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FCA CEO Mike Manley will take undefined new role after PSA merger

MILAN — Fiat Chrysler Chief Executive Mike Manley will remain with the new group set to result from a planned merger with French rival PSA-Peugeot, Chairman John Elkann said on Wednesday. In a letter to Fiat Chrysler (FCA) employees on the day the two companies announced a binding agreement for a $50 billion tie-up to create the world's fourth-largest carmaker, Elkann said he was "delighted" that the combined group would be led by current PSA CEO Carlos Tavares. "And Mike Manley, who has led FCA with huge energy, commitment and success over the past year, will be there alongside him," he said. He did not say what position Manley would hold. Elkann — who will chair the new group — said there was still much to be done to complete the merger. "Over the coming months we must work tirelessly and determinedly to fulfill all the approval requirements needed to finalize the commitment we have signed," he said. Related Video:     Hirings/Firings/Layoffs Chrysler Dodge Fiat Jeep RAM Citroen Peugeot FCA PSA merger Mike Manley carlos tavares

Total auto recalls already on record pace in 2014

If you've noticed that there have been more recalls than usual this year, you may be on to something. According to a report from the National Highway Traffic Safety Administration, the US market is on pace to break a record for recalls. In 2013, 22 million cars were recalled. We're only a third of the way through 2014, though, and we've already halved that figure, with 11 million units recalled. That's wild.
Considering the past few months, it shouldn't be a surprise that General Motors is leading the charge, with six million of the 11 million units recalled coming from one of the General's four brands. Between truck recalls, CUV recalls and the ignition switch recall, 2014 hasn't been a great year for GM.
Other recall leaders include Nissan (one million Sentra and Altima sedans), Honda (900,000 Odyssey minivans), Toyota (over one million units in a few recalls), Volkswagen (150,000 Passat sedans), Chrysler (644,000 Dodge Durango and Jeep Grand Cherokee SUVs) and most recently, Ford (434,000 units, the bulk of which were early Ford Escape CUVs). So while it's been a bad year for GM so far, its competitors aren't doing too well, either.

10 years later, a look back at U.S. auto industry’s near-death experience

The U.S. auto industry this month marks a grim and harrowing milestone: A decade ago, the entire industry was staring into the abyss of total collapse. By 2009, of course, the broader economy was teetering on the brink, with mortgage default rates and foreclosures spiraling and the real estate market in the tank. Both Lehman Brothers and Bear Stearns had collapsed, President George W. Bush had signed the Troubled Asset Relief Program, or TARP, infusing $700 billion of taxpayer money to stabilize Wall Street, and Insurer AIG, stung by huge losses on subprime mortgages, won a federal bailout. Virtually the entire decade had been particularly unkind to the Detroit Three automakers, which were over-reliant on gas-guzzling trucks and SUVs as gasoline prices crept toward the $4 mark, and whose labor costs — especially for health care and retiree pension obligations — were dragging them billions into the red. It was a dreadful, frightening time in Detroit, especially, with reports of plant closures and mass layoffs appearing with alarming regularity. Seeing the federal government's largess with Wall Street, General Motors and Chrysler both went calling for government assistance for themselves. (Ford managed to avoid following suit only by mortgaging all of its assets, including its very brand, years earlier in exchange for billions of dollars in loans.) Yet instead of giving them the "bridge loans" they sought, the incoming Obama administration instead pushed back against GM and Chrysler, eventually guiding them into bankruptcy protection, as the Detroit Free Press recalls in a multimedia story recounting the industry's tumultuous and perilous recent past. The piece uses images of the newspaper's front pages from those days, splashed with what former newsroom colleagues and I would often refer to as "Pearl Harbor font" headlines ("NO DEAL" read the Freep's Dec. 12, 2008, edition). There are also timelines, interactive graphics and snippets of video interviews with two insiders: freshman U.S. Rep. Haley Stevens of Michigan, who served as chief of staff for President Obama's auto task force; and U.S. Rep. Debbie Dingell, the wife of the late longtime U.S. Rep. and industry ally John Dingell, who was then an executive at GM.