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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.

Dodge Charger Widebody is rumored on its way for 2020

Grab all the salt you have, save the amount you need for your recommended daily allowance. Mopar Insider reports its sources as having confirmed Dodge will unveil a Charger Widebody for the 2020 model year, in SRT Hellcat and R/T Scat Pack trims. Such a move would copy the trim and aesthetic formula used — to excellent affect — on the Dodge Challenger. The Charger widebodies would get also get unique suspension tuning, and the same 305/35 ZR 20 Pirellis as on the Challenger widebodies, but wrapped around unique, dual-five-spoke designs that are 11 inches wide. There has been talk of a widebody Charger for at least two years, many of those conversations carried out in the same way sleuths parse grainy photos of monsters. In April 2017, Instagram user gtpprix caught a standard Dodge Charger wearing Challenger widebody wheels, spaced so that the rubber extended beyond the fenders. A month later, a YouTube account in the name of Sinister Life caught the same car on video. The license plate doesn't appear to be from Michigan, which is where almost all Dodge prototypes get licensed. On the other hand, early spy shots of Challenger widebody prototypes from 2016 featured this same setup — a normal version with protruding tires. The SRT CEO at the time, Tim Kuniskis, joked about testing the Challenger widebody openly, knowing everyone would think it was a prototype Demon. According to Mopar Insider, engines and outputs won't change on the Charger widebody versions. That means sticking with the 485-horsepower, 6.4-liter V8 in the R/T Scat Pack, and the 717-hp, 6.2-liter V8 in the Charger Hellcat. Looks would change, however, with new front and rear fascias to differentiate the model and cohere with the new lines. That includes a new dual-snorkel hood grille and repositioned intakes, plus tweaked side sills. If it's really on the way, we should know this summer. Such a model would also support recent comments from Steve Beahm, head of Dodge, Fiat, and Chrysler brands, when Automobile asked about how the company will maintain any momentum in difficult days for sedans. Beahm said, "[Our] our job was to [ask,] 'How do we differentiate within the brands that are going to remain passenger-car brands?' ... What we do is we try to make our vehicles look different." Related Video:

Chicago Auto Show: The really big reveals from shows past

The 2024 Chicago Auto Show may seem like a shell of its former self, but it still holds the title of the largest consumer auto show in the United States. It didn't get that reputation simply by being efficiently produced or convenient for locals desperate for something to do in February — it earned it over decades of breaking automotive news and powerhouse reveals, eventually earning an informal designation as America's truck show.  2024 may be a down year for Chicago, but let's not forget all of the great things that have come out of it, historically. Here's a look at some of our staff favorites. Bet you didn't know about a few of these cars that were first revealed in the Windy City.    2008 Dodge Challenger SRT-8  I didn't just pick this one as a former Challenger owner, but instead to illustrate just how many cool Chicago debuts we take for granted. Chrysler often chose its home turf to debut new cars, so the few times its unveilings happened elsewhere tend to stick in our minds. The first Challenger SRT-8 was kind of garbage, if we're being honest. I mean, who buys a race-bred, V8-powered muscle car without a limited-slip differential? But the SRT-8 formula evolved over time into something truly special, and what we saw in Chicago was essentially the early version of the Scat Pack, which was ultimately very successful for Dodge. And who would have thought we'd be here, 15 years later, still talking about that debut? And still loving these big Mopars, flaws and all. — Associate Editor Byron Hurd SHO time in Chicago IÂ’ll always have a certain fondness for the return of the Taurus SHO at the 2009 Chicago Auto Show. Chicago has always leaned truck and van heavy for press reveals, but every now and then, as this list illustrates, something spicy would appear. The return of the SHO as a high-powered successor to the original that ran from 1989-1999 gave enthusiasts hope for FordÂ’s performance business, especially for sedans. With a 3.5-liter EcoBoost V6 packing 365 hp, all-wheel drive and five-spoke wheels, the SHO was a nice upgrade from the lower-rung Taurus models. It was a bit more sedate than the original SHOÂ’s Yamaha-sourced V6 that teamed with a five-speed manual transmission, but still a worthy response to the Chrysler 300, Dodge Charger and later the Chevy SS. The SHO — Super High Output — begat things like the Fusion ST and gave Ford solid four-door performance for the rest of the decade.