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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.

FCA CEO says the Ram 1500 Classic will live on, might even get an update

Ram intends to keep selling the 1500 Classic pickup truck for an unknown amount of time. According to a report from Motor Trend, FCA CEO Mike Manley during the company’s second-quarter earnings call said there are no plans to discontinue the old truck. Not only this, but Manley also suggested that Ram could give the Classic an update. In case you werenÂ’t familiar with RamÂ’s strategy of selling the 1500 Classic alongside the regular 1500, weÂ’ll lay it out for you: Ram released a completely new 1500 for the 2019 model year. Instead of discontinuing the truck it was selling before the new model, Ram continues to produce it under the 2019 Ram 1500 Classic name. Despite it being a 2019 model year truck, the Classic is the last-generation Ram. This is done so that Ram can offer customers a full-size truck option than is cheaper than the fancy new truck is capable of dipping down to. The 2019 Ram 1500 Classic starts at $29,340, whereas the regular 1500 has a base price of $35,135. If that makes a difference for enough people, then it makes financial sense for the old truck to stick around. However, Ram appears to be considering giving the old truck some new tricks, according to Manley. If that idea comes to fruition, then the Classic will start to look like an even better value proposition than it is today. Ram would have to act quickly, though, as the old truck just accelerates its aging by the day as each new pickup hits the market. Sales of the Classic were certainly an important contributor in the battle with Chevy to takeover the number two spot in the pickup wars. An even more attractive offering for the same low price sounds like a short-term winner to us. If Ram does refresh the 1500 Classic for 2020, donÂ’t expect it to last much longer beyond that model year, though. ItÂ’s already on life support at this point, and the new 1500 feels years ahead of it in every way.

Who are Mike Manley, Louis Camilleri, and Suzanne Heywood?

MILAN – Fiat Chrysler aid on Saturday that boss Sergio Marchionne, 66, would not be returning to work because he was gravely ill. In addition to being FCA chief executive, Marchionne was also CEO and chairman of luxury sports car brand Ferrari and chairman of truck and tractor maker CNH Industrial, which were spun off from FCA in recent years. Following is a brief summary on the executives who have been appointed to replace him in the various roles: MIKE MANLEY The 54-year-old Briton picked to become the FCA's new CEO has been leading the group's top brand Jeep since 2009, first as Jeep President and CEO at Chrysler and then as FCA's Jeep head. In 2015 he was also appointed head of the Ram brand. Under his tenure, Jeep turned into a global brand becoming, together with Ram, FCA's profit engine. Jeep sold nearly 1.4 million cars last year compared with less than 338,000 in 2009. Manley had worked as DaimlerChrysler's head of network development in Britain since 2000, having earlier worked for several years in car dealership. At Chrysler, he headed product planning and all sales activities outside of North America and then became the group's chief operating officer for Asia and the lead executive for the international activities outside of NAFTA. LOUIS CAMILLERI The new Ferrari CEO was already a board member at the luxury sportscar maker before his latest appointment. He is also the chairman of Philip Morris International, where he also held the job of CEO from 2008 to 2013. Born in 1955, Camilleri had joined Altria Group, which controls Philip Morris, in 1978 holding various positions until he became chief financial officer in 1996 and then CEO in 2002. Camilleri was also chairman of Kraft Foods from 2002 to 2007. Malta's Prime Minister Joseph Muscat wished Camilleri luck on Twitter saying he was proud to have "a bit of Malta in Ferrari" thanks to the new CEO, who was born in Egypt to Maltese parents. SUZANNE HEYWOOD The new, British-born chairwoman of CNH Industrial has been since 2016 the managing director of EXOR, the holding company through which the Agnelli family controls FCA. Heywood, 49, started her career at the British Treasury and then joined McKinsey in 1997, leading for many years the consultancy firm's global service line on organization design. She eventually became a senior partner there. Heywood sits on the board of The Economist, which is controlled by EXOR, and the board of the Royal Opera House, where she is also deputy chair.