Shares in Fiat Chrysler fell 9 percent on the Italian market today and trading in the stock was suspended following an Automotive News report that two Chicago dealerships have filed suit against the automaker. They accuse FCA of conspiring with certain dealers to inflate U.S. sales by reporting unsold vehicles as sold, and offering financial incentives to do so. As of this writing, Fiat Chrysler has not commented on the matter saying it has not seen the suit. FCA has reported 69 consecutive monthly year-over-year sales gains. In pre-market trading here in the states, FCA shares were down .53 cents at one point or 6.74 percent on the NASDAQ.
Is the auto business changing for good into areas way beyond the simple design, manufacturing, and selling of cars and trucks? Ford’s CEO Mark Fields believes it is and is moving his company into a position that it can benefit when those changes come about. Some experts believe people want to lease a ride with six others rather than buy a car, and they want that car to give them far more tech support than they are getting now. A thought provoking story on this appears on Forbes. Do check it out!
The 2016 Hyundai Sonata Hybrid Limited has won the Best New Car Award from Good Housekeeping working with Car and Driver. They cited the car’s estimated 42 mpg fuel economy, refined powertrain, and convenience features like integrated Android Auto and blind spot detection.
Honda said it set an all-time record for single year North American auto production in 2015 with 1,892,491 Honda and Acura vehicles. That is a 3.1 percent increase over 2014.
Mazda is moving its U.S. headquarters, well sort of. In February of next year it will move into a new building in Irvine, California, the city where it has been based for the last 30 years. It has signed a lease for five floors of the 21-floor building and will have a display of vehicles in the lobby.