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China's Great Wall confirms its interest — in Jeep, or all of FCA

HONG KONG/SHANGHAI — Chinese automaker Great Wall Motor reiterated its interest in Fiat Chrysler Automobiles NV on Tuesday, but said it had not held talks or signed a deal with executives at the Italian-American automaker. China's largest sport utility vehicle manufacturer made a direct overture to Fiat Chrysler on Monday, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram truck brands. Automotive News first reported the news, quoting Great Wall Motor President Wang Fengying as saying she planned to contact FCA to discuss acquiring the Jeep brand specifically. Those comments sent FCA shares higher but also raised questions over the ability of China's seventh-largest automaker by sales to buy larger Western rival FCA, or even Jeep, which some analysts value at as much as one-and-a-half times FCA. Great Wall sought to dampen speculation on Tuesday. It confirmed it had studied Fiat Chrysler, but said there was "no concrete progress so far" and "substantial uncertainty" over whether it would eventually bid. "The company has not built any relationship with the directors of FCA nor has the company entered into any discussion or signed any agreements with any officer of FCA so far," the company said in an English-language stock exchange filing. It did not give further detail. Fiat Chrysler stock dipped on the statement on Tuesday. Great Wall said trading in its Shanghai-listed shares would resume on Wednesday after having been suspended. Fiat Chrysler declined to comment on Great Wall's statement. On Monday, it said it had not been approached and was fully committed to implementing its current business plan. FLUSHING OUT RIVALS? Great Wall Motor, which was early to spot China's love of SUVs, had revenue of $14.8 billion last year and sold 1.07 million vehicles - but that compares with FCA's 2016 revenue of 111 billion euros ($130.6 billion). Analysts said Great Wall would need to raise both debt and equity to complete any deal, meaning its chairman Wei Jianjun could lose majority control. One possible scenario, according to analysts at Jefferies, would see Wei keeping a roughly 30 percent stake, while Great Wall would raise $10-$14 billion in debt and $10 billion in equity - hefty for a group currently worth just $16 billion. Ultimately, politics could be the clincher.

Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.

Junkyard Gem: 1987 Dodge Ram 50 with V8 swap

Chrysler did very well selling Mitsubishi Forte pickups with Plymouth and Dodge badging in the United States, even after Mitsubishi began moving the same trucks out of their own American dealerships in 1982. The 1987 Ram 50 2WD short bed weighed in at just over 2,500 pounds, so it was reasonably perky with its 2.0-liter G63B four-banger making 90 horsepower… but there's no replacement for displacement! At some point along the line, a Chrysler small-block V8 engine found its way into the engine compartment of this truck, now residing in a car graveyard in Sparks, Nevada. This was the cheapest new Dodge-branded pickup Americans could buy as a 1987 model, though it had to compete with its near-identical Mitsubishi Mighty Max twin for sales. The 1980s were great times for little pickups in the United States, but a desire for bigger cabs and more creature comforts doomed them by the dawn of the following decade. The most interesting thing about this engine swap is that it didn't involve a Chevrolet or Ford small-block V8. Both the Chevy small-block and Ford Windsor V8s are a few inches narrower than the Chrysler LA-series V8, which makes them easier to stuff into a small vehicle. It appears that engine length was the critical dimension in this case, since the Mopar seems to have had enough side-to-side clearance to avoid any slicing of Mitsubishi steel to make it fit. My guess is that whoever did the swap happened to have the engine handy and that's why it's here. Keeping it all Dodge might have been a factor in the decision as well, though the truck's Mitsubishi ancestry makes that unlikely. It was over 100°F out when I found this truck, so I wasn't motivated to check block casting numbers to determine exactly which LA engine we're dealing with here. The easiest LAs to get cheap for the last four or so decades have been the 318 (5.1-liter) and the 360 (5.8-liter), so one of those two is the most likely candidate here. Power levels for these engines got pretty dismal during the Malaise Era, but anyone with the wrenching skills to do this swap would have applied some basic power-enhancing wizardry before the engine went in. We can see there's an Edelbrock Performer intake manifold, and you might as well stab in a better camshaft if you're upgrading the intake. How much power? With a four-barrel carburetor on a dual-plane intake plus a meaner cam, 300 to 350 horsepower is easily achieved with one of these engines, even with stock exhaust manifolds.