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FCA issuing software update for 1.4M vehicles to prevent hacking

In the wake of a Jeep Cherokee being hacked remotely while on the road through its Uconnect infotainment system, FCA US is now issuing a software update for 1.4 million vehicles in the United States. Affected customers will receive a USB stick in the mail with the improved version; owners can check this website to see if their cars are affected. A large variety of models with FCA's 8.4-inch touchscreen infotainment system are affected. They include the 2015 Chrysler 200, 2015 Chrysler 300, 2015 Dodge Charger, and 2015 Dodge Challenger; 2013-2015 Dodge Viper; 2013-2015 Ram 1500, 2500, and 3500; 2013-2015 Ram 3500, 4500, and 5500 chassis cab; 2014-2015 Jeep Grand Cherokee and Cherokee; and 2014-2015 Dodge Durango. According to FCA in its announcement, the new software "insulates connected vehicles from remote manipulation." As of July 23, the company also "fully tested and implemented within the cellular network" additional security to prevent access to many of a vehicle's systems. FCA US says that it's conducting this campaign out of an abundance of caution and disputes the notion that there's a defect with these vehicles. Beyond the demonstration of the hack in the Cherokee, the automaker says that it's unaware of any other reports of these attacks actually happening. Related Video: Statement: Software Update July 24, 2015 , Auburn Hills, Mich. - FCA US LLC is conducting a voluntary safety recall to update software in approximately 1,400,000 U.S. vehicles equipped with certain radios. The recall aligns with an ongoing software distribution that insulates connected vehicles from remote manipulation, which, if unauthorized, constitutes criminal action. Further, FCA US has applied network-level security measures to prevent the type of remote manipulation demonstrated in a recent media report. These measures – which required no customer or dealer actions – block remote access to certain vehicle systems and were fully tested and implemented within the cellular network on July 23, 2015. The Company is unaware of any injuries related to software exploitation, nor is it aware of any related complaints, warranty claims or accidents – independent of the media demonstration.

Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM

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.