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Fiat Chrysler posts $690M Q1 loss

If there is one thing that should be remembered when looking at quarterly and annual earnings, it's that the headline numbers rarely tell the whole story when it comes to an automaker's health. Chrysler's first-quarter earnings are just such an example.
Yes, the Auburn Hills-based manufacturer lost $690 million, which is quite a large sum of money. The reasons for the loss, according to Chrysler, were "Unfavorable infrequent items," which includes a $504 million payment to rid itself of the debts it took on for prepaying the UAW's VEBA healthcare trust. Chrysler was also hit with a $672 million charge to the UAW, which was part of a deal that allowed Fiat to purchase the remaining shares of Chrysler owned by the VEBA.
Ignoring those one-time deals, the first quarter was quite a successful one for Chrysler. It would have made $486 million if you erased the merger costs, which would have been a year-over-year increase of $320 million. Even more promising is the fact that Chrysler snagged the largest increase in market share of any automaker during Q1 at 1.1 percent, bringing its overall share to 12.7 percent of the US market. Chrysler saw a 30-percent improvement in sales of trucks and SUVs, along with an 11-percent increase in year-over-year sales and a 23-percent increase in revenue, to $19 billion.

Stellantis says its 2021 performance has been better than expected

MILAN — Stellantis softened up investors ahead of its electrification strategy event on Thursday by flagging that 2021 got off to a better-than-expected start despite a chip shortage that has hit automakers worldwide. Stellantis, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, faces an investor community keen to hear how it plans to come up with a range of electrified vehicles (EVs) to rival Tesla. At its "EV Day 2021" kicking off at 1230 GMT, Stellantis will disclose significant investments in electrification technology and connected software as it aims to be an industry frontrunner, it said in a statement. In April, Chief Executive Carlos Tavares said it would offer low-emission versions — either battery or hybrid electric — of almost all of its European models by 2025, and they should make up 70% of European sales and 35% of U.S. sales by 2030. Stellantis, the world's fourth-biggest automaker, has 14 brands in its stable, including Jeep, Ram, Opel, Fiat, Peugeot and Maserati.   Stellantis EV Day coverage: Dodge will launch the 'world's first electric muscle car' in 2024 Fully electric Ram 1500 will begin production in 2024 Jeep will have 4xe plug-in hybrid models across the lineup by 2025 Stellantis teases mystery electric Chrysler concept Stellantis previews 4 electric platforms: Here's how they'll be used Fiat says all Abarth models to be electric from 2024 Opel Manta E will be the electric revival of the classic German coupe Stellantis says its 2021 performance has been better than expected   At a similar EV strategy event last week, French rival Renault announced that 90% of its main brand models would be all-electric by 2030, whereas previously it had included hybrids in its target. Germany's Volkswagen, the world's second-biggest automaker after Toyota, expects all-electric vehicles to make up 55% of its total sales in Europe by 2030, and more than 70% of sales at its Volkswagen brand. Stellantis said its margins on adjusted operating profits in the first half of 2021 were expected to exceed an annual target of between 5.5% and 7.5%, despite production losses due to a global shortage of semiconductor supplies. Stellantis shares listed in Milan were down 2.6% at 0920 GMT, underperforming the broader European car index. Bestinver analyst Marco Opipari said Thursday's news was positive but that the stock was suffering from profit taking as it had moved up about 20% since the end of April.

2017-2020 Fiat 124 Spider: Future Classic

The 2017 Fiat 124 Spider held the promise of melding two automotive cultures: the romance of the Italians and the focused finesse of the Japanese. In simple terms, the Fiata, as it came to be called by aficionados, was in fact part Fiat, part Mazda, and all character. Unfortunately, the Miata MX-5 ND ruled the roost in this limited market. Mainstream consumers by this time were already convinced that the future was the SUV; a little two-seater with a stick shift and a rumbling ride wasn’t on too many wish lists. Of course, the Miata, constantly updated through the years, survives today. The Fiata closed up shop in 2020 after only four years. FiatÂ’s questionable reputation for reliability and build quality throughout the previous decades in America didnÂ’t help to push the sporty Spider up the sales charts. Why is the Fiat 124 Spider a future classic? The affordable roadster (which is not to be confused with the original Fiat Spider that launched in the 1960s) landed on US shores in three trim levels: Classica, Lusso and the performance-oriented Abarth, with starting prices that ranged from $25,990 to $28,195. It was built alongside the Miata at Mazda's Hiroshima plant in Japan. Comparisons of the two cars were expected, and voluminous: The Fiat used the same chassis, many of the same interior parts and even the same key fob as the Mazda. But the Spider had different tuning for its steering and suspension, and a different engine under the hood. Of course, both were convertibles. Weight was an issue. The SpiderÂ’s 1.4-liter, turbocharged inline-four was good for 160 horsepower and 184 lb-ft of torque, but that made it 130 pounds heavier than its Japanese near-twin. Then there was turbo lag. One review said that the Fiata Classica's best launch from 0 to 60 mph required 6.5 seconds, not as quick as the 5.8-second start recorded in a Miata Club. Fiat engineers were able to tame the roll of the Miata, but in doing so robbed the 124 of one of its more enviable traits: its tossability. The FiatÂ’s manual tranny received high marks, the automatic not so much. Wind noise with the FiatÂ’s soft top down was horrible, which was sad because the 124 was otherwise superb in highway driving. It had a more compliant suspension that the MX-5, and more sound-deadening padding. Nonetheless, tall/big people werenÂ’t particularly happy in either carÂ’s interiors; “cramped” was a polite way to describe head and shoulder room.