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Buy Ford and GM stock and make 5%

Want to make a five-percent return when 10-year treasuries are paying around two percent? Ford (F) and General Motors (GM) have solid balance sheets, strong cash flow, solid earnings, and growing markets. By all accounts, they are smart investments. But the market is down on these stocks. Why? Some of the stupid excuses include: They are cyclical companies The Detroit 3 have lost 3.5 million in sales since 2000 The world economy is shaky GM recently filed for bankruptcy Their markets have peaked They haven't changed their ways Let's take these criticisms one by one: They Are Cyclical Companies Yes, they are cyclical. Every company is cyclical. Every industry is cyclical. Some more than others, but not every company is immune from swings in the market. Banks used to be 'non-cyclical' leader, not anymore. Airline stocks are just as cyclical as auto stocks, yet they are trading at multiples greater than the auto industry. Why? And what accounts for the irrational stock price for Tesla (TSLA)? At least Ford (F) and General Motors (GM) make money and have positive cash flows. In fact, both companies have a net positive cash position. They have more cash on hand than liabilities. Auto sales in the United States hit a record 17.5 million vehicles in 2015. During the Great Recession, Ford (F) and General Motors (GM) cut their break even points to 10 million vehicles per year. Anything above an annual U.S. volume of 10 million vehicles is profit. And what a profit they make. Sales of Ford's F-150 continues to be the best-selling vehicle in the United States for over 30 years. Detroit 3 Have Lost 3.5 million in Sales Since 2000 Automotive News reports General Motors (GM), Ford (F) and Chrysler (FCA) have lost a combined 3.5 million vehicles sales since 2000. So how can they be making more money? Two big reasons – Fleet Sales and the UAW. Fleet Sales The Detroit 3 used to own car rental companies to keep their factories running. Ford owned Hertz (HTZ), General Motors owned all of National Car Rental and 29 percent of Avis, and Chrysler, the forerunner to Fiat Chrysler (FCA), used to own Thrifty Car Rental and Dollar Rent-A-Car. The Detroit 3 owned these rental companies to have a place to sell their bad product and keep their factories running. These were low margin sales, and in many cases, were money losers for the Detroit 3. They no longer own auto rental companies.

Chrysler Portal Concept introduces millennials to their automotive future at CES

"Created by millennials for millennials." That's how Chrysler describes its new Portal Concept, a fully electric minivan that's set to debut later today at CES in Las Vegas. Reading between the lines, apparently that means millennials want a one-box van with lots of glass and LED lighting elements... and that FCA is talking to the same millennials as Mercedes did back in 2015. From the few early images of the vehicle released ahead of its official debut, Chrysler's electric van looks like it could have come straight off a Syd Mead drawing. The Portal Concept rides on a 118.2-inch wheelbase, which makes it a little smaller than the Pacifica. There's just enough reality in its design that we can't completely dismiss its viability as an actual vehicle, but all of its disparate design ideas make the Portal look like an overwrought vision of a future that will probably never happen. That said, we'll reserve final judgment until we see it in person at CES. The Portal Concept gets intriguing once its massive double-sliding doors open up. There's a minimalist dash with a long, slender LCD at the top and another, more conventional touchscreen right in the center. Apparently, the screens can be repositioned as needed. There are 10 docking stations inside to charge and hold smartphones or tablets. FCA worked with Panasonic to develop the Portal's user experience, and the automaker hints that the supplier could become a long-term partner. Chrysler calls the interior of its Portal Concept a "third space," the other two being home and work. All the seats mount to rails that allow them to move fore and aft, fold flat, or be removed completely. The flat floor sits above a lithium ion battery pack rated at 100 kWh. That's enough capacity to allow a driving range of more than 250 miles. A 350-kW fast charger can replenish the pack to allow a 150-mile range in less than 20 minutes. A single electric motor powers the front wheels. As befitting a vehicle unveiled at CES, Chrysler says the Portal is capable of SAE Level Three autonomous driving, which means the occupants can turn driving duties over to the vehicle under certain conditions on the highway. As self-driving technology advances, Chrysler says the Portal could be upgraded. Facial recognition and voice biometric technologies allow the Portal to recognize individual users so it can tailor the driving environment to their needs and wishes.

Who are Mike Manley, Louis Camilleri, and Suzanne Heywood?

MILAN – Fiat Chrysler aid on Saturday that boss Sergio Marchionne, 66, would not be returning to work because he was gravely ill. In addition to being FCA chief executive, Marchionne was also CEO and chairman of luxury sports car brand Ferrari and chairman of truck and tractor maker CNH Industrial, which were spun off from FCA in recent years. Following is a brief summary on the executives who have been appointed to replace him in the various roles: MIKE MANLEY The 54-year-old Briton picked to become the FCA's new CEO has been leading the group's top brand Jeep since 2009, first as Jeep President and CEO at Chrysler and then as FCA's Jeep head. In 2015 he was also appointed head of the Ram brand. Under his tenure, Jeep turned into a global brand becoming, together with Ram, FCA's profit engine. Jeep sold nearly 1.4 million cars last year compared with less than 338,000 in 2009. Manley had worked as DaimlerChrysler's head of network development in Britain since 2000, having earlier worked for several years in car dealership. At Chrysler, he headed product planning and all sales activities outside of North America and then became the group's chief operating officer for Asia and the lead executive for the international activities outside of NAFTA. LOUIS CAMILLERI The new Ferrari CEO was already a board member at the luxury sportscar maker before his latest appointment. He is also the chairman of Philip Morris International, where he also held the job of CEO from 2008 to 2013. Born in 1955, Camilleri had joined Altria Group, which controls Philip Morris, in 1978 holding various positions until he became chief financial officer in 1996 and then CEO in 2002. Camilleri was also chairman of Kraft Foods from 2002 to 2007. Malta's Prime Minister Joseph Muscat wished Camilleri luck on Twitter saying he was proud to have "a bit of Malta in Ferrari" thanks to the new CEO, who was born in Egypt to Maltese parents. SUZANNE HEYWOOD The new, British-born chairwoman of CNH Industrial has been since 2016 the managing director of EXOR, the holding company through which the Agnelli family controls FCA. Heywood, 49, started her career at the British Treasury and then joined McKinsey in 1997, leading for many years the consultancy firm's global service line on organization design. She eventually became a senior partner there. Heywood sits on the board of The Economist, which is controlled by EXOR, and the board of the Royal Opera House, where she is also deputy chair.