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FCA's profit rises ahead of Peugeot merger

MILAN — Fiat Chrysler (FCA) posted a 7% rise in fourth-quarter profit on Thursday, boosted by strong business in North America and better results in Latin America as it heads into a merger with France's PSA. The Italian-American carmaker said adjusted earnings before interest and tax (EBIT) rose to 2.12 billion euros ($2.3 billion), in line with a 2.11 billion forecast in Reuters poll of analysts. That left its adjusted operating profit for the year at 6.67 billion euros ($7.34 billion), just shy of its target of over 6.7 billion euros. Its adjusted EBITDA margin came in at 6.2%, in line with its target of more than 6.1%. A trader said Fiat Chrysler results were "a touch above" expectations and the carmaker's shares in Milan were up 3.4% at 1300 GMT following the results. Fiat Chrysler and Peugeot maker PSA agreed in December to combine forces in a $50 billion deal to create the world's No. 4 carmaker, in response to slower global demand and the mounting cost of making cleaner cars amid tighter emissions rules. Chief Executive Mike Manley said last month that talks with PSA were progressing well and that he hoped to complete the deal by early 2021. FCA reiterated its plan to boost adjusted EBIT to above 7 billion euros ($7.7 billion) this year. In slides prepared for an analyst call, FCA said it was monitoring the global impact of coronavirus in China. FCA operates in the country through a loss-making joint venture with Guangzhou Automobile Group (GAC) and has a 0.35% share of the Chinese passenger car market. Reporting by Giulio Piovaccari; Additional reporting by Danilo Masoni; Editing by Stephen Jewkes, Jason Neely and David Clarke. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

November U.S. new car sales mixed as automakers deepen discounts

DETROIT — Major automakers posted mixed U.S. November new vehicle sales on Friday and predicted a competitive December as they rushed to sell vehicles and boost their numbers before 2017 ends. Automakers are trying to sell down 2017 model-year vehicles, offering high discounts to consumers as the year-end nears. In 2016, the industry reported record annual sales of 17.55 million units. According to consultancies J.D. Power and LMC, discounts have been above 10 percent of the average transaction price for 16 of the past 17 months, a level experts say is unhealthy and unsustainable. The November sales results come as the National Automobile Dealers Association said on Friday it expects new vehicle sales to decline to 16.7 million units in 2018, after dropping to 17.1 million for the full year in 2017. If that forecast comes true, the race to move new vehicles off dealers' lots will only intensify next year. Brandon Mason, a director at PwC's automotive practice, said a worrying trend for the industry was a rising number of subprime loans. He said subprime levels are at just over 20 percent of originations, against more than 30 percent prior to the Great Recession, but recent increases remain a concern. "That's a bit of a red flag," Mason said. "It's something to keep an eye on as we move into 2018." November results by automaker: General Motors: Sales fell 2.9 percent, with sales to consumers flat against the same month in 2016. Much of the decrease was driven by lower fleet sales. GM said strong SUV and crossover sales pushed its average transaction price for the month above $37,000 for the first time. The level of unsold cars, which has been a concern for analysts and the industry, rose slightly to 83 days' supply, from 80 days at the end of October. "More vehicles are sold in December than any other month, and we are very well positioned because we have momentum in so many segments, but especially in crossovers," said Kurt McNeil, U.S. vice president of sales operations. Fiat Chrysler Automobiles: Fleet sales are low-margin, and FCA in particular has targeted a significant reduction in this type of sale in 2017. It posted a 4 percent overall decrease in sales for November, but fleet sales were down 25 percent while sales to consumers were up 2 percent on the year. Ford: The No. 2 U.S. automaker reported a 6.7 percent increase for the month, with fleet sales up nearly 26 percent and retail sales 1.3 percent higher than in November 2016.

The 2020 Chrysler Voyager is a cheap Pacifica minivan

The Voyager is back, baby. Yep, you read that right. FCA is leaning hard on the nostalgia button right now, and the age-old minivan nameplate has rowed its way back from its long voyage (sorry) out to sea. We'll be seeing the Voyager name on a familiar vehicle, though, not a totally new minivan. You're looking at photos of a Pacifica with a Voyager badge on it, because that's essentially what the new Voyager is. Chrysler took the lower trim levels of the Pacifica and decided those would now be Voyagers. Higher trim levels of the Pacifica are still the Pacifica. To quell confusion, just consider the Voyager a budget-conscious Pacifica with a different name. Specifically, both the L and LX trims of Pacifica will be Voyagers, and Chrysler is introducing a fleet-only LXi model with a leatherette (vinyl) interior for mass appeal to rental car companies and businesses with similar needs. Pricing for the 2020 Voyager hasn't been announced yet, but the non-fleet version will probably start right around where the Pacifica L starts now at $28,730. That makes this more of a marketing play than an actual reduction in price. The Voyager is the cheap one, while the Pacifica is the expensive one. Simple as that. Interestingly, FCA still sells significantly more Dodge Grand Caravans than they do Pacificas every month, and it's all down to price. Despite the Pacifica being leagues better than the old Dodge, the average transaction price for the Pacifica in 2019 is over $13,000 more than a Grand Caravan — $38,540 for the Pacifica, versus $24,972 for the Grand Caravan. That makes the Dodge much cheaper than any comparably sized vehicle it competes with and results in the Dodge doubling the Pacifica up on sales regularly. Maybe the introduction of the Voyager could sway some folks in the direction of the new car, rather than being turned off by the high prices of the Pacifica. The feature set for the Voyager is similar to that of the Pacifica-badged models it's replacing. You'll only be able to tell it's a Voyager on the outside from the badge on the liftgate. Chrysler added satellite radio, second-row quad seats and in-floor storage bins to the interior. You'll still get the same Pentastar 3.6-liter V6 and nine-speed automatic transmission in the Voyager, but no plug-in hybrid model will be available. We'll be interested to see how this ultimately affects sales of the excellent Chrysler minivan.