2004 Chrysler Crossfire Coupe Red on 2040-cars

Auto blog

Fiat Chrysler's Q3 profit boosted by strong North American earnings

MILAN, Italy — Fiat Chrysler Automobiles (FCA) reported a 17 percent jump in third-quarter adjusted operating profit on Tuesday, helped by a strong performance in its key North American market and improving operations in Europe and Latin America. The world's seventh-largest carmaker still makes the lion's share of its profits in North America, so improving, or at least maintaining, its margins there is a key focus. The carmaker reported an 8 percent adjusted operating profit margin in the region, up from 7.6 percent a year ago, despite a drop in sales and shipments. "FCA's profitability in North America remained strong in the quarter despite a weakening market there," a Milan-based analyst said. FCA's profitability compares with an 8.3 percent North America margin reached in the quarter by bigger U.S. rival GM , showing CEO Sergio Marchionne making progress towards his goal of closing the margin gap with GM and the company's other U.S. rival, Ford, by 2018. The company's confirmation of its full-year outlook also pushed shares higher, a trader added. The stock was up 2.8 percent by 1129 GMT, outperforming a 1 percent rise in the European auto index. FCA has been retooling some U.S. factories to boost output of sport-utility vehicles (SUVs) and trucks while ending production of some unprofitable sedans to strengthen profitability as the U.S. car market comes off its peak. The company said a drop in North America shipments due to lower fleet sales and discontinued models was partially offset by higher deliveries of Ram trucks and two models from the Alfa Romeo stable: the Stelvio sport utility vehicle and Giulia sedan. Profitability also improved in Europe, helped by sales of the Stelvio and the new Jeep Compass, and Latin America, while margins at Maserati remained strong at 13.8 percent due to strong demand for its first SUV, the Levante. In a later conference call, investors are looking for hints on the new strategy to 2022 which the company promised to unveil early next year. Chief Executive Sergio Marchionne said earlier this year that FCA would streamline its portfolio and that components businesses, including Magneti Marelli, would be separated from the group, possibly via a spin-off. While FCA confirmed its targets this year, doubts remain about its exposure to a weakening U.S. market, recall costs and potential fines over emissions after it was targeted by European and U.S.

Fiat Chrysler says it did not know about Marchionne's illness

ZURICH/MILAN — Fiat Chrysler said it knew nothing about the medical condition of Sergio Marchionne after a Swiss hospital said on Thursday it had been treating the deceased chief executive for more than a year. "Due to medical privacy, the company had no knowledge of the facts relating to Mr. Marchionne's health," a Fiat Chrysler spokesman said. Questions have been raised about how long Marchionne, who died on Wednesday, was ill and how much the company knew before it made the situation public. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The company was made aware that Mr. Marchionne had undergone shoulder surgery and released a statement about this," the spokesperson said. "On Friday, July 20, the company was made aware with no detail by Mr. Marchionne's family of the serious deterioration in Mr. Marchionne's condition and that as a result he would be unable to return to work. The company promptly took and announced the appropriate action the following day." Asked whether the scope of the statement included the board and the chairman, the company declined to comment. In emailed comments, Marchionne's family confirmed the companies had not been aware of his health conditions. "At the end of last week FCA was made aware Sergio Marchionne would no longer be able to return to work without mentioning any further details," the family said. The announcement of the death of Marchionne, 66, one of the auto industry's most tenacious and respected CEOs, drew tributes from rivals and tears from his closest colleagues on Wednesday. University Hospital Zurich said earlier on Thursday Marchionne had been treated for a serious illness for more than a year before his death. Marchionne had fallen gravely ill after what the company had described as shoulder surgery at a Zurich hospital. He was replaced as chief executive last weekend after Fiat Chrysler (FCA) said his condition had worsened. "Mr. Sergio Marchionne was a patient at USZ. Due to serious illness, he had been the recipient of recurring treatment for more than a year," the hospital said in a statement. "Although all the options offered by cutting-edge medicine were utilized, Mr.

2017 Chevy Camaro Z/28 Nurburgring crash caught on video

A 2017 Chevy Camaro Z/28 prototype crashed Thursday morning during testing on the Nurburgring in Germany. The driver appears to be unharmed, and the Camaro was not severely damaged. You can see the crash happen near the 1:35 mark of the video. Everything is going fine as the camo-clad Camaro accelerates onto the 'Ring. But as the driver goes through a turn the back wheels lock up. The driver then nails the brakes, the front wheels lock up, and he careens into the rail, getting airborne in the process briefly. The driver then navigates the Camaro to the other side of the circuit. A crumpled front fender and maimed aero is the only damage. View 11 Photos Mishap aside, this is an excellent look at what we believe is the track-focused Camaro Z/28. We see the huge wing in back and smaller winglets in front reminiscent of the Corvette Z06's Z07 Performance Pack. The new Z/28 has a throaty, almost buzzy V8 sound. We predict the seven-speed manual transmission from the Corvette, and perhaps the new 10-speed automatic trans from the Camaro ZL1, will be available. This prototype has a huge, gaping grille, blacked out wheels, and an aggressive front splitter. Look for the Z/28 to go on sale next year. A General Motors spokesperson said the company doesn't comment on development testing, but noted that "safety is our overriding priority." Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Brian Williams / SpiedBilde Spy Photos Chrysler Coupe Performance Videos viral video chevy camaro z28