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Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

2018 Dodge Challenger SRT Hellcat Widebody First Drive | Same snarl, more bite

By now, you've read a lot about the Dodge Demon, including our driving impressions from the drag strip. You've also heard a lot about the Challenger Hellcat, which we've had the pleasure of driving at Portland International Raceway, Willow Springs, and on our home turf of Woodward Avenue, both during the Dream Cruise and for an episode of AutoblogVR. Last week, Dodge and SRT invited us out to Indianapolis to sample the Demon, as well as the Durango SRT. Sandwiched between those two launches, however, was another distillation of Dodge's retro-cool coupe, the 2018 Challenger SRT Hellcat Widebody. The Widebody shares most of the guts of the standard Charger Hellcat, but went to the same cosmetic surgeon as the Demon. The Hellcat 6.2-Liter V8 with 2.4-liter-per-rev supercharger, producing 707 horsepower and 650 pound-feet of torque, is unchanged. It comes standard with a six-speed manual transmission, but our tester had the optional eight-speed automatic with steering wheel-mounted paddle shifters. It's 3.5 inches wider (look at those fenders!) than the standard Hellcat, though, which allows it to accommodate 20-by-11-inch "Devil's Rim" wheels. It shares its front splitter with the Demon, but retains the Hellcat's rear spoiler. The Widebody also features an electronic power steering system with selectable drive modes. It just slightly outperforms the standard Hellcat, as well, with better cornering grip, improved acceleration, and better braking (even though it shares the same Brembo brake package as the standard Hellcat). Dodge claims that the Widebody does the quarter-mile 0.3 seconds quicker, dropping it just out of the 11s to 10.9 seconds. 0-60 miles per hour drops from 3.5 to 3.4 seconds. Lateral grip increases by 0.04 G to 0.97 G on the skid pad. On the company's 1.7-mile road course, Dodge says the Widebody drops two seconds off its lap time compared to the standard Hellcat, finishing about 13 car lengths ahead. We spent our time with the Hellcat Widebody on the infield road course at Indianapolis Motor Speedway. Sliding into the car, the seating position is cozy and comfortable even with a helmet on, and we have no trouble adjusting our chair and steering column to ideal placement. The infotainment display shows us our drive settings for the next few miles: the transmission and suspension are in Track Mode, steering is set to Sport, with traction set to Street. We fire up the car with an instructor in the right seat, and head out of the pit lane.

Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.