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Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.

Chrysler recalling 780k minivans over fire risk

Chrysler is recalling 780,000 of its Town & Country and Dodge Grand Caravan minivans from the 2010 to 2014 model years due to the possibility of circuits overheating, which can lead to a fire. Of the 780,000 total vans being recalled, Chrysler estimates that 644,850 are in the US, 106,980 are in Canada, 8,009 are in Mexico, and 20,638 are in other markets. All of the affected vehicles were built between August 25, 2010 and October 31, 2013.
Chrysler's engineers discovered that beverage spills or exposure to moisture (from rain, snow, car washes, and the like) were linked to circuits shorting in the window switch assembly. Short circuits can overheat, and thus, cause a fire.
Chrysler will contact owners and let them know when they may schedule service, at which point, the window switches will be replaced. In the interim, the automaker says that owners may visit their dealers after May 14 to have the switches disconnected.

Five automakers now being investigated by NHTSA for airbag woes

It appears that Toyota's renotification to owners of recalled vehicles from last year is just the tip of the iceberg for what could potentially be a much larger industry-wide recall. The National Highway Traffic Safety Administration is opening a preliminary evaluation investigation into roughly 1.1 million vehicles from Chrysler, Honda, Mazda, Nissan, Toyota and parts supplier Takata regarding faulty airbag inflators in several models.
NHTSA has received six reports - three directly, two from Takata and one from Toyota - of vehicles with ruptured airbag inflators from 2002-2006, which resulted in three injuries. So far, all six incidents have occurred in high humidity areas like Florida and Puerto Rico. According to Toyota's latest recall announcement, the inflators may have an improper propellant that could cause it to rupture in a crash and the bag to deploy abnormally.
This new investigation follows a previous recall from April 2013 of about 3.4 million vehicles worldwide for the airbag inflators from Takata. As Autoblog reported, Toyota jumpstarted the new situation when it found that the original list of serial numbers for the faulty part was incomplete and discovered more cars in need of replacement. Honda and Nissan told us that they were investigating whether further models would need called in again as well. Mazda told Autoblog: "Regarding the current Takata situation, we're working closely with NHTSA and investigating the situation, but nothing else to report at this time." Chrysler Group responded to us with the statement: "Chrysler Group engineers are conducting the appropriate analysis. The Company will cooperate fully with the National Highway Traffic Administration."