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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.

2018 Chrysler Pacifica Hybrid Long-Term Update | Serenity now!

If you're an Autoblog regular, you probably know that I'm a person who loves all things automotive that make loud noises, handle like go-karts, and generally send my heart rate through the roof. I mean, I keep advocating for carmakers to add a performance version to just about every model lineup. But I've been developing an appreciation for vehicles that simply make life easier and let you decompress, such as our long-term 2018 Chrysler Pacifica Hybrid. I haven't always felt that way. Early in its stay, I frequently avoided taking the Pacifica if I could, mainly because I was turned off by the numb steering and roly-poly nature. Yes, it's a minivan, but I couldn't stop thinking about the Honda Odyssey that came through, which I discovered to be surprisingly nimble. It also packed the sweet sounding V6 in our Honda Ridgeline that I've previously raved about. But then other Pacifica strong suits started to come through. The hybrid powertrain may not be exhilarating, but it's wonderfully quiet. That's to be expected when it's primarily running on the electric motor, but when its V6 engine kicks on, the noise is well-muffled. Road and wind noise is nearly non-existent, too, so whether you're tooling around town or cruising on the highway, nothing is interrupting your tunes, podcasts, talk radio or simple silence. The interior is a lovely place to be, too. Enormous windows, a panoramic sunroof and low sills make this one of the airiest cabins I've been in. And the light color of the upholstery and plastics amplifies the open feeling. After a long, cold Michigan winter, this rolling sunroom is welcome. It also provides superb visibility, making the Pacifica a breeze to maneuver. It's really easy to get inside, too; it has most of the height of a crossover, which takes care of not having to bend down, but it has a much lower floor, so you also don't have to climb up to get in. To cap things off, the Pacifica's ride is excellent. While there's more body roll than I'd like, it glides right across nasty bumps and potholes. And it does so without the heaving and pounding of heavy crossovers and SUVs. It feels more like a luxury sedan. Basically, the Pacifica is ideal for transporting you through life with a minimum of fuss. And so anytime I've had a long stressful day, I'll be looking for the keys to ours.

UAW warns automakers: Restarting U.S. plants is 'too soon and too risky'

WASHINGTON/WARREN, Mich. — The head of the United Auto Workers union on Thursday said it was "too soon and too risky" to reopen auto plants and Michigan's economy in early May, citing insufficient scientific data and coronavirus testing to assure workplaces are safe. The warning from UAW President Rory Gamble on Thursday afternoon came as General Motors Co , Ford Motor Co and Toyota Motor Corp took new steps toward reopening North American vehicle manufacturing operations in an environment where consumer demand is uncertain and worker safety paramount. The union has said that 24 of its members have died from Covid-19, though it was unclear whether they might have become infected in the workplace. Unionized Detroit automakers and non-union German and Asian automakers have been preparing to restart U.S. vehicle making operations by early May. Companies have shifted reopening dates amid uncertainty about government stay-at-home orders. Gamble's statement appeared to derail plans by the Detroit Three to start bringing UAW workers back to vehicle manufacturing jobs on May 4. The longer the automakers cannot produce profitable U.S.-made trucks and sport utility vehicles, the longer they burn cash. The UAW leader's statement was also aimed at Michigan Gov. Gretchen Whitmer, who has come under pressure from conservative groups and President Donald Trump to ease coronavirus stay-at-home restrictions. "At this point in time, the UAW does not believe the scientific data is conclusive that it is safe to have our members back in the workplace. We have not done enough testing to really understand the threat our members face," Gamble said. "We strongly suggest to our companies in all sectors that an early May date is too soon and too risky to our members, their families and their communities." Gamble said the union was "happy with the auto companiesÂ’ response and cooperation on working through the health and safety protocols we will need in the workplace when it is appropriate to restart." Earlier Thursday, GM began notifying front line managers to come back to work next week to get trained on new safety protocols designed to prevent the spread of the novel coronavirus as workers return to plants.