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Fiat Chrysler posts record Q3 profit thanks to U.S. trucks and Jeep

MILAN — A rebound in car production in Fiat Chrysler on Wednesday reported record third-quarter earnings as production returned to nearly pre-pandemic levels. The Italian-American automaker, which is finalizing its full merger with French rival PSA Peugeot, reported a net profit in the three months ending Sept. 30 of $1.4 billion (1.2 billion euros). That compares with a loss of 179 million euros a year earlier. The carmaker reported adjusted earnings before tax and interest in North America of 2.5 billion euros. That offset deepening losses in Europe, Asia and at its Maserati luxury marquee. Latin America, the only other region to post a profit, saw it narrow by two-thirds to 46 million euros. “Our record results were driven by our teamÂ’s tremendous performance in North America,” CEO Mike Manley said in a statement. Overall, the carmaker said global earnings before tax and interest were a record 2.3 billion euros despite a 6% fall in revenues to 26 billion euros. Global shipments were down 3%, due largely to plant retooling in North American to produce the new Jeep Grand Wagoneer in the luxury SUV segment and the discontinuation of the Dodge Grand Caravan classic minivan. Fiat Chrysler announced earlier Wednesday that its merger with PSA Peugeot is on track to be finalized by the end of the first quarter of 2021, as planned. To meet regulatory concerns, the French carmaker is selling a small stake in a components maker to get below 40% ownership. The new automaker, to be called Stellantis, will be the fourth biggest producer in the world. Earnings/Financials Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

We like the Fiat 500X despite the faults | Long-term Update

"Personality goes a long way," according to Jules Winnfield in Pulp Fiction. And while Samuel L. Jackson's character was talking about the merits of dogs over pigs, the same maxim applies to cars. Such is the case with our long-term 500X. It continues to charm us, despite the faults. Yes, this car has faults. One being the nine-speed transmission, which is a lot like a Where's Waldo book: it's sometimes fun, usually confusing, and ultimately takes too much time. And the center infotainment screen is slow to boot up. We also noticed some excessive noise from our winter tires, which isn't necessarily the fault of the 500X but, hey, this is the paragraph about gripes. But 500X related stories in the Autoblog office follows a consistent pattern: "This one thing, man it's bad, but I still like the car. Take X, for instance." And X has a lot of possible options: quick-warming heated front seats and steering wheel, the upright driving position, the general layout of the interior, and the bright saddle-leather seats in our tester. View 34 Photos And therein lies why we still like out Fiat. It's just kind of a happy car. It cover the basics well enough - spacious interior, versatile cargo interior, comfortable seats, and makes up for the rest with general good cheer. There are better cars than the 500X, but there are also better, more boring cars than the 500X. Picking between the two, we'd prefer the flawed Fiat to a boring alternative.

Trump Administration will look 'very carefully' at FCA/Peugeot deal

WASHINGTON — U.S. President Donald Trump's administration will look very closely at the planned merger between Fiat Chrysler and Peugeot owner PSA, White House economic adviser Larry Kudlow said on Friday. The deal, announced on Thursday, would create the world's fourth-largest automaker. "We will obviously look at it very, very carefully," Kudlow said on Bloomberg. "The president has not commented on the deal ... We're not afraid of doing business with international companies, Lord knows." When asked about the 12.2% equity stake and 19.5% voting stake China's Dongfeng Motors holds in PSA, Kudlow said: "With respect to the Chinese story, we obviously are alert and on guard." The deal, which would be structured as a 50-50 merger, would create the fourth-largest global automaker with annual sales of nearly 9 million vehicles. Fiat Chrysler told employees the deal could generate synergies of 3.7 billion euros but added "these synergies are NOT based on closing plants." Fiat Chrysler declined to comment. There has been speculation Dongfeng might sell its holdings, which could help ease the deal's passage through U.S. regulators, given U.S.-Chinese trade tensions. "We will welcome a good deal. We hope it will get more production in the United States, more factories and workers and employment in the U.S. And with respect to the Chinese angle, we will take a careful look at it," Kudlow said. Fiat Chrysler said on Thursday that "teams at both companies are working to finalize discussions and reach a Memorandum of Understanding in the coming weeks."