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Fiat Chrysler's third-quarter operating profit exceeds expectations

MILAN — Fiat Chrysler on Thursday posted higher than expected operating earnings in the third quarter, lifted by record profitability in North America, as the carmaker heads to a merger with French rival PSA. The strong results led Fiat Chrysler (FCA) to reiterate its full-year guidance of adjusted earnings before interest and tax (EBIT) over 6.7 billion euros ($7.5 billion). It also expects a further improvement of its financial performance in 2020. FCA and PSA said earlier on Thursday they planned to join forces through a 50-50 share swap to create the worldÂ’s fourth-largest automaker, triggering a new wave of consolidation in the car industry. Earnings/Financials Chrysler Fiat

Marchionne recruiting activist investors to prompt GM merger

Sergio Marchionne may have been rebuffed in his previous advances at General Motors, but he's not about to give up that easily. According to The Wall Street Journal, the Fiat Chrysler chief is now turning to activist investors to help coax GM into joining forces. Marchionne has been a staunch and ceaseless advocate of the need for consolidation, arguing that the industry needs to amalgamate into larger groups that will share resources and reduce overhead. Under his leadership, the Fiat group consolidated its own operations, and officially merged with Chrysler last year. But he's also been pursuing additional mergers with the likes of Volkswagen, Peugeot, Ford, and Opel (to name just a few). Now he's pursuing a merger with GM, which has not shown much enthusiasm towards the idea. For one thing, GM is a much larger company, and probably doesn't need FCA as much as FCA needs it. For another, it has a troubled past with Marchionne, who in 2005 dissolved an agreed merger (of sorts) with GM, yet still managed to get the General to pay Fiat some $2 billion in the process. However, Marchionne is evidently hoping that the intervention of activist investors could compel GM CEO Mary Barra and company to proceed with a merger anyway. For precedent, he's looking at the recent negotiation between GM and some of its stakeholders that prompted the company to buy back $5 billion of its own shares, demonstrating Barra's willingness to deal with investors. The more compelling precedent, however, may have been set in 2006, when activist investor Kirk Kerkorian locked arms with Carlos Ghosn to get GM to consider joining the alliance between Renault and Nissan. GM ultimately declined, and Ghosn turned instead of Daimler (which of course has its own history of having merged with Chrysler). Only time will tell if this initiative will prove more successful, but one thing's for sure, and that's that Marchionne isn't about to relent in his pursuit of a major merger partner.

Chrysler 300C gets Sport Appearance Package option

In 2017, Chrysler added the option of a Sport Appearance Package to the sporty trim level of the 300 sedan, the 300S. The package added trim pieces from the hot-blooded 300 SRT sedan that we don't get in the U.S., namely the front fascia with LED foglights and SRT-style side skirts. Mopar Insiders reports that as of this month, the same upgrade is available on the top-level 300C trim as the Performance Appearance Package. Whereas the Sport Appearance Package on the V6-powered S model costs $1,795; the 300C's Performance Appearance Package is said to cost $695. We're sure Chrysler knows this isn't the performance upgrade that U.S. 300 buyers want. For reasons best known inside Chrysler, only Australia, New Zealand, and the Middle East get the 300 SRT and its 6.4-liter V8 with 469 horsepower and 469 pound-feet of torque, limited-slip differential, Bilstein dampers, and Brembo brakes. It's possible the absence of the 300 SRT here is because Chrysler wants North American audiences to see Dodge as the performance brand. At this point, however, anyone intending to buy a 300 should be happy the four-door is still on sale. The model is eight years old and hasn't been the subject of anything close to hard news since last September. That's when Automotive News Canada said the car would die in 2020 to make room for the six-passenger Portal concept. The last hard nugget before that was in 2016, when the late Sergio Marchionne told Reuters the 300 could go front-wheel drive on the Pacifica platform — a fate arguably worse than killing the car. Now all we have is rumor and speculation, such as when Road & Track writes a "major refresh [is] ... supposedly being planned already," and sees a possibility that the 300/Charger/Challenger trio live into the next decade. The moral of the story is: The 300's irons could be as hot as they're ever going to get right now. FCA hasn't announced the upgrade package, but Mopar Insider says dealers can get it right now, order code AJU.