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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

Chrysler purchases remaining shares from VEBA Trust, announces funding plan

It's official: The Detroit Three is now The Detroit Two and The Fiat Subsidiary, Chrysler. Both the Italian carmaker and The Pentastar announced the completion of cash payments and a Memorandum of Understanding (MOU) on future payments necessary to make the Chrysler Group a wholly-owned subsidiary of Fiat. As previously detailed, Chrysler made a cash payment of $1.9 billion and Fiat North America made a cash payment of $1.75 billion to the Voluntary Employment Benefit Association (VEBA) run by the United Auto Workers union.
On top of that, Chrysler Group signed an MOU that agrees to payments of $700 million to the VEBA in four installments, the first of which was made concurrently with the other cash payments. And for you trivia mavens, the full name of the UAW is the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America. So go impress your loved ones with that nugget after you check out the press release below.

Detroit gets ready to train up workers for coming FCA Jeep job boom

DETROIT — Fiat Chrysler Automobiles this week announced a $4.5 billion investment that would bring 6,500 new manufacturing jobs to Detroit and its suburbs and, nearly two years before the first new vehicles will even roll off the line, the city already is taking steps to ensure it can provide enough workers with the needed skills. Detroit's economy was once dominated by automotive manufacturing, but since the industry's gradual migration from the metro area it has suffered among the highest poverty and unemployment rates in the country. Not long ago, Detroit was struggling to provide basic services, culminating in bankruptcy in 2013. Providing job training then would have been a tall order. But in its recovery, the city has overhauled its training programs and slowly built a track record for preparing people for specific jobs. "We're not starting from scratch," Jeff Donofrio, the city's executive director of workforce development, said Wednesday, a day after the Italian-American automaker announced its plan . "We want to make sure we're prepared for all the ... jobs that will come to the city as a result of the investments." The city works with two high schools, a community college and a workforce development organization, in partnerships with the auto union and companies, to tailor training programs for positions in manufacturing, construction, information technology and health care. Detroit worked closely with global auto parts supplier Flex-N-Gate to ensure Detroiters were handed jobs when the company last year opened a plant in what officials described as the largest investment in the city in two decades. The city and company developed customized training with the nonprofit Focus: Hope, which prioritizes workforce development and education. "About 250 individuals went through that training and a vast majority were hired by Flex-N-Gate," Donofrio said. With tax breaks and land acquisitions still to be hammered out, Fiat Chrysler's specific workforce needs have yet to be revealed. But Donofrio insists that the city has a growing force of eligible workers: Detroit last year enrolled about 2,500 people in training leading to a credential for a specific job, up from about 700 two years earlier. Some prospective FCA jobs could be offered to laid-off Fiat Chrysler workers or those already working for the company on a temporary basis, and United Auto Workers officials say many of them are already in Detroit.