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Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

Fiat/PSA's dominance in small vans hangs up EU's merger approval

BRUSSELS — EU antitrust regulators are concerned about Fiat Chrysler and Peugeot / PSA's combined high market share in small vans and may require concessions to clear their $50 billion merger, people familiar with the matter said. The companies, which are seeking to create the world's fourth biggest carmaker, were told of the European Commission's concerns last week. If Fiat and PSA fail to dispel the European Commission's doubts in the next two days and subsequently decline to offer concessions by Wednesday, the deadline for doing so, the deal would face a four-month-long investigation. The EU competition enforcer, which has set a June 17 deadline for its preliminary review, declined to comment. Fiat was not immediately available for comment while PSA had no immediate comment. Hiving off overlapping businesses, usually a regulatory demand to ensure more competition, could prove tricky for the carmakers because of the technicalities. Fiat and PSA are looking to merge to help offset slowing demand and shoulder the cost of making cleaner vehicles to meet tougher emissions regulations. The deal puts under one roof the Italian carmaker's brands such as Fiat, Jeep, Dodge, Ram, Maserati and the French company's Peugeot, Opel and DS. Related Video: Government/Legal Chrysler Dodge Fiat Jeep Maserati RAM Citroen Opel Peugeot

Maserati expands Quattroporte cable recall to 1,000 units

It was nearly two years ago that Maserati issued a recall for a number of Quattroporte sedans. At the time, the recall only affected 63 units in the United States. But now the Italian automaker has broadened that campaign to include nearly 1,000 examples across the country. The issue in question is related to the battery positive cable for the alternator and starter motor, the insulating cap of which may not have been installed correctly. The cable may not have been secured properly in the engine bay, too. According to the statement below from the National Highway Traffic Safety Administration, the problem could increase the likelihood of the cable shorting out, causing the wiring harness to overheat and potentially start a fire, or the engine to stall and potentially cause the vehicle to crash. The expanded recall still only affects certain examples of the 2014 Maserati Quattroporte GTS with the V8 engine – namely those manufactured between October 1 and December 31, 2013. That now includes an estimated 984 vehicles in the United States, the owners of which can expect to hear from their local dealer to have the cable inspected and, if necessary, replaced. Related Video: RECALL Subject : Starter Motor Cable may Short to Ground Report Receipt Date: OCT 21, 2015 NHTSA Campaign Number: 15V686000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 984 Manufacturer: Maserati North America, Inc. SUMMARY: Maserati North America, Inc. (Maserati) is recalling certain model year 2014 Quattroporte GTS V8 vehicles manufactured October 1, 2013, to December 31, 2013. In the affected vehicles, the battery positive cable for the alternator and starter motor may not have its insulating cap installed properly at the starter motor. Additionally, the cable may not be adequately secured in the engine bay. These factors may result in the cable shorting to ground. CONSEQUENCE: If the battery positive cable shorts to ground, the wiring harness may overheat, resulting in a fire. The car also may stall, increasing the risk of a crash. REMEDY: Maserati will notify owners, and dealers will inspect the vehicle to verify that the starter motor cable has a properly installed protective cap and that the cable is adequately secured. If not, the starter motor cable assembly will be replaced. These repairs will be performed free of charge. The recall is expected to begin November 11, 2015. Owners may contact Maserati customer service at 1-201-816-2600.