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Ram and Jeep Wrangler drive Fiat Chrysler profits up 61 percent

MILAN — Italian American automaker Fiat Chrysler says fourth-quarter net profits rose by 61 percent, powered by North American sales of the all-new Ram 1500 and Jeep Wrangler. Fiat Chrysler Automobiles on Thursday reported quarterly net profits of 1.29 billion euros ($1.46 billion), compared with 804 million euros in 2017. Revenues rose 6 percent to 30.6 billion euros. North America profits grew by 19 percent to 6.2 billion euros, accounting for the lion's share of the automaker's global profits. The carmaker continued to have trouble in Asia, which swung to a loss due to market weakness in China and more competition in Fiat Chrysler's core SUV market. Europe also lost ground, with profits dipping 44 percent on lower shipments and weaker pricing, while Latin America more than doubled. Based on the company's earnings last year, 44,000 unionized U.S. auto workers will get $6,000 profit-sharing checks. That's $500 more than in 2017, but smaller than U.S. rivals Ford and General Motors. On Wednesday, GM announced that workers would get $10,750, while Ford workers will get $7,600.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Sergio rethinks FCA-GM merger idea, dismisses critics

After many public overtures, Fiat Chrysler Automotive CEO Sergio Marchionne has claimed his company won't be making a hostile takeover bid for General Motors. This is despite widespread speculation that FCA's desire to merge was motivated by its allegedly dire situation. As one unnamed GM exec who spoke to Automotive News earlier this year put it, "Why should [GM] bail out FCA?" "We are not choking. We are in relatively decent shape," Marchionne told journalists attending an FCA shareholder meeting in Amsterdam, AN reports. "We have been publicly rebuffed, we have been rejected and you cannot force these things. I don't want to. At the moment, we have no intention to do anything hostile." Instead of focusing on merging with GM, or any other partners for that matter, FCA will refocus on implementing its ambitious five-year investment plan, which would see it dump $52 billion into its various brands, with a particular focus on Alfa Romeo, Maserati, and Jeep. So far the attempt has largely been unsuccessful, especially as it relates to the Italian brands. Earlier this week, additional reports emerged that claimed Alfa was pushing back the Giulia and an unnamed CUV while reassigning resources to updated versions of the Giulietta and MiTo hatchbacks. This is not the first time we've heard about trouble for the Giulia, of course. For Masearti, though, it was the first we'd heard of delays for Alfieri sports car, which allegedly won't appear in 2016, as promised. We can expect a proper breakdown of FCA's adjusted plans when Marchionne and Company reveal an updated product slate next month. Related Video: The video meant to be presented here is no longer available. Sorry for the inconvenience. News Source: Automotive News - sub. req.Image Credit: Paul Sancya / AP Alfa Romeo Chrysler Fiat GM Jeep Maserati Sergio Marchionne FCA

UPS employees band together to buy car for teen coworker

A young Alabama man got the surprise of a lifetime this week when his co-workers presented him with his very own car for his daily commute. According to the Daily Mail, 19-year-old Derrick Taylor started working at the Oxford, Alabama, UPS freight center a year and a half ago to support his ailing mother. With precious little money left over after bills and healthcare, Taylor had no money to afford a vehicle so he walked the five miles to and from work every day. Despite numerous offers of rides and loans, the young man was too proud to accept even the slightest help from his co-workers. Desperate to do something for him, Taylor's co-workers raised money in secret and bought him a used Jeep Cherokee off a local lot. 'This is a hard working young man. He makes me emotional. This young man wants to work so bad, he walks to work from way out of town," said James Williams, Taylor's safety instructor. "The group here, we've got some good news for you. Everybody came together and you don't have to walk no more. You've got your own ride. We want you to know we appreciate your hard work." Deeply moved, Taylor stood for a moment and wiped tears away before he walked over to check out the Jeep. "I was overwhelmed with joy. No one had ever done anything like that for me so it made me cry and I'm not really the type to show my emotions," he told the Daily Mail. Related Video: News Source: The Daily Mail Auto News Jeep SUV gift