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Fiat Chrysler profit up as it closes in on retiring its debt

MILAN — Fiat Chrysler Automobiles reduced its debt by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year. Chief Executive Sergio Marchionne expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros ($5 billion) in net cash by the end of the year. Marchionne has said that forecast does not include any one-off measures, nor the impact of the planned spinoff of parts maker Magneti Marelli, which he hopes to execute by early 2019. The world's seventh-largest carmaker said on Thursday net debt had fallen to 1.3 billion euros ($1.6 billion) by the end of March, well below a consensus forecast of 2.6 billion euros in a Thomson Reuters poll of analysts. FCA said capital spending fell 900 million euros in the quarter due to "program timing," which analysts said implied higher investments for the rest of the year. The Italian-American group said first-quarter operating profit rose 5 percent to 1.61 billion euros, below a consensus forecast of 1.74 billion, as a weaker performance from its North American profit center weighed. Shipments there were higher due to the new Jeep Wrangler and Compass models. But currency moves hit revenues and earnings, and costs related to new product launches added to the pressure. FCA's shift to sell more trucks and SUVs boosted margins yet again in North America to 7.4 percent from 7.3 percent in the same quarter a year ago, although they were down from the 8 percent recorded in the preceding three months. Marchionne, preparing to hand over to an internal successor next year, is close to his goal of ending a margin gap with larger U.S. rivals General Motors and Ford. The 65-year-old has said becoming debt free and being able to compete on a par with U.S. peers would mean FCA no longer needed a partner to survive and could well succeed on its own. The CEO has previously said tying up with another carmaker would help to meet the huge costs in an industry investing in electric vehicles and automated driving. FCA shares fell immediately after the results, but recovered to trade up 3 percent at 19.71 euros by 1150 GMT, outperforming a 0.4 percent rise in Europe's blue-chip stock index. ($1 = 0.8214 euros) Reporting by Agnieszka FlakRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Driving the 2019 Dodge Durango Pursuit | Bells and whistles, lights and sirens

Recently, we went to the FCA proving grounds in Chelsea, Mich., to test out the company's 2019 model-year lineup. There are a lot of cars to choose from, and only a limited time to drive them, so since we couldn't drive the Dodge Challenger SRT Hellcat Redeye (that drive is coming soon, though) naturally we gravitated to the flashiest, noisiest one: the 2019 Dodge Durango Pursuit police vehicle. This is the first time the Durango is being offered as a cop car, and there are a number of features that make it fit for service. All Durango Pursuit models feature all-wheel drive, and it's available with two different engines. The standard motor is the 3.6-liter Pentastar V6, providing 293 horsepower and 260 pound-feet of torque. The tester we got to drive, though, was equipped with the 5.7-liter hemi V8, good for 360 horsepower and 390 pound-feet of torque. It also has a load-leveling performance suspension, which really helped out when we tossed it around the handling course. It has 8.1 inches of ground clearance, which means it can get to scenes off the beaten path. As much as we loved driving it, we had the most fun just playing with the lights and sirens of the Durango Pursuit. Standing outside the vehicle, the sirens and horn are incredibly loud, enough to make bystanders jump in fright. Dodge did a good job with the sound deadening, though, and the sustained wail wasn't bothersome when chasing imaginary suspects around the test track. One feature we didn't get to test out, but important to police duty, was the special Uconnect system in the Durango Pursuit. More than just an infotainment system, the seven-inch display is equipped to integrate various law enforcement systems. Another cool detail about the car, its tri-zone climate system is ideal for K9 units, with the ability to set separate HVAC settings for the dogs in the back of the car. Check out the video above, and stay tuned for more videos to come from our time spent at FCA's Chelsea proving grounds. Related Video: Dodge Crossover SUV Police/Emergency Special and Limited Editions Videos FCA

The Dodge Demon gets a Drag Mode and a lesson in Newtonian physics

It's Thursday morning, which means we have more news on the upcoming Dodge Demon, the pumped-up Challenger Hellcat variant that's looking to cause mayhem at a drag strip near you. This week's video, "Third Law," shows the Demon's revised suspension in action and displays another one of SRT's cryptic messages. Dodge claims that the 6.2-liter supercharged Hemi V8 in the Hellcat twins is compromised because it's fitted to a car that needs to be comfortable on the street in addition to a performer on the drag strip. Not so with the Demon, as Dodge says the car is "designed to be highly competent in all drive modes and configurations," including the all-new Drag Mode. Dodge says details about the new mode will trickle out over the next few weeks, but all the info this week focused on suspension. The "Third Law" in this week's title refers to Isaac Newton and motion: "When one body exerts a force on a second body, the second body simultaneously exerts a force equal in magnitude and opposite in direction on the first body." We're not sure what Newton would have thought seeing the sidewall wrinkling Nitto NT05R drag radials in action, but he'd probably have a reaction of some sort himself. An ideal suspension setup for the drag strip makes for a poor setup on the road. As Dodge puts it, the "old school" way to set up a drag car was to "get the quickest reacting springs upfront, the softest rebound front shocks that wouldn't restrict the springs' reaction, remove any restrictions (sway bar) and increase the compression of the rear shocks." This would give a car great front to rear weight transfer but made for very poor lateral direction control, meaning minor corrections were difficult. The Demon's Drag Mode will use electronics to give the car the best combination of launch and lateral stability. Dodge listed some of the parts to help aid in this goal. They also gave us a few equations that we can't make sense of. Let us know if you have any clues. Hardware: 35 percent lower rate front springs/28 percent lower rate rear springs 75 percent lower rate hollow front sway bar/44 percent lower rate rear sway bar Drag-tuned Bilstein Adaptive Damping Shocks Software: Rear = F/F and Front = F/S F/F – F/S maintained @ wide open throttle (WOT) F/F – F/F < WOT Traction control disabled/ESC maintained Result: 13.5=575@500 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.