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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.

Takata airbag deaths prompt Stellantis to warn owners to park 275,000 cars

Two additional deaths linked to exploding Takata airbags have prompted Stellantis to issue a do-not-drive order for the 2005-2010 Dodge Charger, Magnum and Challenger, along with the Chrysler 300. The company is warning any customers who have not yet had their vehicles inspected in accordance with previous recall campaigns to park their cars until they are able to do so. This order covers more than 275,000 vehicles on the road.  No new recall has been initiated to address the faulty airbags as all of the vehicles in question are within the original population of the massive 2015 campaigns carried out by virtually every major automaker after industry supplier Takata's airbag inflators were identified as the cause of several fatalities when moisture caused them to explode rather than deploy normally in a collision.  "FCA is and has been engaged in aggressive outreach to encourage vehicle owners and custodians affected by Takata recalls to obtain service," the company's statement said. "To date, through various initiatives, the company has generated nearly 210 million standard and first-class letters, courier deliveries, e-mails, text messages, while also making phone calls and home visits." Stellantis insists that its dealers have more than enough replacement inflator inventory to cover all outstanding vehicles on the road and is encouraging owners to schedule their service as quickly as possible; the company says the replacement procedure for a defective airbag inflator normally takes less than an hour. All safety recalls are performed free-of-charge for customers.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Car Recalled? This Is What You Should Do

Biden will travel to Michigan Tuesday to speak about UAW strike

President Joe Biden will travel to Michigan on Tuesday to speak about the United Auto Workers' strike against Detroit automakers, the president announced Friday on X, the social media platform formerly known as Twitter. The UAW earlier invited Biden to join workers on the picket line in their fight for higher wages. The strike is entering its second week, with the UAW reporting progress in its talks with Ford, yet widening its walkout against GM and Stellantis.  Fain called all GM and Stellantis parts distribution facilities to strike on Friday, announcing walkouts at 38 locations across 20 states. All of the plants already on strike will remain on strike, according to Fain. Former President Donald Trump is also expected to visit the picket lines next week in Michigan, likely the day after Biden's visit. The UAW last week launched unprecedented, simultaneous strikes at one assembly plant each of General Motors, Ford and Chrysler parent Stellantis, but analysts expect any wider strike will include plants that build highly profitable pickup trucks, GM's Chevy Silverado and Stellantis' Ram. About 12,700 workers walked out at plants in Missouri, Michigan and Ohio, which produce the Ford Bronco, Jeep Wrangler and Chevrolet Colorado, alongside other popular models. Government/Legal Chrysler Ford GM