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Chrysler reports $166M net income for Q1, down $307M vs. 2012

Preliminary first-quarter results from 2013 have been announced by Chrysler, and the company is reporting a net income of $166 million on revenue of $15.4 billion. Compared to this period last year, net income is down $307 million and revenue has dropped $1 billion.
Chrysler says that its quarter was negatively affected by the costs associated with launching its 2013 Ram Heavy Duty, 2014 Jeep Grand Cherokee and preparation for the return of the all-new 2014 Jeep Cherokee pictured above. The launches should provide a strong second half of 2013, says the automaker. "We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Chrysler Group LLC Chairman and CEO Sergio Marchionne.
On a positive note, the automaker says worldwide vehicle sales are up 8 percent from one year ago, a number pushed by a 12 percent bump in U.S. retail sales. In addition, domestic market share has risen slightly, up to 11.4 percent from 11.2 percent last year. Read more in the official statement below.

Chevy, Kia and Jeep win 2020 North American Car, Utility and Truck of the Year

Although the Detroit Auto Show is moving to the summer, the North American Car, Utility and Truck of the Year (NACTOY) awards were again announced in January. The car of the year is the 2020 Chevy Corvette Stingray. Utility of the year is the 2020 Kia Telluride. Truck of the year is the 2020 Jeep Gladiator. None of these choices was particularly surprising. All of these cars were major releases that delivered on style, performance and functionality. That being said, the runners-up in each category were noteworthy, too. You can see the full list of finalists below. Car Chevy Corvette (Winner) Toyota Supra Hyundai Sonata Utility Kia Telluride (Winner) Hyundai Palisade Lincoln Aviator Truck Jeep Gladiator (Winner) Ford Ranger Ram HD Follow any of the inline links above to read our reviews on the winners and finalists. Related Video:    

FCA to idle Belvidere Jeep plant again for a week in February

Bloomberg reports that Fiat Chrysler will shut down the Belvidere, Ill., plant that assembles the Jeep Cherokee for a week this month, starting February 17. FCA has been tweaking the plant's headcount and production schedule for a while now, usually downward. The automaker laid off 1,371 workers last February and fired 32 more in May, the same month it eliminated the third production shift. In August, the automaker shut down the plant for one week, then did so again for two weeks last month. As in August and January, FCA explained this month's idling by saying it needs to get production in alignment with demand. Cherokee sales declined 20% in the U.S. last year, helping to account for Jeep's overall 5% domestic drop in 2019. On top of the shutdown, FCA is offering buyouts to certain plant workers among the 3,600 hourly and 300 salaried personnel. The choices are either taking a "separation package" that comes with a $60,000 lump sum payment, or accepting voluntary termination that pays a lump sum based on seniority. Employees that choose a buyout can't return to Chrysler, becoming no longer "eligible for recall, rehire or reemployment." Belvidere personnel have until March 11 to make their decisions. Bloomberg says the aim is to reduce the number of workers with more seniority and higher pay grades; a company spokesperson said the move would "create opportunities for those employees still on layoff," who were lesser-paid. Around 900 of those laid-off workers remain on standby for reassignment to another plant. Analysts predict a soft year for car sales, so FCA might not be the only automaker pruning the rolls. Early estimates have come in below 17 million, and if that comes true, 2020 will be the slowest year since 2014, when 16,531,070 units left lots. The new contract between FCA and the UAW made provisions for Belvidere, which has tempered talk of a total shutdown.The automaker will invest $55 million for "fresh models/features off of the current (KL) platform" that underpins the Cherokee as well as the Chinese-market Jeep Grand Commander (it was previously used for the Dodge Dart and Chrysler 200). Outside of that, some observers think the carmaker could be planning a three-row Chrysler crossover based on the KL platform, akin to the Grand Commander, for the United States. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.