker-than-expected quarterly earnings. Having to deliver the bad news four days into his new job, Manley blamed the result on a weaker performance in China, a market that represents one of new CEO's immediate headaches. "The biggest challenges we face and frankly we're going to continue to face ... are all focused in China," Manley said. FCA has yet to make any significant inroads in China. In Marchionne's June plan, FCA pledged to boost production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It unveiled bold targets for Jeep, FCA's profit engine. FCA said adjusted earnings before interest and tax (EBIT) for the April-June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros in a Reuters poll of analysts. Chinese demand slumped in the quarter ahead of a July cut in import duties, resulting in higher incentive spending and an increase in unsold vehicle stocks that "particularly affected Maserati," Manley said.

Chrysler, Nissan looking into claim that their cars are industry's most hackable

A pair of cyber security experts have awarded the ignominious title of most hackable vehicles on American roads to the 2014 Jeep Cherokee, 2014 Infiniti Q50 and 2015 Cadillac Escalade.
Charlie Miller and Chris Valasek are set to release a report at the Black Hat hacking conference in Las Vegas, Automotive News reports. The two men found the Jeep, Caddy and Q50 were easiest to hack based not on actual tests with the vehicles, but a detailed analysis of systems like Bluetooth and wireless internet access - basically, anything that'd allow a hacker to remotely gain access to the vehicle's systems.
Considering this lack of hands-on testing, the pair acknowledge that "most hackable" could be a relative term - they point out that the vehicles may actually be quite secure.