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Google-FCA deal is a coup for both sides

FCA made a savvy play this week to team with internet giant Google. It's not as sexy as partnering with Apple, but it's almost as good. This move positions FCA to expand its capabilities in the autonomous driving field, and connecting with Google could boost the automaker's image. FCA will provide Google with about 100 Chrysler Pacifica hybrid minivans specially developed for autonomous testing. Google will integrate its sensors and computers into the vehicles. They'll work together at a site in Southeast Michigan and test the prototypes on Google's private test track in California. It's looks like an equitable deal and a win for both sides. "This marks a watershed event for the auto industry on two major levels: contract manufacturing for high tech firms and allowing such firms a clear pathway into the brain of the car," Morgan Stanley researchers said in a note. Don't underestimate how big this is for Google. The deal more than doubles the size of the tech firm's fleet, and does so with the Pacifica, a potentially segment-defining entry. Currently, it's using Lexus vehicles and other modified prototypes as testers. Though FCA is the smallest of Detroit's carmakers, it's also viewed as nimble and willing to embrace change. The Jeep and Ram divisions are as strong as any brand in the industry, and the Hellcats and Viper reinforce FCA's enthusiast cred. Google doesn't need those things, but they're pretty cool associations, nonetheless. If Ferrari can try to position itself as a leather goods maker, Google can have a little octane in its system. While experts expect Google to eventually partner with other automakers or to license its technology (FCA chief Sergio Marchionne reportedly said the deal isn't exclusive), FCA is positioned to get a head start. IHS Automotive predicts there will be 10.5 million self-driving or driverless cars used around the world by 2030. General Motors, Mercedes, Tesla, Volvo, Ford, and others have launched or are planning to roll out their own versions of autonomous driving technology. For now, FCA goes from having no apparent autonomous plans to potentially being among the leaders, and Google secures a legitimate automotive partner. Like we said, it looks like a win-win. NEWS & ANALYSIS News: Sergio Marchionne is taking over the CEO job at Ferrari. Analysis: This is a consolidation of Marchionne's power over the famous Italian sports-car maker and racing team.

Fiat 500X and 500L could be combined into 500XL for next generation

The Fiat 500L, classified as a subcompact minivan, has been on sale since 2012 in Europe, since 2014 in the U.S. Its subcompact crossover platform-mate, the 500X, went on sale in 2014 in Europe, replicating the same two-year delay in getting to the U.S. Neither has managed to make much of an impression in the U.S., but the 500X has done solid business globally, moving more than 455,000 units in Europe alone since going on sale and still putting up strong numbers deep into its first generation. The 500L, far from the prettiest offering in an unloved segment, has seen its European sales numbers decline from 94,114 in 2014 to 36,495 last year, but that's still not a shabby figure. AutoExpress figures the twins will roll out second-generation versions in about 18 months, but word from Fiat boss Olivier Francois suggests they could meld into a single 500XL model combining the best of their individual traits. What's more, the resulting vehicle is viewed as a prime candidate for electrification, Francois citing the roomy, high-riding 500L as "a particularly good body, high on wheels, to add batteries [to]." The 500X injects appeal into the equation, since Fiat needs to "think of the next generation with the same approach to the consumer that makes a lot of sense in an all-electric version, with a body that is obviously more relevant and in fashion. We’re thinking maybe a blend of the X and L is the way ahead, at the end of the day. But it is not for the near future – and when I say near, I mean not by the end of this year, for sure." Francois' mention of the 500L having a good body for full electrification begs the question of a second-generation platform. The new battery-electric 500e rides on a bespoke EV architecture that's so far only publicly planned to support other electric minicars like an electric Panda and the production version of the Centoventi EV concept. The Renegade has been electrified with a PHEV model, and it would make sense for that tech to cross the aisle into the Fiats — the Jeep is built in the same plant as the Italians, after all — but potentially being so close to a new generation, Fiat could opt to save money and go with one of its mild hybrid solutions for now. Considering what Fiat has on its to-do list over the next 18 months, however, from managing its own affairs post-coronavirus to completing the merger with PSA Group, anything is possible. All we can be sure of is that U.S.

FCA earnings improve in first quarter

Following on the recent global financial releases from Ford and from General Motors for the first quarter of 2015, FCA is now putting out its own numbers, and things look quite good for the company. The automaker posted adjusted earnings before taxes and interest of $895 million, a 22-percent jump from Q1 2014, and net profits of $103 million, a $296-million boost from last year. Revenue was also up 19 percent to $30 billion. Despite the favorable figures, actual worldwide shipments fell slightly by 2 percent to 1.1 million vehicles. FCA is giving some credit for these strong Q1 results to the automaker's performance in the NAFTA region. Shipments grew 8 percent to 633,000 vehicles, and net revenue jumped a strong 38 percent to $18.1 billion. Adjusted earnings reached $672 million, compared to $425 million in 2014. The company especially praised the Jeep Renegade, Chrysler 200, and Ram 1500 for helping the bottom line. The numbers could have been even higher, but the corporation admitted that "higher warranty and recall costs" partially drug things down. For the full year in 2015, FCA expects to ship between 4.8 and 5 million vehicles worldwide and post up to $5 billion in adjusted earnings. There should be about $1.3 billion in net profit, as well. FCA CLOSED Q1 WITH NET REVENUES OF ˆ26.4 BILLION, UP 19% AND ADJUSTED EBIT AT ˆ800 MILLION, UP 22% 30/04/15 FCA closed Q1 with net revenues of ˆ26.4 billion, up 19% and adjusted EBIT at ˆ800 million, up 22%. Net industrial debt was ˆ8.6 billion, up ˆ0.9 billion. Full year guidance confirmed. Worldwide shipments were 1.1 million units, 2% lower than Q1 2014, reflecting strong performance in NAFTA and weak market conditions in LATAM. Jeep's positive performance continued with worldwide shipments up 11% and sales up 22%. Net revenues were up 19% to ˆ26.4 billion (+4% at constant exchange rates, or CER). Adjusted EBIT was ˆ800 million, up ˆ145 million from Q1 2014, with all segments except LATAM posting positive results. The positive impact of foreign exchange translation was offset by negative impacts at a transactional level. Net profit was ˆ92 million, up ˆ265 million compared to the net loss of ˆ173 million in Q1 2014. Net industrial debt was ˆ8.6 billion, up ˆ0.9 billion from year-end mainly due to timing of capital expenditures and working capital seasonality. Liquidity remained strong at ˆ25.2 billion. The Group confirms its full-year guidance.