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Fiat Chrysler profit up as it closes in on retiring its debt

MILAN — Fiat Chrysler Automobiles reduced its debt by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year. Chief Executive Sergio Marchionne expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros ($5 billion) in net cash by the end of the year. Marchionne has said that forecast does not include any one-off measures, nor the impact of the planned spinoff of parts maker Magneti Marelli, which he hopes to execute by early 2019. The world's seventh-largest carmaker said on Thursday net debt had fallen to 1.3 billion euros ($1.6 billion) by the end of March, well below a consensus forecast of 2.6 billion euros in a Thomson Reuters poll of analysts. FCA said capital spending fell 900 million euros in the quarter due to "program timing," which analysts said implied higher investments for the rest of the year. The Italian-American group said first-quarter operating profit rose 5 percent to 1.61 billion euros, below a consensus forecast of 1.74 billion, as a weaker performance from its North American profit center weighed. Shipments there were higher due to the new Jeep Wrangler and Compass models. But currency moves hit revenues and earnings, and costs related to new product launches added to the pressure. FCA's shift to sell more trucks and SUVs boosted margins yet again in North America to 7.4 percent from 7.3 percent in the same quarter a year ago, although they were down from the 8 percent recorded in the preceding three months. Marchionne, preparing to hand over to an internal successor next year, is close to his goal of ending a margin gap with larger U.S. rivals General Motors and Ford. The 65-year-old has said becoming debt free and being able to compete on a par with U.S. peers would mean FCA no longer needed a partner to survive and could well succeed on its own. The CEO has previously said tying up with another carmaker would help to meet the huge costs in an industry investing in electric vehicles and automated driving. FCA shares fell immediately after the results, but recovered to trade up 3 percent at 19.71 euros by 1150 GMT, outperforming a 0.4 percent rise in Europe's blue-chip stock index. ($1 = 0.8214 euros) Reporting by Agnieszka FlakRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Chrysler recalls 2013 Ram pickups, 2014 Jeep Grand Cherokee

Chrysler's spate of successful products is about to be marred by a trio of recalls. The Pentastar is recalling 51,477 Ram trucks and Jeep SUVs. According to the National Highway Traffic Safety Administration, there have been no reported accidents, injuries or deaths related to the affected vehicles.
The largest action covers the Ram 1500, which is seeing 45,961 trucks being recalled. Models built between June 26, 2012 and February 5, 2013 are being recalled due to a potential software issue in the electronic stability control. Apparently, the system can be randomly deactivated upon vehicle startup.
Chrysler is also recalling 4,458 2014 Jeep Grand Cherokee models. Covering everything but the SRT models, the potentially defective SUVs were built between January 14 and March 20, 2013. This recall focuses on "premium headlights," which means cars equipped with LED running lights. During the switch from the bright daytime running lamp setting to the low-intensity parking light setting, an electrical spike can cause one of the Jeep's computers to go into a safe mode, turning off the LEDs. This violates Federal Motor Vehicle Safety Standards.

Jeep owner inadvertently receives 2018 Wrangler hood from scrapyard

After an apparent mix-up, FCA may be looking for a new scrapyard to which to send prototype parts. JLWranglerForums.com member Redrockjk recently purchased a used Wrangler hood from a yard near the FCA proving grounds. When he ordered it, he thought it was from a 2014 model, and while it looked very similar to his current hood, after installing he discovered something unusual. It was too long. From what we can see in the photos from JLWranglerForums.com, the leading edge of the hood sticks out roughly two inches from the top of the Wrangler's grille. The greater length is also clear when the hood is placed next to its likely predecessor. The receivers for the exposed latches are also too far forward to be used on a current Wrangler. Redrockjk also said there wasn't a VIN or a part number anywhere on the hood. As if those details weren't a big enough red flag, Redrockjk reported that the used parts supplier contacted him to ask for the hood back. We reached out to Jeep to see if they could confirm if this is a hood for the next-generation Wrangler. Unsurprisingly, the company had no comment at this time. Considering the details, and the proximity of the scrapyard to an FCA proving ground, there's a better than zero chance this is from a pre-production 2018 Wrangler sent to the yard to be scrapped. No word on whether the hood was aluminum, as has been rumored. Except for the length, the part fits pretty well on the current model. The hood vents present are also similar to those found on some current models. It's one more piece of evidence that the next Wrangler won't stray far from a proven formula. Related Video: Featured Gallery 2018 Jeep Wrangler Hood News Source: JLWranglerForums.comImage Credit: JLWranglerForums.com Spy Photos Jeep SUV Off-Road Vehicles forum wrangler forums