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FCA may sell off Magneti Marelli

FCA is reportedly just days away from filing the official prospectus for the Ferrari initial public offering, and it could put the Italian sportscar maker's value at $11 billion. Although, Sergio Marchionne always seems to have another iron in the fire, and his next big deal could shed the automotive giant's Magneti Marelli parts business to the tune of $3.3 billion. According to Reuters citing anonymous insider sources, at least two private equity firms are considering joint submitting bids with firms already in the industry. This deal has reportedly been in the works for at least the last few weeks. According to Reuters, FCA already rejected a roughly $2.7-billion offer in June. Marchionne apparently wants at least the equivalent of $3.3 billion for the company. Publicly, FCA isn't talking, though. Company spokesperson Gualberto Ranieri told Reuters and reiterated to Autoblog simply that Magneti Marelli wasn't for sale. However, a move to get rid of the parts company has been discussed in the past. In 2013, the business was rumored to be part of a purported arrangement to sell Alfa Romeo to Audi. While there's no final decision yet, according to Reuters, if the Magneti Marelli sale does move forward the decision would likely come sometime after the Ferrari IPO. The company would likely be split up among the various divisions. "Everyone will take a fair share of it," one of the anonymous sources to Reuters. News Source: ReutersImage Credit: Jeff Kowalsky / Bloomberg via Getty Images Earnings/Financials Chrysler Fiat Sergio Marchionne FCA fca us magneti marelli

Watch as U.S. auto industry springs back to life after lockdown

WARREN, Michigan — The Detroit Three automakers and their suppliers began restarting assembly lines on Monday after a two-month coronavirus lockdown in a slow revival of a sector that employs nearly 1 million people in the United States. On a chilly and damp Monday morning, hundreds of workers at Fiat Chrysler Automobile's (FCA) truck plant in Warren, Michigan, began lining up before 4 a.m. to start the 5 a.m. shift. Signs overhead read: "Let's restart." "I'm a little nervous," said Larry Smith, 53, of New Baltimore, who works on wheel alignment away from the assembly line. "They made all the precautions (and) they've done everything they can to prepare us ... I'm trusting in God." Detroit automakers on Monday said there were no issues with absenteeism as the plants opened. FCA reopened four U.S. assembly plants on Monday, including Warren Truck, on a single shift, as well as four parts plants. The reopening of car plants will be a closely watched test of whether workers across a range of U.S. industries can return to factories in large numbers without a resurgence of infections. General Motors Co, Ford Motor Co and FCA have all been preparing for weeks to reopen their North American factories in a push to restart work in an industry that accounts for about 6% of U.S. economic activity. Investors welcomed the gradual restart, sending GM's shares up more than 9% on Monday. FCA shares rose 7.3%, while Ford's were up 6.7%. Auto companies have redesigned assembly lines and retrained workers in an effort to avoid coronavirus outbreaks that could derail production again. Workers entering factories on Monday were checked by temperature monitors. Face masks or shields are standard protective equipment. Jobs such as installing seat belts that used to require two or more workers to get close together inside a vehicle have been redesigned to keep people a safe distance apart. Plastic screens have been installed along assembly lines to separate workers leaning in to the engine compartments of vehicles. Break areas have been reconfigured to keep workers six feet apart. The Detroit automakers have collaborated with each other and with the United Auto Workers to develop common coronavirus safety practices. Other automakers in the United States are adopting similar safety measures.

Feds fretting over remote hack of Jeep Cherokee

A cyber-security gap that allowed for the remote hacking of a Jeep Cherokee has federal officials concerned. An associate administrator with the National Highway Traffic Safety Administration said Thursday that news of the breach conducted by researchers Chris Valasek and Charlie Miller had "floated around the entire federal government." "The Homeland Security folks sent out broadcasts that, 'Here's an issue that needs to be addressed,'" said Nathaniel Beuse, an associate administrator with the National Highway Traffic Safety Administration. Valasek and Miller commandeered remote control of the Cherokee through a security flaw in the cellular connection to the car's Uconnect infotainment system. From his Pittsburgh home, Valasek manipulated critical safety inputs, such as transmission function, on Miller's Jeep as he drove along a highway near St. Louis, MO. The scope of the remote breach is believed to be the first of its kind. The prominent cyber-security researchers needed no prior access to the vehicle to perform the hack, and the scope of the remote breach is believed to be the first of its kind. A NHTSA spokesperson said the agency's cyber-security staff members are "putting their expertise to work assessing this threat and the response, and we will take action if we determine it's necessary to protect safety." A Homeland Security spokesperson referred questions about the hack to Chrysler. Fiat Chrysler Automobiles has already been the subject of a federal hearing this month, in which officials scrutinized whether the company had adequately fixed recalled vehicles and repeatedly failed to notify the government about defects. But cyber-security concerns are a new and different species for the regulatory agency. Only hours before the Jeep hack was announced by Wired magazine earlier this week, NHTSA administrator Dr. Mark Rosekind said hacking vulnerabilities were a threat to privacy, safety, and the public's trust with new connected and autonomous technologies that allow vehicles to communicate. NHTSA outlined its response to the cyber-security challenges facing the industry in a report issued Tuesday. In it, the agency summarized its best practices for thwarting attacks and said it will analyze possible real-time infiltration responses. But the agency's ability to handle hackers may only go so far.