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Fiat Chrysler's third-quarter operating profit exceeds expectations

MILAN — Fiat Chrysler on Thursday posted higher than expected operating earnings in the third quarter, lifted by record profitability in North America, as the carmaker heads to a merger with French rival PSA. The strong results led Fiat Chrysler (FCA) to reiterate its full-year guidance of adjusted earnings before interest and tax (EBIT) over 6.7 billion euros ($7.5 billion). It also expects a further improvement of its financial performance in 2020. FCA and PSA said earlier on Thursday they planned to join forces through a 50-50 share swap to create the worldÂ’s fourth-largest automaker, triggering a new wave of consolidation in the car industry. Earnings/Financials Chrysler Fiat

Fiat shareholders green-light Chrysler merger, end of an Italian era

Fiat has just taken a major step away from its Italian heritage, as shareholders officially approved the company's merger with Chrysler. That move will lead to the formation of Fiat Chrysler Automobiles NV, a Dutch company based in Great Britain and listed on the New York Stock Exchange, according to Automotive News Europe.
The company captured the two-thirds majority at a special shareholders meeting, although there are still a few situations that could defeat the movement. According to ANE, roughly eight percent of shareholders opposed the merger, which is a group large enough to defeat the plan, should they all exercise their exit rights outlined in the merger conditions.
Meanwhile, Fiat Chairman John Elkann (pictured above, right, with CEO Sergio Marchionne and Ferrari Chairman Luca Cordero di Montezemolo), the great-great-grandson of Fiat founder Giovanni Agnelli, reaffirmed his family's commitment to the company beyond the merger. Exor, the Agnelli family's holding company, still maintains a 30-percent stake in Fiat.

Fiat Chrysler patent shows a turbocharged inline-six engine

The rumor that Fiat Chrysler is developing an inline six-cylinder surfaced on Allpar more than a year ago. In a follow-up report in December last year, Allpar tapped its sources to add more information, like the codename "Tornado" and the plan for the turbocharged motor to replace the 5.7-liter Hemi V8. Even so, it only made sense to speak of the engine as a rumor at the time. Now we have our first bit of circumstantial evidence, Mopar Insiders having found a patent issued to FCA that uses drawings of an inline-six to describe a system for tracking elements in exhaust gases in a turbocharged inline-six. FCA applied for the patent on November 1, 2017, the U.S. Patent and Trademark Office granted it April 2, 2019. As with everything else in a patent application, the drawing cannot be an accident. The U.S. PTO granted two other engine-related patents to FCA on March 19 and April 2 this year, and FCA used drawings of a V6 in both of those applications. The December Allpar report presumed one version of the Tornado engine would get a single, twin-scroll turbo and slot into service with Chrysler, Dodge, Jeep, and Ram. Another version with twin turbos, and perhaps revised heads, could do time with Alfa Romeo, Maserati, and perhaps SRT. Mopar Insiders doesn't break down turbo count, but cites its sources as revealing an output range of 360 horsepower up to 525 horsepower. FCA's E-Booster technology, originally mentioned as a way to help a revived Alfa Romeo 8C get 700 hp, will enable larger turbos on performance versions of the Tornado I-6. E-Booster electrifies some aspect of the turbocharger — FCA hasn't got into the details yet — to eliminate lag while providing 25 percent more power. Mopar Insiders' output figures would give the engine long enough legs to replace the 3.2-liter and 3.6-liter Pentastar V6s, as well as the 5.7-liter Hemi V8. The site said the Tornado will also replace the canceled 7.0-liter Banshee V8. The 3.0-liter Tornado Global Medium Engine Turbocharged 6 (GME T-6), based on the Hurricane 2.0-liter GME four-cylinder (GME I-4), is expected to go into FCA products around the world. We'll wait to see how the PSA merger might affect allocation. Displacement will come in a hair below three liters so as to avoid tax thresholds in certain countries, and it was said engineers were trying to keep the inline-six no more than three inches longer than the 2.4-liter Tigershark four-cylinder.