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Chrysler slows minivan production, hasn't built VW Routan this year

Chrysler has slowed production of its Town and Country and Dodge Grand Caravan minivans this week, Automotive News reports. The Windsor, Ontario plant will cut its three shifts from eight hours each to four hours each in an effort "to align production with market demand," a Chrysler spokesperson told AN. Chrysler also builds the closely related Routan minivan for Volkswagen at its Ontario facility, but has not built a single example thus far in 2013.
Sales of Chrysler's minivans fell 15 percent for the first two months of 2013, and a large part of that has to do with the 26-percent drop of the Grand Caravan alone (the T&C was only down by one percent). According to Automotive News data, as of March 1, Chrysler had an unsold inventory of 24,713 Town and Country models and 18,547 Grand Caravans - a 69- and 43-day supply, respectively.
"No sense running full speed now, then have a lot of vehicles sitting around a few months down the line," Chrysler spokeswoman Jodi Tinson told AN. Full production is expected to resume again on March 18.

FCA recalls 570,000 SUVs from Jeep and Dodge over fire woes

Fiat Chrysler US has issued two recalls covering a total of about 570,000 Jeep and Dodge models. The first concerns vanity mirror wiring in the Jeep Grand Cherokee from the 2011 and 2012 model years, and in Dodge Durango units built before September 12, 2012. The automaker recalled almost 900,000 units last year to repair the issue, then faced more issues this year when the fires continued in repaired vehicles. This new recall seeks to resolve the issue, FCA saying that the post-recall fires happened in a tiny percentage of vehicles equipped with a specific wiring package. This recall is for 352,831 total units in the US, another 26,478 in Canada, 13,037 in Mexico, and 84,330 internationally. No injuries or deaths have been reported. FCA says it will inform customers as to when they can schedule a service visit to remedy the issue. The second recall takes aim at 60,107 examples of the Jeep Compass and Patriot from the 2015 model year in the US, plus 5,755 in Canada, 3,351 in Mexico, and 23,995 in other markets. Those models could suffer from an out-of-position clamp on the power steering fluid line. The error could allow fluid to leak, increasing the risk of a fire if the fluid ends up on a hot surface. In the case of a complete loss of fluid, drivers will need to use a lot more effort to steer. The automaker reports no injuries or accidents, and will advise customers when to head to the dealer for service. Related Video: Jeep Grand Cherokee and Dodge DurangoStatement: Vanity-Mirror WiringDecember 24, 2015 , Auburn Hills, Mich. - FCA US LLC is recalling an estimated 352,831 SUVs in the U.S. to help ensure vanity-mirror wiring may be serviced more consistently.Overheating conditions were reported among a small percentage of vehicles (<0.02%) serviced in connection with a related recall, conducted previously.** An FCA US LLC investigation discovered the service procedure, if not followed precisely, may leave vehicles susceptible to a short-circuit, creating a potential fire hazard.The Company is unaware of any related injuries or accidents. Post-service overheating conditions were observed only in vehicles equipped with a certain wiring package. These vehicles were produced before Sept. 2, 2012.Affected are model-year 2011-2012 Jeep Grand Cherokee and Dodge Durango SUVs produced before Sept. 2, 2012. Wiring in the headliners of these vehicles will be secured with a new adhesive.

Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.