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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.

Consumer Reports says these are the worst new cars of 2014

Consumer Reports has announced its annual list of worst vehicles, a cringe-inducing contrast to its list of top vehicles. Ignominiously leading the way in 2014 is Chrysler, which has a staggering seven models listed.
Jeep nearly sweeps the small SUV segment by itself, with its Compass, Patriot and 2.4-liter version of the new Cherokee, while the only midsize sedans listed by CR were the Chrysler 200 and Dodge Avenger. The new Dodge Dart and the Dodge Journey round out CR's condemnation of Chrysler.
Ford is taking heat as well, with the Taurus, Edge and their counterparts from Lincoln all listed as the worst vehicles in their respective segments. Toyota doesn't fare much better, with its Lexus IS, Scion iQ and tC also making the list.

2018 Dodge Durango SRT First Drive | Speed, and space for six

We're gathered along with other members of the media at the Indianapolis Motor Speedway to drive a trio of new vehicles from Dodge's performance arm. Alongside a pair of SRT Challengers – the Demon and the Hellcat Widebody – the 2018 Dodge Durango SRT towers over the coupes, and is surprisingly menacing to behold. Its proportions may be relatively simple, but its hood scoop, air vents, and aero features let us know that this car is built for performance. A set of sporty wheels and bright Brembo brakes reiterate its purpose. A badge on the fender bearing the number "392," denoting the V8's displacement in cubic inches, gets us thinking about classic muscle. Even with the Demon sitting feet away, just looking at the Durango has us excited to drive it. Our first stint in the Durango SRT takes place on the infield road course at Indy. We had just gotten out of the Challenger SRT Hellcat Widebody, driving the same circuit, and we expected the Durango to seem tame by comparison. We were mistaken, mostly. The Durango SRT's seating position feels very upright, particularly due to a helmet that kept us from settling into the headrest. Still, we make ourselves comfortable, able to adjust the steering wheel right where we want it. Everything is in Track Mode – transmission, AWD, suspension, and steering – except for stability control, which is still set to Street. Taking off from behind Indy's famous bricks, throttle tip-in is quick, and the Durango SRT springs to life. The Durango feels fast under wide-open throttle in a straight line, which is impressive consider we had just gotten out of a louder, faster coupe. Dodge claims a 0-60 time of just 4.4 seconds, and it's that kind of acceleration that makes us agree with Dodge's boastful claim that the Durango SRT is a "three-row Charger." Then we take the first corner. The steering feels progressive, if not super tight, but the size and weight of the Durango quickly make themselves known. Body roll reminds us that this is, in fact, a tall utility vehicle, and definitely not a Charger. We lean to the side as the tires dig in, pulling the Durango around its axis and toward the apex of the corner despite the lateral momentum they are fighting. We're hesitant, but the instructor in the passenger seat coaches us to keep on the throttle despite what our inner ear is telling us. The Durango manages to stay stuck to our line as we push harder through the corners than we had thought possible.