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Federal grand jury issues subpoenas to U.S. FCA dealers

Despite an attempt to clarify and backtrack, it seems the investigation into Fiat Chrysler Automobile's false sales reporting is picking up steam. According to Automotive News, FCA dealers and regional offices have received subpoenas ordering them to supply documents and testimony to a grand jury in Detroit. Of course, the dealers are objecting to the request. They claim the subpoenas are too broad and would require them to hand over too much personal information, like personal phone numbers of dealer employees going back years. The group wants to make it clear that FCA has clarified its sales reporting and that the issue is with the manufacturer, not dealers. The dealers say that FCA employee records and testimony should be enough. It's rumored that a dealer group is the one that sparked the investigation in the first place. FCA confirmed on July 18 that it indeed was under investigation by a number of federal agencies. Although they've clarified their position regarding sales reporting, the fraud investigation continues full steam. Related Video:

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 Demon's deliverer? FCA files for 'Angel' trademark

We've driven the Dodge Demon, and despite its satanic overtones and 840 freakin' horsepower under the hood, the car is actually quite well-behaved. At least it didn't bite our head off or drag us into any sort of inferno. Still, Dodge might be looking to balance its lineup with something with a bit more righteous, as FCA has filed for a trademark of the moniker "Angel."... According to the United States Patent and Trademark Office, FCA filed the application on July 17, 2017, and it applies to "Motor vehicles, namely, passenger automobiles, their structural parts, trim and badges." Essentially, that's all the information we have to go on at this point. It could mean that Dodge is planning to further capitalize on the Demon name by creating another variant, or a completely different car. But what's the opposite of the Demon? Could it be a more road-friendly version of the drag-focused Demon? (And wouldn't that just be a Hellcat Widebody with more power?) Maybe it's a performance hybrid, as FCA CEO Sergio Marchionne recently said that the automaker would electrify half its fleet by 2022. For now, we can merely speculate as to what the Angel would be. And you can, too. Get at it in the comments section, below. And while you're at it, what name do you think FCA should trademark next, and what sort of car would that be?Related Video: Related Gallery 2018 Dodge Challenger SRT Demon: First Drive View 37 Photos News Source: US Patent and Trademark Office via FCA Authority Auto News Chrysler Dodge Future Vehicles Performance FCA trademark dodge demon