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Chrysler earns $1.7B in 2012, revises product plans for US

Hot on the heels of Ford's earnings announcement for the year that was, Chrysler today reported a 2012 net income of $1.7 billion, up substantially from the comparatively minuscule $183 million profit earned in 2011 when it repaid its US government loans.
Chrysler's good year ended with an excellent fourth quarter that saw net income rise 68 percent from $225 million in 2011 to $378 million. Where are all those extra earnings coming from? Market share, which Chrysler saw increase to 11.4% last year on sales of 1.65 million vehicles. In fact, the Auburn Hills, MI-based automaker out-paced the industry's market growth of 13 percent last year with sales up 21 percent for the year.
The company also revealed an updated product plan for its Chrysler Group and Fiat brands that looks all the way out to 2016. It's an updated version of the plan introduced in 2009 shortly after Fiat took control of the American automaker, and includes such new additions as an Alfa Romeo model, likely the 4C, to be introduced in the US this year, as well five more Alfa models by 2016. Likewise, Fiat will be growing by an additional seven models in the coming few years.

Dongfeng and PSA extend Chinese joint venture

BEIJING/PARIS — China's Dongfeng and Peugeot maker PSA are extending their business cooperation, despite the Chinese company reducing its stake in PSA to help smooth the French carmaker's merger with Fiat Chrysler Automobiles (FCA). Dongfeng said on Thursday it had agreed with PSA to extend the duration of their joint venture Dongfeng Peugeot Citroen Automobiles (DPCA). Under the deal, the venture could get the rights to PSA's new brands in China and will benefit from new technologies and intellectual properties, the Chinese company said. PSA was not immediately available for comment. The announcement comes a day after the companies said Dongfeng would reduce its 12.2% stake in PSA by selling 30.7 million shares to the French company. Analysts said the move could smooth U.S. regulatory approval for PSA's roughly $50 billion (GBP38.97 billion) merger with Italian-American carmaker FCA. The sale of Dongfeng's shares in PSA, worth around 680 million euros ($757 million), will leave the Chinese group holding around 4.5% of the merged PSA-FCA, which is set to become the world's fourth-biggest carmaker by sales volumes. "As the cooperation between Dongfeng and PSA deepens, we expect the joint venture to continue making good progress in China," a Dongfeng representative said. On a conference call, Dongfeng said DPCA would have exclusive rights to PSA's Opel cars should the partners agree to bring the brand to China, and enjoy lower prices on car parts imported from PSA. Earlier this year, a document seen by Reuters showed Dongfeng and PSA plan to cut jobs at Wuhan-based DPCA and reduce its number of car plants to try to make the venture more profitable. Chrysler Dodge Fiat Jeep RAM Citroen Peugeot China FCA PSA Dongfeng

Chrysler's Woodward Dream Cruise festivities include Ram concept truck debut

The streets will be crowded next weekend along Woodward Avenue in Royal Oak, Michigan for the 19th Annual Woodward Dream Cruise. As part of the run-up to the festivities, Chrysler has announced that all of its brands - Chrysler, Jeep, Dodge, Ram, Fiat, SRT and Mopar - will bring along their latest vehicles. Also included will be a collection of classic American cars and various activities for attendees at the official Chrysler location on the corner of Woodward and 13 Mile Road.
Special to this year, Ram brand director Bob Hegbloom and head of design John Dehner will unveil a Ram concept truck on Saturday. Chrysler will also bring Ryan Friedlinghaus of West Coast Customs fame along to show off a few custom Chrysler-made vehicles of his own. Fans of the brand on Facebook will get the chance to virtually customize a vehicle from the automaker's portfolio, with the winner getting their dream car built for them by Chrysler. Pretty cool stuff, no?
As in past years, Ford and General Motors will have an official presence at the event as well, and you can expect to see plenty of cars of all makes and models from all parts of the globe. The madness starts this Friday, August 16, from 4:30 PM to 10 PM, with the main event taking place on Saturday, from 9 AM to 9 PM. For more details on the show, including events and their times, check out the press release below.