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Fiat recalls nearly 30,000 Fiat 500L models

Fiat has announced a recall of 29,500 Fiat 500L hatchbacks in the US and Canadian markets due to concerns that the roomiest member of the Fiat range features knee airbags that won't deploy unless the occupant's seatbelt is fastened.
There have been no injuries reported due to this issue, which affects vehicles from model years 2014 and 2015. Of the nearly 30,000 vehicles covered in this recall, 25,500 come from the US market, while the remaining 4,000 are from Canada. It's not clear what the underlying cause of this issue is.
Fiat knows of no injuries relating to this problem. As per usual, owners will be notified and asked to report in for a free repair.

Fiat and PSA predicted to be Europe's biggest losers in 2013

Industry observers are expecting Europe's new vehicle sales to fall to lows not seen in decades, with Fiat and PSA/Peugeot-Citroën sitting in the lead car of the plummeting coaster. Both of those automakers traditionally count on the southern part of the continent for sales, yet consumers in that region have slowed spending due to the financial crisis.
Compounding the problem for Fiat is a lack of new product, as CEO Sergio Marchionne has stalled development to conserve cash during the downturn. PSA has invested in new vehicles, but aggressive price wars have forced it to sell its product with steep discounts. Making matters even more difficult, both companies may have their credit ratings cut this year. That would raise borrowing costs and only deepen the wounds.
The news isn't just bad for Fiat and PSA. Analysts are predicting that volume automakers in Europe lost 8 billion euros (about $10.68 billion in today's rates) overall in 2012, and they won't break even until mid-decade.

Chrysler earns $1.7B in 2012, revises product plans for US

Hot on the heels of Ford's earnings announcement for the year that was, Chrysler today reported a 2012 net income of $1.7 billion, up substantially from the comparatively minuscule $183 million profit earned in 2011 when it repaid its US government loans.
Chrysler's good year ended with an excellent fourth quarter that saw net income rise 68 percent from $225 million in 2011 to $378 million. Where are all those extra earnings coming from? Market share, which Chrysler saw increase to 11.4% last year on sales of 1.65 million vehicles. In fact, the Auburn Hills, MI-based automaker out-paced the industry's market growth of 13 percent last year with sales up 21 percent for the year.
The company also revealed an updated product plan for its Chrysler Group and Fiat brands that looks all the way out to 2016. It's an updated version of the plan introduced in 2009 shortly after Fiat took control of the American automaker, and includes such new additions as an Alfa Romeo model, likely the 4C, to be introduced in the US this year, as well five more Alfa models by 2016. Likewise, Fiat will be growing by an additional seven models in the coming few years.