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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

Automakers not currently promoting EVs are probably doomed

Okay, let's be honest. The sky isn't falling – gas prices are. In fact, some experts say that prices at the pump will remain depressed for the next decade. Consumers have flocked to SUVs and CUVs, reversing the upward trend in US fuel economy seen over the last several years. A sudden push into electric vehicles seems ridiculous when gas guzzlers are selling so well. Make hay while the sun shines, right? A quick glance at some facts and figures provides evidence that the automakers currently doubling down on internal combustion probably have some rocky years ahead of them. Fiat Chrysler Automobiles is a prime example of a volume manufacturer devoted to incremental gains for existing powertrains. Though FCA will kill off some of its more fuel-efficient models, part of its business plan involves replacing four- and five-speed transmissions with eight- and nine-speed units, yielding a fuel efficiency boost in the vicinity of ten percent over the next few years. Recent developments by battery startups have led some to suggest that efficiency and capacity could increase by over 100 percent in the same time. Research and development budgets paint a grim picture for old guard companies like Fiat Chrysler: In 2014, FCA spent about $1,026 per car sold on R&D, compared with about $24,783 per car sold for Tesla. To be fair, FCA can't be expected to match Tesla's efforts when its entry-level cars list for little more than half that much. But even more so than R&D, the area in which newcomers like Tesla have the industry licked is infrastructure. We often forget that our vehicles are mostly useless metal boxes without access to the network of fueling stations that keep them rolling. While EVs can always be plugged in at home, their proliferation depends on a similar network of charging stations that can allow for prolonged travel. Tesla already has 597 of its 480-volt Superchargers installed worldwide, and that figure will continue to rise. Porsche has also proposed a new 800-volt "Turbo Charging Station" to support the production version of its Mission E concept, and perhaps other VW Auto Group vehicles. As EVs grow in popularity, investment in these proprietary networks will pay off — who would buy a Chevy if the gas stations served only Ford owners? If anyone missed the importance of infrastructure, it's Toyota.

Fiat reveals new Aegea Project sedan in Istanbul

You'd be forgiven for boiling Fiat down to the 500 and its growing roster of spinoffs, but overseas the Italian brand sells a wide range of models. Like this new sedan, for example. Unveiled today at the Istanbul Motor Show is the Fiat Aegea Project, in reference to the sea on the western shore of Turkey, where FCA operates one of its largest plants. The Fiat Aegea Project has about the same exterior dimensions as a Ford Focus sedan, with room for five and an array of gasoline and diesel engines ranging from 95 horsepower to 120, mated to a manual or automatic transmission. While tacking a trunk on to a hatchback (or carving a notch out of a sport wagon) may be common practice with some of its competitors, the Aegea was designed from the get-go as a three-box sedan, giving it better balanced proportions. Design work was carried out in Italy at the company's Centro Stile, with development undertaken at the Tofas R&D center adjacent to the Bursa plant where it will be built. Though sure to get a different name before it reaches production, the Aegea is slated to go on sale in Turkey this coming November before rolling out to 40 more markets in Europe, the Middle East and Africa. Just don't expect it to see it nestled between a couple of neo-Cinquecentos in showrooms Stateside. Related Video: NEW FIAT AEGEA PROJECT DEBUTS AT ISTANBUL MOTOR SHOW - The new FIAT compact sedan makes its debut today at the Istanbul Motor Show, in recognition of Turkey's strategic importance to FIAT Chrysler Automobiles global operations - Conceived from the outset as a three box sedan, it combines harmonious design with highly efficient use of space - The name of the project – FIAT Aegea Project – also pays tribute to Turkey's pivotal role in its development, manufacture and anticipated success - On sale from November in Turkey, it will gradually reach over 40 countries across Europe, the Middle East and Africa The all-new FIAT compact sedan debuts today at the Istanbul Motor Show. Designed in Italy at the FIAT Chrysler Automobiles Centro Stile, and developed in Turkey together with Tofas R&D, one of FCA's largest research and development centres, the new model will be manufactured in the Bursa plant in Turkey, which has been designated Gold Medal status by World Class Manufacturing in recognition of its efficiency, quality and eco-friendliness.