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Germany says Fiat Chrysler also cheats on diesel emissions

In May, Germany threatened to ban Fiat Chrysler vehicles because they supposedly had diesel emissions cheat devices. The guilty vehicle at the time was a Fiat 500X. Since then, Italian regulators looked into the issue and said they found no such device. But Germany didn't back down, and filed papers today with the European Commission (EC) and the Italian Transport Ministry saying, again, that there were questionable emissions results in four FCA vehicles. According to Reuters, the Germany's new tests proved there was an, "illegal use of a device to switch off exhaust treatment systems" in the four FCA vehicles. According to Der Spiegel, the four vehicles in the latest batch of offenders are the two new 500Xs, a Fiat Doblo, and a Jeep Renegade. Alexander Dobrindt, Germany's Federal Minister of Transport, noted the vehicles in the letter to the EC, which also said that the EC should communicate with Italian regulators as the next step. Related Video: News Source: Reuters, Der SpiegelImage Credit: GIUSEPPE CACACE/AFP/Getty Images Government/Legal Green Chrysler Fiat Diesel Vehicles vw diesel scandal FCA diesel scandal

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.

Fiat Chrysler plans to speed up its product development

Fiat Chrysler is streamlining its global product development process in a bid to bring new or updated models to showrooms more quickly, reflecting heightened consumer expectations but also massive technological upheavals brought by things like electric vehicles, self-driving cars and ever more strident safety regulations. FCA recently announced plans to flatten its corporate product development structure across its global properties to reduce complexity, speed decision making and get products to the market faster than the years it can take today. It's similar to what Jim Hackett has been trying to do across town at Ford. FCA Chief Technology Officer Harald Wester, who is also executive chairman of Maserati, will oversee the reorganized product development unit. The company says it has already committed ˆ9 billion — nearly $10 billion at current exchange rates — toward its five-year plan to launch 30 new electrified nameplates globally, with plug-in hybrid versions of the Jeep Compass, Renegade and Wrangler due up first along with a full-electric Fiat car and commercial van. Maserati has also received a ˆ1.6 billion investment to bring about hybrid and battery-electric powertrains, plus Level 3 autonomous capabilities. “The industry has never experienced technological change at the pace we are now seeing,” CEO Mike Manley said in a statement. “So, weÂ’re unleashing the creative energy of our engineers and technical experts for the benefit of our customers and stakeholders worldwide.” One of the biggest changes is integrating powertrain and vehicle engineering, previously separate units, in a global process involving more collaboration and better deployment of resources. Engineering will also be supported by five centers of technical competence, including groups that will develop electronic architectures and another focused on advanced technologies. FCA says product development has previously been served by several different organizations that operated as regional sub-groups or standalone units. Left unmentioned is whether the merger with PSA Group, which will reportedly result in nearly 70 percent of all models produced by the two brands moving to just two PSA platforms, is helping to push the timeline on these changes. FCA is also making greater use of the Alfa Romeo Giorgio platform, planning it for the next-generation Jeep Grand Cherokee.