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Fiat Chrysler profit up as it closes in on retiring its debt

MILAN — Fiat Chrysler Automobiles reduced its debt by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year. Chief Executive Sergio Marchionne expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros ($5 billion) in net cash by the end of the year. Marchionne has said that forecast does not include any one-off measures, nor the impact of the planned spinoff of parts maker Magneti Marelli, which he hopes to execute by early 2019. The world's seventh-largest carmaker said on Thursday net debt had fallen to 1.3 billion euros ($1.6 billion) by the end of March, well below a consensus forecast of 2.6 billion euros in a Thomson Reuters poll of analysts. FCA said capital spending fell 900 million euros in the quarter due to "program timing," which analysts said implied higher investments for the rest of the year. The Italian-American group said first-quarter operating profit rose 5 percent to 1.61 billion euros, below a consensus forecast of 1.74 billion, as a weaker performance from its North American profit center weighed. Shipments there were higher due to the new Jeep Wrangler and Compass models. But currency moves hit revenues and earnings, and costs related to new product launches added to the pressure. FCA's shift to sell more trucks and SUVs boosted margins yet again in North America to 7.4 percent from 7.3 percent in the same quarter a year ago, although they were down from the 8 percent recorded in the preceding three months. Marchionne, preparing to hand over to an internal successor next year, is close to his goal of ending a margin gap with larger U.S. rivals General Motors and Ford. The 65-year-old has said becoming debt free and being able to compete on a par with U.S. peers would mean FCA no longer needed a partner to survive and could well succeed on its own. The CEO has previously said tying up with another carmaker would help to meet the huge costs in an industry investing in electric vehicles and automated driving. FCA shares fell immediately after the results, but recovered to trade up 3 percent at 19.71 euros by 1150 GMT, outperforming a 0.4 percent rise in Europe's blue-chip stock index. ($1 = 0.8214 euros) Reporting by Agnieszka FlakRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Toy, hauler | 2017 Ram Power Wagon Video Review

When you're bouncing along in a 2017 Ram 2500 Power wagon over the washboard silt roads of the Valley of Fire, just outside of Las Vegas, it's a bit of a shock to realize how comfortable you are. We'd driven a convoy of brand new Ram Power Wagons out from a city improbably emerging from the scrub into a land of red rocks and sand. Inhospitable territory full of thrill-seekers in Jeeps and four-seat ATVs, flinging sand and bouncing their tall signal flags about. The varied terrain, transitioning from hard-packed silt to rocky paths to deep sand at any point, provided the perfect environment to see if the Power Wagon can live up to its billing – check out the video above to see how it handled the gnarly stuff. Back in 1945, the Power Wagon and comfort were not really thought of together. Like the Jeep, these thoroughly mil-spec trucks were heading home from overseas, where they'd served as weapon carriers and utility rigs. The all-business truck was a bit like a heavy-duty Willys Jeep with a bed, and instead of the convertible military cab, Dodge bolted on a pre-war civilian cab. They had more amenities than a tractor (windows! A roof!), but no one would call 'em coddling. The advertising of the day shows them digging ditches, plowing fields, erecting utility poles. You could use the rear power take-off to run a portable sawmill – pure denim and dust work. The brief has clearly evolved a bit – the PTOs disappeared as the truck evolved from a dedicated platform for serious work to more of a heavy-duty trim on Ram's conventional pickups, and then disappeared for a quarter-century until reemerging in 2005. To put it succinctly, the latest 2500 Power Wagon has off-road chops that pass the laugh test, and real working payload and towing capabilities, all in one package. We didn't tow or haul with the Power Wagon on this trip, but we really didn't have to. The Power Wagon is mostly standard 2500 fare: solid axles front and rear, taking power from the familiar truck-spec 6.4-liter Hemi V8. It'll haul up to 1,510 pounds in the bed, and tow up to 10,030 pounds. We know these trucks; they do this kind of work easily and without complaint. What's surprising is how well it does the work without much compromise. As you can see in the video above, the ride's as stiff as on a normal 2500 pickup, maybe a hair stiffer, but plenty tolerable for a long haul on the interstate.

Fiat previews new Toro sport-utility pickup

Fiat is preparing to roll out a new midsize pickup. We've seen spy shots of the prototype running around, but heavily camouflaged as it was, we didn't get much indication of what it would look like – and even less about its name. But now the Italian automaker has given us an indication of both. Previewed in the teaser image above is the forthcoming new Fiat Toro. The vehicle is billed as a "sport-utility pickup," which Fiat touts as a new segment, though there are already plenty of vehicles out there that aim to blur the line between pickup and SUV. Models like the Honda Ridgeline and Chevy Avalanche come to mind, but the Toro is likely to be smaller than either – more like the long-gone Ford Explorer Sport Trac that bridged the gap between the old truck-based Explorer and the Ranger pickup or the Subaru Baja. Whatever it ultimately looks like, the Toro will be limited – at least initially – to the Latin American market. There it's set to be introduced early next year by Fiat Automoveis Brasil, which also offers the Strada pickup car. Whether the Toro ever makes it out into other markets remains to be seen, but we wouldn't hold out too much hope of getting a Ram version this far north as Chrysler doesn't think there's a market for compact or mid-size pickups in America to replace the old Dakota. Related Video: