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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.

Chrysler killing off the 200 Convertible, Dodge Avenger

When Chrysler rolled out the first-generation 200 to replace the Sebring range in 2010, it included replacements for both the sedan and the convertible. The Sebring Coupe, however, was left out of the mix. And now that the second-generation Chrysler 200 is descending upon us, Auburn Hills is paring things down even further. But this time, it's the convertible that reportedly isn't making the cut. Shame, too, since the rendering above shows what could have been quite an attractive droptop.
As our compatriots at Edmunds point out, sales of the convertible model accounted for less than five percent of overall Chrysler 200 sales, and at those numbers, the considerable cost of engineering a new drop-top couldn't be justified. With the Toyota Camry Solara and Volkswagen Eos also gone from the market (well, the VW isn't gone quite yet), the discontinuation of the Chrysler 200 Convertible leaves the affordable convertible segment largely to the sportier likes of the Ford Mustang and Chevy Camaro and smaller European offerings like the Mini Cooper and VW Beetle.
The Chrysler 200 Convertible isn't the only derivative being left behind with the new model: so too is the Dodge Avenger. That will leave a glaring hole in the Dodge lineup, with nothing to bridge the gap between the compact Dart and the larger Charger. Whether the Dodge brand has any plans to replace the Avenger with another model, not to be based on the 200, remains to be seen.

Privateer Viper team sets a 7:03.45 time at the Nurburgring (UPDATE)

Update: The Viper record crew have uploaded video of the official lap. According to the group's Facebook page, they believe a sub-7 minute time is possible. They will try to return to the 'Ring in August when there are some open slots at the track, and they will be raising money to pay for a return trip. The group of Viper fans we told you about last week now have their first Nurburgring record attempt out of the way according to Road & Track. The automotive publication reports the team set a time of 7:03.45 with a 2017 Viper ACR. That's a bit over 8 seconds faster around the 'Ring than the previous-generation ACR. Unfortunately, the time puts it behind the Porsche 918 Spyder's 6:57 time and the Lamborghini Huracan Performante's 6:52 time. We've reached out to the privateer team for additional info on the attempt, and whether they will be able to make more attempts on this trip. We will update this as soon as we hear back. The team making these attempts got its start with a GoFundMe campaign to pay for a trip the Nurburgring to set times. The reason for this trip was the fact that Dodge never took this generation of Viper ACR to the famed German racetrack, despite going around setting fast laps at North American circuits. With funding from donors, sponsorship from Kumho Tires and Prefix, and provision of two Viper ACRs from Viper Exchange and BJ Motors, the team was able to make the journey.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Road & Track, Viper Ring Record Run / FacebookImage Credit: FoxProFilms / YouTube Dodge Coupe Performance dodge viper acr