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Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.

2022 Ram 1500 Review | Still great, but is it still best?

Things have gotten interesting. The 2022 Ram 1500 remains every bit the exceptional pickup it's been since being completely redesigned three years ago. From the humble Tradesman all the way up to the indulgent Limited (with the stupefying Ram TRX on its own high-octane plane of existence), the Ram is a thoughtfully designed truck with distinctive features and a compelling lineup of build combinations. It satisfies the nuts-and-bolts capability requirements of a serious truck, while boasting shockingly refined road manners and a knock-out interior. It's a winner. The wrinkle is that this winner's league just got a whole lot harder this season. Last year's updated Ford F-150 saw the addition of a hybrid powertrain Ram can't match, plus chassis refinements that wipe out much of the Ram's previous on-road advantages. For 2022, there's an all-new Toyota Tundra that counts a rear coil-spring suspension (just like the Ram) among its multitude of improvements, while the 2022 Chevy Silverado and GMC Sierra see their laughable interiors get replaced by what appear to be cabins that are every bit the equal (if possibly better) than the Ram in terms of design, quality and feature content. Apart from the Ford, we have yet to spend enough time with these updated competitors to make any definitive statements about which is now the best (OK, so it's probably not the Tundra), but the Ram definitely remains in the running. Interior & technology   |   Passenger & cargo space   |   Performance & fuel economy What it's like to drive   |   Pricing & features   |   Crash ratings & safety features What's new for 2022? The new Uconnect 5 tech interface is added to the Ram 1500, starting with the Big Horn trim level. It's four times faster and has three times more memory than Uconnect 4 (which was one of the better systems out there as-is). The Trailer Tow Group adds four LED lights directly above the hitch, and a new Clean Air system is now standard, filtering out 95% of air particulates. Then there's the annual Ram tradition of new models and appearance packages, most of which are pictured in the above gallery. The new Laramie G/T and Rebel G/T (pictured above left) are fully described here. The BackCountry, which builds upon the Big Horn/Lone Star, adds a body-color grille surround, black-accented two-tone paint and various black-painted exterior parts. On the other end of the trim level spectrum, the mighty TRX gains an Ignition variant.

Analysts wary over FCA lawsuit but say emissions not as bad as VW

MILAN - Any potential fines Fiat Chrysler (FCA) may need to pay to settle a US civil lawsuit over diesel emissions will unlikely top $1 billion, analysts said, adding the case appeared less serious than at larger rival Volkswagen. The US government filed a civil lawsuit on Tuesday accusing FCA of illegally using software to bypass emission controls in 104,000 vehicles sold since 2014, which it said led to higher than allowable levels of nitrogen oxide (NOx) that are blamed for respiratory illnesses. FCA's shares dropped 16 percent in January when the U.S. Environmental Protection Agency (EPA) first raised the accusations, adding the carmaker could face a maximum fine of about $4.6 billion. The stock has been under pressure since. Volkswagen agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers. FCA, which sits on net debt of 5.1 billion euros ($5.70 billion), lacks VW's cash pile but analysts said its case looked much less severe. While VW admitted to intentionally cheating, Fiat Chrysler denies any wrongdoing. Authorities will have to prove that FCA's software constitutes a so-called "defeat device" and that it was fitted in the vehicles purposefully to bypass emission controls. Even if found guilty, the number of FCA vehicles targeted by the lawsuit is less than a fifth of those in the VW case. Applying calculations used in the German settlement, analysts estimate potential civil and criminal charges for Fiat Chrysler of around $800 million at most. Barclays has already cut its target price on the stock to take such a figure into account. Analysts also noted that FCA's vehicles are equipped with selective catalytic reduction (SCR) systems for cutting NOx emissions, so it is likely that any problem could be fixed through a software update. "Should this be the case, we estimate a total cost per vehicle of not more than around $100, i.e. around $10 million in aggregate," Evercore ISI analyst George Galliers said in a note. The estimates exclude any additional investments FCA may be asked to make in zero emissions vehicles infrastructure and awareness as was the case with VW. FCA said last week it would update the software in the vehicles in question, hoping it would alleviate the regulators' concern, but analysts said it may have been too little too late. The carmaker is also facing accusations over its diesel emissions in Europe.