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Ferrari to be spun off from Fiat Chrysler

The recently merged Fiat Chrysler Automobiles empire has ambitious plans for growth, and it's going to need some big bucks in its coffers in order to enact them. Part of that cash injection is coming from the floating of its IPO on the New York Stock Exchange, but now FCA has announced a further capital campaign to be based on the enormous asset that is Ferrari.
FCA's board of directors has just approved the separation of Ferrari from the rest of the group as a separate entity. Once that separation is complete, Ferrari will put 10 percent of its shares on the stock market "in the United States and possibly a European exchange" as well.
This isn't the first time that the idea of a Ferrari IPO has been raised. Sergio Marchionne, chief executive of Chrysler, Fiat and Ferrari (pictured above), first raised the idea four years ago. Former Ferrari chairman Luca di Montezemolo nixed the idea, but now that he's been discharged, it appears there's nothing to get in the way of Marchionne's desires.

Fiat Chrysler recalls 1.33 million vehicles over fire, air bag risks

WASHINGTON - Fiat Chrysler Automobiles NV said on Friday it is recalling 1.33 million vehicles worldwide in two separate campaigns for potential fire risks and inadvertent airbag deployments. The Italian-American automaker said it is recalling about 770,000 sport utility vehicles because of a wiring issue that may lead to inadvertent deployment of the driver-side air bag and is linked to reports of five related minor injuries, but no crashes. The company said wiring could chafe against pieces of steering-wheel trim, potentially causing a short-circuit and ultimately leading to an inadvertent air bag deployment. The issue could also cause unintended windshield wiper operation or inoperable switches. The recall covers 538,000 2011-2015 Dodge Journey vehicles in North America and 233,000 2011-2015 Fiat Freemont crossovers sold elsewhere. Dealers will inspect and replace the wiring, as needed and equip it with additional protective covering. The automaker is also recalling 565,000 vehicles to replace their alternators because of fire risks. The company said hot ambient temperatures could lead to premature diode wear, may result in a burning odor or smoke, could impact the anti-lock braking system or lead to engine stalls. The company said it is aware of two potentially related accidents but no injuries. The recall covers 2011-2014 model year Chrysler 300, Dodge Charger and Dodge Challenger cars and Dodge Durango SUVs and 2012-2014 Jeep Grand Cherokee SUVs. In October, Fiat Chrysler recalled about 86,000 Ram 2500 and 3500 pickup trucks, 3500, 4500 and 5500 chassis cabs from the 2007-2013 model years and 2011-2014 Dodge Charger Pursuit sedans for the same alternator issue. Fiat Chrysler said at the time one minor injury was related to the recall. Dealers will replace the alternators. By David ShepardsonRelated Video: Auto News Chrysler Fiat RAM Safety Coupe SUV Sedan FCA dodge journey fiat chrysler automobiles fiat freemont

FCA cuts powertrain warranties to 60k miles

FCA US is cutting back the mileage of its powertrain warranty on some 2016 model year vehicles. Rather than the current five years/100,000 miles of coverage, the new amount is five years/60,000 miles for gasoline-fueled models from Chrysler, Jeep, Dodge and Ram. In March 2015, General Motors made a similar switch to five-years/60,000-miles of coverage for Chevrolet and GMC, and FCA US seems to be citing this as part of the reason for the shift. "Following changes already made by competitors, FCA US is adjusting powertrain warranty coverage for 2016 model year vehicles to be more consistent with industry practices," the automaker said in a portion of its statement. The bumper-to-bumper warranty for these vehicles is unchanged at three years/36,000 miles. According to Automotive News, Fiat's warranty is remaining at four years/50,000 miles. When it changed the mileage limit, GM also halved the number of free service visits for Chevy, GMC, and Buick to two from the previous four. The automaker claimed that the reason for the adjustments to its coverage was that a long warranty was seldom a reason for customers to buy a vehicle. Related Video: Response to Query: 2016MY Powertrain Warranty Adjustment Following changes already made by competitors, FCA US is adjusting powertrain warranty coverage for 2016 model year vehicles to be more consistent with industry practices. For 2016MY, Chrysler, Jeep®, Dodge and Ram Truck vehicles with gasoline engines will be covered by a 5 year/60,000 mile powertrain warranty. The basic coverage, also known as "bumper to bumper," remains at 3 years/36,000 miles. # # # News Source: FCA US, Automotive News - sub. req.Image Credit: Mark Ralston / AFP / Getty Images Chrysler Dodge Jeep RAM Car Buying Maintenance Ownership FCA warranty fca us powertrain