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Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

Fiat loses $14k on every 500e it builds, Marchionne doesn't want you to buy one

Fiat Chrysler Automobiles CEO Sergio Marchionne made some interesting comments during a frank and entertaining talk at the Brookings Institution earlier today, saying he hoped that no one bought the Fiat 500e, the well-received EV based on the adorable Italian car.
"I hope you don't buy it," said Marchionne, during a talk and question-and-answer session that focused on the aftermath of the automotive bailouts, "because every time I sell one, it costs me $14,000."
"I'm honest enough to tell you that I'll make the car, I'll make it available, which is my requirement. I'll sell the limit of what I'm required to sell and not one more," Marchionne said. "If we build just those vehicles, we'll be back in Steve [Rattner's] successor's office in Washington asking for a second bailout, because we'll be bankrupt by Christmas"

Fiat Titano revealed as rugged, body-on-frame pickup for global markets

Fiat has never sold a truck in the United States, but its name has appeared on a diverse selection of pickups in global markets. The brand's latest entry into the segment is named like a Nissan, shaped like a Peugeot, and due out on at least two continents in the coming months. Product planners opened a book about Greek mythology when the time came to name the truck. Nissan has already claimed the "Titan" nameplate, so Fiat picked the Italian spelling: Titano. The pickup's ties to Greece and Italy end there. It's a badge-engineered version of the Peugeot Landtrek, which was developed jointly with China-based Chang'an and has been on sale in a handful of countries since 2020. Like the Landtrek, the Titano stretches 212.2 inches long in double-cab configuration, 75.6 inches wide, and 71.6 inches tall. These figures make it about an inch longer, almost exactly as wide, and around three inches lower than the latest version of the Ford Ranger. Buyers in some markets, like Algeria, will also have a 209.8-inch long single-cab version to choose from. The line-up also includes several trim levels ranging from basic variants with black bumpers and steel wheels to more upmarket-looking versions with alloy wheels and a touchscreen. On the Algerian market, power for the Titano comes from a 1.9-liter turbodiesel four-cylinder engine rated at 147 horsepower and 258 pound-feet of torque. Rear-wheel-drive and a six-speed manual transmission come standard, and four-wheel-drive is optional. The truck offers a 2,500-pound payload, though its towing capacity hasn't been published, and it features old-school rear leaf springs in the name of simplicity. Fiat singled out Algeria and Brazil as the Titano's main markets, though the model could later land in other countries. On the Brazilian market, it will join a pair of unibody models called Strada and Toro, respectively. Don't expect to see it in the United States, however.