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FCA profits surge in second quarter

Fiat Chrysler Automobiles gave the cash register a beating in the second quarter, improving its net profit to 333 million euros ($364M US), which is a 263-percent jump over its reported Q1 profit of 92 million euros ($108M US). At the same time, FCA improved its global profit margin to 7.7 percent. Compared year-over-year, in Q2 2014 FCA reported net profit of 197 million euros making this year's Q2 a 69-percent increase, and profit margins a year ago were 4.9 percent. The two big factors for this increase are strong NAFTA sales and Jeep. In the US alone, Jeep sold 222,940 units in Q2 this year, a jump of almost 20 percent over the same period last year. Revenue in the NAFTA region totaled $18.8 billion, adjusted earnings before interest and taxes were $1.45 billion, both of those numbers more than doubling compared to 2014. The vastly better numbers come on marginally more global sales, 1,181,000 units sold in Q2 2014, 1,193,000 units sold in the same span this year. In the US, FCA began charging dealers one-percent more for vehicles to up the margins, a move that helped boost its US margin from 4.1 percent a year ago to 5.8 percent the first half of this year. The company is holding steady on its guidance of global deliveries at 4.8 million and its net profit guidance at $1.1 to $1.3 billion. It has increased its adjusted outlook for the year to $120.5 billion in revenue, and EBIT to "over $4.93 billion." News Source: Automotive News - sub. req.Image Credit: AP Photo/Carlos Osorio Earnings/Financials Chrysler Fiat Jeep FCA

Stellantis axed the SRT engineer team, but performance isn't going away

Stellantis has broken up the Street & Racing Technology (SRT) engineering team that created over a dozen high-performance vehicles, including the Dodge Charger Hellcat, but the situation isn't as dire as it sounds. The newly-formed company assigned SRT's former engineers to different positions, where they'll continue to make hot rods. "All of the core elements of the SRT performance engineering team have been integrated into our company's global engineering organization," a spokeswoman told enthusiast website Mopar Insiders. She added that integrating SRT's personnel into other brands in the Stellantis portfolio will ensure that the lessons learned from decades of peddling speed will permeate other products. Previously, SRT operated with a high degree of independence. Don't get too excited. Her statement does not necessarily mean that Citroen will begin building cars powered by the Hellcat engine, though a C3 Chat D'enfer sounds absolutely epic. Technology transfer will likely be limited to fields like aerodynamics and thermal management, and the design department might learn a couple of neat new tricks. Dodge will still move forward with the development of its next SRT-branded cars; the decision to dissolve the SRT team will not affect future models, according to the spokeswoman. Whether they'll be powered by a V8 is up in the air, because company boss Tim Kuniskis warned that regulations are killing the eight-cylinder engine. Similarly, Jeep will continue designing high-performance models, like the Grand Cherokee Trackhawk. What changes is that the model will be developed and designed by a group of engineers and designers from Jeep, not from SRT. SRT is dead, but performance isn't going away. SRT's demise nonetheless marks the end of an era for Chrysler. The division traces its roots to 1989, when some of the company's brightest minds were brought together to develop the first-generation Dodge Viper. It merged with Team Prowler to form the Specialty Vehicle Engineering (SVE) group, which was renamed Performance Vehicle Operations (PVO) in 2002 and finally dubbed SRT in 2004. SRT has operated as the carmaker's in-house tuner since, its resume includes a diverse selection of cars ranging from the Neon SRT-4 to the 1500 TRX, and it was promoted to a standalone brand led by designer Ralph Gilles in 2011. Fiat-Chrysler Automobiles (FCA) axed the SRT brand in 2014 but kept the name and the development team. Related video:

Chrysler Recalling Nearly 907,000 Cars, SUVs

Nearly 907,000 Chrysler, Dodge and Jeep SUVs and cars are being recalled for alternators that can fail and heated power mirror wiring that can short and cause minor fires. The recalls, posted Thursday by U.S. safety regulators, push the total number of recalls so far this year 544, totaling a record of more than 52 million vehicles. The largest of Thursday's recalls covers nearly 470,000 Jeep Grand Cherokees, Chrysler 300s, and Dodge Chargers, Challengers and Durangos from the 2011 through 2014 model years. The alternators can fail, causing the 3.6-liter V6 engines to stall unexpectedly. The problem also can cause the electrical system to fail, as well as knock out power-assisted steering, antilock brakes and electronic stability control. It can even cause fire or smoke, according to documents Chrysler filed with the U.S. National Highway Traffic Safety Administration. NHTSA opened an investigation into the problem in July, and Chrysler began its own probe in August. The company analyzed warranty complaints and alternators that had failed. The alternator generates electricity to recharge the battery and run other devices. Chrysler investigators traced the problem to heat fatigue in an alternator diode. Chrysler said it received 322 complaints about the problem, while 55 people complained to NHTSA. The company said it knows of one crash related to the problem, but no injuries or fires. The company will replace the alternators with upgraded versions for free. Owners will be notified in November. The company says customers who see warning lights or suspect a problem should contact their dealers. The recall affects cars and SUVs sold mainly in the U.S. and Canada, but some were sold in Mexico and overseas markets. The second recall covers almost 437,000 Jeep Wranglers from 2011 through 2013. Water can find its way into the heated power mirror wiring harness and cause corrosion. That can cause a short and could cause a minor fire and smoke, as well as cause loss of function of the mirror. The problem was discovered in February after three Wranglers in Canada were damaged. Chrysler says it has 26 complaints about the problem, but it knows of no fires, crashes or injuries. Dealers will move the wiring and install a protective shield to keep water out at no cost to owners, starting in December. Most of the Wranglers are in the U.S., Canada and Mexico, but more than 78,000 were sold overseas.