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FCA earnings improve in first quarter

Following on the recent global financial releases from Ford and from General Motors for the first quarter of 2015, FCA is now putting out its own numbers, and things look quite good for the company. The automaker posted adjusted earnings before taxes and interest of $895 million, a 22-percent jump from Q1 2014, and net profits of $103 million, a $296-million boost from last year. Revenue was also up 19 percent to $30 billion. Despite the favorable figures, actual worldwide shipments fell slightly by 2 percent to 1.1 million vehicles. FCA is giving some credit for these strong Q1 results to the automaker's performance in the NAFTA region. Shipments grew 8 percent to 633,000 vehicles, and net revenue jumped a strong 38 percent to $18.1 billion. Adjusted earnings reached $672 million, compared to $425 million in 2014. The company especially praised the Jeep Renegade, Chrysler 200, and Ram 1500 for helping the bottom line. The numbers could have been even higher, but the corporation admitted that "higher warranty and recall costs" partially drug things down. For the full year in 2015, FCA expects to ship between 4.8 and 5 million vehicles worldwide and post up to $5 billion in adjusted earnings. There should be about $1.3 billion in net profit, as well. FCA CLOSED Q1 WITH NET REVENUES OF ˆ26.4 BILLION, UP 19% AND ADJUSTED EBIT AT ˆ800 MILLION, UP 22% 30/04/15 FCA closed Q1 with net revenues of ˆ26.4 billion, up 19% and adjusted EBIT at ˆ800 million, up 22%. Net industrial debt was ˆ8.6 billion, up ˆ0.9 billion. Full year guidance confirmed. Worldwide shipments were 1.1 million units, 2% lower than Q1 2014, reflecting strong performance in NAFTA and weak market conditions in LATAM. Jeep's positive performance continued with worldwide shipments up 11% and sales up 22%. Net revenues were up 19% to ˆ26.4 billion (+4% at constant exchange rates, or CER). Adjusted EBIT was ˆ800 million, up ˆ145 million from Q1 2014, with all segments except LATAM posting positive results. The positive impact of foreign exchange translation was offset by negative impacts at a transactional level. Net profit was ˆ92 million, up ˆ265 million compared to the net loss of ˆ173 million in Q1 2014. Net industrial debt was ˆ8.6 billion, up ˆ0.9 billion from year-end mainly due to timing of capital expenditures and working capital seasonality. Liquidity remained strong at ˆ25.2 billion. The Group confirms its full-year guidance.

Chrysler Airflow concept previews the brand's all-electric future

For a couple of years now, Chrysler has been teasing an electric concept with the name of Airflow, and now the company has finally revealed a seemingly close-to-production version. Simply called the Chrysler Airflow Concept, it seems to be a preview of what might be the brand's first all-electric car, due by 2025. Compared to a number of recent electric cars, the Airflow looks rather conservative, but not unattractive. The nose very modest grilles, with the upper one bearing an illuminated Chrysler wing badge. There's hardly a sharp crease on the rounded, organic body. The wheel arches are emphasized with taller, wider metal over the fenders. The roof has a trendy contrasting paint, and the rear has a wide and thin taillight bar. Inside, the Airflow has a similarly soft and rounded aesthetic. Light leather is found on the doors, dash and seats. Most of the dash consists of screens, too. There's a center screen for driver infotainment, with instrument screen and screens for climate control on either side. The rear seats get screens, too. But they all look feasible, especially considering the raft of displays in the Jeep Grand Wagoneer. Among some of the high-tech features are the ability for each passenger to customize their screens, and information can be sent to other passengers' screens at will. Each passenger position has a camera for video calling, too. Chrysler was light on mechanical details. All the company said was that it features two 201-horsepower electric motors, one at the front, the other at the rear for all-wheel drive. Exact battery capacity wasn't given, but Chrysler says range should be between 350 and 400 miles. Additionally, the car supposedly features SAE Level 3 semi-autonomous driver assist under the name STLA AutoDrive. Chrysler hasn't explicitly said the Airflow is coming to production, but this concept looks like it's almost ready for market. The brand also said that its first EV is coming before 2025, a step towards going fully electric by 2028. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

With contract expiration days away, UAW targets GM first for negotiations

The United Auto Workers union on Tuesday said that it would target General Motors as the first of the Detroit automakers for talks ahead of the current four-year contract's expiration on Sept. 14. This year's contract talks between the union and GM, Ford and Fiat Chrysler Automobiles NV are expected to be contentious as U.S. new vehicle sales are slowing and automakers face rising costs associated with the development of electric vehicles and self-driving cars. Rising healthcare costs, job security, profit sharing and the use of temporary workers are expected to be major sticking points. GM in particular has been a target of union ire since announcing the closure of five North American plants late last year. That move drew a wave of criticism, including from U.S. President Donald Trump. Trump has repeatedly prodded GM and last week said the No. 1 U.S. automaker should begin moving its operations in China back to the United States. "We are prepared and we are all ready to stand up for our members, our communities and our manufacturing future," UAW President Gary Jones said in a statement. In a statement, GM said, "We look forward to having constructive discussions with the UAW on reaching an agreement that builds a strong future for our employees and our business." The contracts come at a difficult time for the UAW, as a federal corruption investigation into the union continues to grow. Last week, the FBI conducted searches at Jones' home, a union retreat and multiple other locations, including the home of the union's previous president, Dennis Williams. To date, seven people linked to the union and the automaker have been sentenced in the government's corruption investigation. Reporting by Nick Carey.