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FCA profits surge in second quarter

Fiat Chrysler Automobiles gave the cash register a beating in the second quarter, improving its net profit to 333 million euros ($364M US), which is a 263-percent jump over its reported Q1 profit of 92 million euros ($108M US). At the same time, FCA improved its global profit margin to 7.7 percent. Compared year-over-year, in Q2 2014 FCA reported net profit of 197 million euros making this year's Q2 a 69-percent increase, and profit margins a year ago were 4.9 percent. The two big factors for this increase are strong NAFTA sales and Jeep. In the US alone, Jeep sold 222,940 units in Q2 this year, a jump of almost 20 percent over the same period last year. Revenue in the NAFTA region totaled $18.8 billion, adjusted earnings before interest and taxes were $1.45 billion, both of those numbers more than doubling compared to 2014. The vastly better numbers come on marginally more global sales, 1,181,000 units sold in Q2 2014, 1,193,000 units sold in the same span this year. In the US, FCA began charging dealers one-percent more for vehicles to up the margins, a move that helped boost its US margin from 4.1 percent a year ago to 5.8 percent the first half of this year. The company is holding steady on its guidance of global deliveries at 4.8 million and its net profit guidance at $1.1 to $1.3 billion. It has increased its adjusted outlook for the year to $120.5 billion in revenue, and EBIT to "over $4.93 billion." News Source: Automotive News - sub. req.Image Credit: AP Photo/Carlos Osorio Earnings/Financials Chrysler Fiat Jeep FCA

Autonomous Chrysler Pacficas join Lyft test fleet

Lyft has another year of building out its autonomous driving program under its belt, and the ride-hailing company has been expanding its testing steadily throughout 2019. The company says that it's now driving four times more miles on a quarterly basis than it was just six months ago, and has roughly 400 people worldwide dedicated to autonomous vehicle technology development. Going into next year, it's also expanding the program by adding a new type of self-driving test car to its fleet: Chrysler's Pacifica hybrid minivan, which is also the platform of choice for Waymo's current generation of self-driving car. The Pacifica makes a lot of sense as a ridesharing vehicle, since it's a perfect passenger car with easy access via the big sliding door and plenty of creature comforts inside. Indeed, Lyft says that it was chosen specifically because of its "size and functionality" and what those offer to the Lyft AV team when it comes to "experiment[ing] with the self-driving rideshare experience. Lyft says it's currently working on building these test vehicles out in order to get them on the road. Lyft's choice of vehicle is likely informed by its existing experience with the Pacificas, which it encountered when it partnered with Waymo starting back in May, with that company's autonomous vehicle pilot program in Phoenix, Arizona. That ongoing partnership, in which Waymo rides are offered on Lyft's ride-hailing network, is providing Lyft with plenty of information about how riders experience self-driving ride-hailing, Lyft says. In addition to Waymo, Lyft is also currently partnering with Aptiv on providing self-driving services commercially to the public through that company's Vegas AV deployment. In addition to adding Pacificas to its fleet alongside the current Ford Fusion test vehicles it has in operation, Lyft is opening a second facility in addition to its Level 5 Engineering Center, the current central hub of its global AV development program. Like the Level 5 Engineering Center, its new dedicated testing facility will be located in Palo Alto, and having the two close together will help "increase the number of tests we run," according to Lyft. The new test site is designed to host intersections, traffic lights, roadway merges, pedestrian pathways and other features of public roads, all reconfigurable to simulate a wide range of real-world driving scenarios.

PSA unions vote in favor of merger with Fiat Chrysler

PARIS — The majority of unions representing workers at Peugeot maker PSA are in favor of a planned $50 billion merger with Fiat Chrysler, PSA executives and union representatives said. However, the unions said that once the merger deal was signed, they would be seeking detailed information about the plans for the combined company. At a PSA works council meeting, all trade union representatives on the council voted to give a favorable opinion on the merger. "We will remain vigilant about the social impact and await a clearer and more detailed picture of the plan's implications for plants, volume, and how much work will be given to the foundries," said Franck Don, representative of the CFTC union. "But the project in the form it's been presented makes sense because the two groups complement each other, are in good financial health, and thanks to the new format will attain a critical size which is vital in the auto business today." The merger would help the firms pool resources to meet tough new emissions rules and investments in electric and self-driving vehicles, as well as counter a broader downturn in car markets. Securing support from Europe's powerful trade unions will be critical for the merged company, which will employ more than 400,000 staff and operate hundreds of factories worldwide. The deal has stirred concerns in Germany and Britain where plants making Opel and Vauxhall cars have seen jobs cut in recent year as part of a cost-cutting drive. UAW/Unions Chrysler Fiat Citroen Peugeot PSA