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Fiat Chrysler will invest up to $1.5 billion to build EVs in Windsor

Fiat Chrysler Automobiles will invest between $1.35 billion and $1.5 billion in its Windsor assembly plant in Canada to build electric vehicles as part of a tentative deal with Canadian autoworkers, Unifor National President Jerry Dias said on Thursday. The auto union said FCA would invest in a state-of-the-art vehicle platform that will enable the assembly of plug-in hybrid and battery electric vehicles, with at least one new model in 2025. The announcement comes less than a month after Unifor said Ford would invest $1.46 billion in its Oakville and Windsor plants. "Not only is Fiat-Chrysler maintaining the current portfolio but they will be investing three derivatives to enhance the current portfolio," Dias said. Unifor also said it expects to extend the life of the Chrysler 300, a rear-wheel-drive luxury car and introduce multiple derivatives of the Dodge Charger and Challenger. The union said as many as 2,000 jobs would be added in 2024 at the Windsor plant. Market forecasting firm LMC Automotive on Thursday said it would take until 2024 for U.S. vehicle sales to recover from the coronavirus downturn and get close to the 17 million vehicles sold in 2019. Ratification meetings for the FCA deal will happen over the weekend, and members will vote on whether to accept the agreement on Sunday. The union is expected to begin negotiations with General Motors's Canadian unit next week. Related Video: Green Hirings/Firings/Layoffs Plants/Manufacturing UAW/Unions Chrysler Dodge Fiat Jeep RAM Coupe Electric Sedan windsor

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.

Jeep Gladiator high-speed off-roader reportedly in development

Before the 2020 Jeep Gladiator was revealed, it seemed like there was a never-ending flow of tidbits leaking out about the truck. Now it's out, and while the flow has slowed, there are still interesting reports floating about. The latest comes from Jeep Gladiator Forum, which cites an anonymous inside source as saying there's a high-performance version of the pickup coming designed for fast off-roading similar to a Ford F-150 Raptor or Chevy Colorado ZR2. We reached out to Jeep regarding the possible truck, and a representative said the company had no comment. That's certainly exciting news if it turns out to be correct, but there are reasons not to get your hopes up just yet. The forum reports that the truck is in the early stages of development, and it's still being decided whether there's enough of a market for it. From our perspective, such a model is neither a dead end nor a shoo-in. Certainly there are people willing to buy fast off-roaders, as the aforementioned Raptor and ZR2 have shown. Also, Jeep has proven that people are willing to spend a lot on Wranglers, both from the factory and on aftermarket parts, so an even more expensive model wouldn't necessarily put people off. So those are two important points in favor of a fast Gladiator. Points against a fast Gladiator start with the existing Gladiator Rubicon. While it isn't necessarily designed for bashing dunes, it does come with a huge amount of trail-ready equipment already. It has differential locks and anti-roll bar disconnects, big tires and burly shocks. On slower trails, it may already be as capable as the Colorado ZR2, which would be the closest competitor to the hypothetical high-po Gladiator. And since the Gladiator Rubicon will be available with comparable engines to the ZR2, would something more potent be necessary? It would seem that to further differentiate, the Gladiator might need more power. That's certainly possible by way of a V8 transplant, but that would mean a lot of money spent on getting the engine to fit, making it reliable, getting it emissions compliant, and ensuring the drivetrain is strong enough. All those costs would make it harder to get approved. We may sound a bit pessimistic, but don't get us wrong, we would be excited to see a high-speed Gladiator, or any other Jeep for that matter. But we also want to be realistic, and there are certainly some significant hurdles to bringing such a truck to market. Related Video: