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Fiat Chrysler's Q3 profit boosted by strong North American earnings

MILAN, Italy — Fiat Chrysler Automobiles (FCA) reported a 17 percent jump in third-quarter adjusted operating profit on Tuesday, helped by a strong performance in its key North American market and improving operations in Europe and Latin America. The world's seventh-largest carmaker still makes the lion's share of its profits in North America, so improving, or at least maintaining, its margins there is a key focus. The carmaker reported an 8 percent adjusted operating profit margin in the region, up from 7.6 percent a year ago, despite a drop in sales and shipments. "FCA's profitability in North America remained strong in the quarter despite a weakening market there," a Milan-based analyst said. FCA's profitability compares with an 8.3 percent North America margin reached in the quarter by bigger U.S. rival GM , showing CEO Sergio Marchionne making progress towards his goal of closing the margin gap with GM and the company's other U.S. rival, Ford, by 2018. The company's confirmation of its full-year outlook also pushed shares higher, a trader added. The stock was up 2.8 percent by 1129 GMT, outperforming a 1 percent rise in the European auto index. FCA has been retooling some U.S. factories to boost output of sport-utility vehicles (SUVs) and trucks while ending production of some unprofitable sedans to strengthen profitability as the U.S. car market comes off its peak. The company said a drop in North America shipments due to lower fleet sales and discontinued models was partially offset by higher deliveries of Ram trucks and two models from the Alfa Romeo stable: the Stelvio sport utility vehicle and Giulia sedan. Profitability also improved in Europe, helped by sales of the Stelvio and the new Jeep Compass, and Latin America, while margins at Maserati remained strong at 13.8 percent due to strong demand for its first SUV, the Levante. In a later conference call, investors are looking for hints on the new strategy to 2022 which the company promised to unveil early next year. Chief Executive Sergio Marchionne said earlier this year that FCA would streamline its portfolio and that components businesses, including Magneti Marelli, would be separated from the group, possibly via a spin-off. While FCA confirmed its targets this year, doubts remain about its exposure to a weakening U.S. market, recall costs and potential fines over emissions after it was targeted by European and U.S.

Ram Revolution wants your ideas for electric 1500 pickup

Last week, we reported that Stellantis had trademarked the term “Ram Revolution,” and that it was a potential clue to what the pickup brand would name its upcoming electric 1500 truck. Today, we learn from Ram itself that Ram Revolution is not necessarily the name of a product, but rather a program to gather input for what that product should be. Ram has launched RamRevolution.com in order to do just that, as well as to keep customers apprised of its progress as it works toward the launch of its “1500 Battery Electric Vehicle” in 2024. The accompanying images you see here are RamÂ’s concept for the upcoming EV, which will incorporate learnings from Ram RevolutionÂ’s crowdsourced feedback. Ram is also launching a Ram Real Talk Tour, in which it will solicit “a series of year-long conversations with consumers at various events to better understand what the next generation of Ram Trucks and Vans must do to meet their needs.” Have ideas for what you want your electric Ram 1500 to be, do or look like? Ram wants to hear them. Regardless, Ram says the truck will be “powerful and capable,” and able to perform the regular pickup duties of towing. We already know that it plans to use its STLA Frame EV platform to underpin the 1500 BEV, with a battery capacity up to 101-118 kWh and providing up to 500 miles of range. Ram also says it “will push past what competitors have announced and what customers expect, to deliver a fuller portfolio of technology with more range, power, productivity and convenience.” With products like the Ford F-150 Lightning, GMC Hummer EV, Chevy Silverado EV, Rivian R1T, Lordstown Endurance and other electric pickups all coming to market, Ram has its work cut out for it. “Launched as a standalone truck brand in 2009, Ram revolutionized the pickup truck segment once, and is laser-focused on doing so again with the best electric trucks on the market,” said Ram CEO Mike Koval, Jr.  “Our new Ram Revolution campaign will allow us to engage with consumers in a close and personal way, so we can a gather meaningful feedback, understand their wants and needs and address their concerns – ultimately allowing us to deliver the best electric pickup truck on the market with the Ram 1500 BEV.” This Ram 1500 BEV will be the brandÂ’s first big step into the electric age (itÂ’s already taken a small step with plans to launch the ProMaster EV in 2023), with all of its truck and van segments offering electrified variants by 2030.

Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.