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Fiat Chrysler's Q3 profit boosted by strong North American earnings

MILAN, Italy — Fiat Chrysler Automobiles (FCA) reported a 17 percent jump in third-quarter adjusted operating profit on Tuesday, helped by a strong performance in its key North American market and improving operations in Europe and Latin America. The world's seventh-largest carmaker still makes the lion's share of its profits in North America, so improving, or at least maintaining, its margins there is a key focus. The carmaker reported an 8 percent adjusted operating profit margin in the region, up from 7.6 percent a year ago, despite a drop in sales and shipments. "FCA's profitability in North America remained strong in the quarter despite a weakening market there," a Milan-based analyst said. FCA's profitability compares with an 8.3 percent North America margin reached in the quarter by bigger U.S. rival GM , showing CEO Sergio Marchionne making progress towards his goal of closing the margin gap with GM and the company's other U.S. rival, Ford, by 2018. The company's confirmation of its full-year outlook also pushed shares higher, a trader added. The stock was up 2.8 percent by 1129 GMT, outperforming a 1 percent rise in the European auto index. FCA has been retooling some U.S. factories to boost output of sport-utility vehicles (SUVs) and trucks while ending production of some unprofitable sedans to strengthen profitability as the U.S. car market comes off its peak. The company said a drop in North America shipments due to lower fleet sales and discontinued models was partially offset by higher deliveries of Ram trucks and two models from the Alfa Romeo stable: the Stelvio sport utility vehicle and Giulia sedan. Profitability also improved in Europe, helped by sales of the Stelvio and the new Jeep Compass, and Latin America, while margins at Maserati remained strong at 13.8 percent due to strong demand for its first SUV, the Levante. In a later conference call, investors are looking for hints on the new strategy to 2022 which the company promised to unveil early next year. Chief Executive Sergio Marchionne said earlier this year that FCA would streamline its portfolio and that components businesses, including Magneti Marelli, would be separated from the group, possibly via a spin-off. While FCA confirmed its targets this year, doubts remain about its exposure to a weakening U.S. market, recall costs and potential fines over emissions after it was targeted by European and U.S.

FCA seeking new trial in Jeep fire case, calls $150M judgement 'grossly excessive'

Fiat Chrysler Automobiles is fighting back after a Decatur County, GA jury ordered the company to pay $150 million to the family of a four-year-old boy that was killed after a 1999 Jeep Grand Cherokee crashed and caught fire. The company is requesting the judge reduce the award, and should Walden's family not agree to the lower sum, that a new trial be held. The Detroit Free Press reports that FCA would be forced to pay $120 million over the death of young Remington Walden, with an extra $30 million being paid to the boy's family. Neither figure sits well with the automaker, though, which called the fine "grossly excessive," and claimed it was in violation of Georgia state law. The judgment stems from FCA's long-running problem with the fuel tanks of certain Jeep models built in the 1990s and 2000s. According to the newspaper, FCA argues that the jury was biased after the Waldens' attorneys played on the their passions and pushed for a big award, saying the wrongful death award was 11 times more than any appeals court has ever upheld. FCA said attorneys for the plaintiffs told the jury to base the settlement on Sergio Marchionne's total compensation, $68 million. FCA also claims in its motion that the young boy's suffering was brief. "A $30-million pain-and-suffering award for what plaintiffs acknowledge was at most one minute of suffering is irrational," the motion, which was obtained by The Detroit Free Press, read. "Where such plainly improper arguments are immediately followed by irrational and stunningly excessive damage awards, there can be no doubt that the jury acted from passion and prejudice." Jim Butler, the attorney for the Waldens, has called the motion "nonsense," although he said the family will accept whatever figure the judge sets.

2023 New York Auto Show Live Updates: Hyundai's surprise, Nissan's super stand, '24 Wrangler

The 2023 New York International Auto Show shifts into high gear Wednesday, April 5, and our reporters are already in the city, with events unfolding even as we speak. We'll being seeing cars in person, interviewing automaker insiders and snapping photos of vehicles and all the other oddities that pop up at an event like this and we'll be giving you live updates and color from the show floor along the way.  Ram, Hyundai, Subaru, Kia, VW and Jeep are all expected to show something new this week, and other automakers are known to be hosting off-site events that may produce news — expected or otherwise. Genesis has already revealed its GV80 Coupe, for example, along with the fact that it has been confirmed as a production model. And we're just getting started.  Read on below for our observations from the show floor and points beyond: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.     Green New York Auto Show Genesis Hyundai Jeep Kia RAM Subaru Volkswagen Concept Cars Electric Future Vehicles