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FCA earnings improve in first quarter

Following on the recent global financial releases from Ford and from General Motors for the first quarter of 2015, FCA is now putting out its own numbers, and things look quite good for the company. The automaker posted adjusted earnings before taxes and interest of $895 million, a 22-percent jump from Q1 2014, and net profits of $103 million, a $296-million boost from last year. Revenue was also up 19 percent to $30 billion. Despite the favorable figures, actual worldwide shipments fell slightly by 2 percent to 1.1 million vehicles. FCA is giving some credit for these strong Q1 results to the automaker's performance in the NAFTA region. Shipments grew 8 percent to 633,000 vehicles, and net revenue jumped a strong 38 percent to $18.1 billion. Adjusted earnings reached $672 million, compared to $425 million in 2014. The company especially praised the Jeep Renegade, Chrysler 200, and Ram 1500 for helping the bottom line. The numbers could have been even higher, but the corporation admitted that "higher warranty and recall costs" partially drug things down. For the full year in 2015, FCA expects to ship between 4.8 and 5 million vehicles worldwide and post up to $5 billion in adjusted earnings. There should be about $1.3 billion in net profit, as well. FCA CLOSED Q1 WITH NET REVENUES OF ˆ26.4 BILLION, UP 19% AND ADJUSTED EBIT AT ˆ800 MILLION, UP 22% 30/04/15 FCA closed Q1 with net revenues of ˆ26.4 billion, up 19% and adjusted EBIT at ˆ800 million, up 22%. Net industrial debt was ˆ8.6 billion, up ˆ0.9 billion. Full year guidance confirmed. Worldwide shipments were 1.1 million units, 2% lower than Q1 2014, reflecting strong performance in NAFTA and weak market conditions in LATAM. Jeep's positive performance continued with worldwide shipments up 11% and sales up 22%. Net revenues were up 19% to ˆ26.4 billion (+4% at constant exchange rates, or CER). Adjusted EBIT was ˆ800 million, up ˆ145 million from Q1 2014, with all segments except LATAM posting positive results. The positive impact of foreign exchange translation was offset by negative impacts at a transactional level. Net profit was ˆ92 million, up ˆ265 million compared to the net loss of ˆ173 million in Q1 2014. Net industrial debt was ˆ8.6 billion, up ˆ0.9 billion from year-end mainly due to timing of capital expenditures and working capital seasonality. Liquidity remained strong at ˆ25.2 billion. The Group confirms its full-year guidance.

Chrysler Pacifica reportedly getting updated design and eAWD system for 2021

Chrysler is preparing to give the Pacifica and Voyager minivans a comprehensive mid-cycle update, according to a new report. Both models are scheduled to make their debut in early 2020. The Pacifica currently shares styling cues with the 200, a sedan discontinued after the 2017 model year. The team of stylists tasked with updating it returned from the design well inspired by the third-generation Town & Country released for the 1996 model year, and the 300, the firm's only sedan. Mopar Insiders described a sportier look characterized by a bigger grille, and sharper-looking headlights with LED accents. New-look rear lights connected by a light bar will round out the nip and tuck. The publication added camouflaged prototypes will hit the road in early 2020. The Voyager added to the range for the 2020 model year is a cheaper, less equipment-rich variant of the Pacifica. While it will receive the same updates as its more expensive sibling, it might not come standard with the aforementioned LEDs. Expect other minor trim differences inside and out, too, but the two nameplates will continue to share a basic design. The Dodge Grand Caravan is finally retiring in 2020, so the Voyager will become the ever-important entry point into the group's minivan range. The same report sheds light on the mechanical changes Chrysler has in store. The firm will give buyers in the market for an all-wheel-drive minivan an alternative to the Toyota Sienna by adapting Jeep's plug-in hybrid technology to the Pacifica. Called eAWD, the system consists of a battery-driven electric motor integrated into the rear axle. It delivers through-the-road all-wheel drive, meaning there's no connection between the front and rear wheels, and clever packaging makes it compatible with Chrysler's Stow and Go seats. The gasoline-electric setup will make the Pacifica a rear-wheel drive electric car on short trips, while improving its gas mileage the rest of the time. There's no word yet on what will be under the hybrid, all-wheel-drive model's hood. Jeep's upcoming Compass and Renegade hybrids use a turbocharged, 1.3-liter four-cylinder, but that sounds a little bit small for a reasonably big van developed with the American market in mind. Motorists not interested in going hybrid will likely still have the venerable 3.6-liter V6. And, whether the Voyager will be eligible to receive the new hybrid powertrain remains unclear.

Italy reportedly guarantees $7.1 billion loan to Fiat Chrysler

ROME — Italy has approved a decree offering state guarantees for a 6.3-billion euro ($7.1 billion) loan to Fiat Chrysler's (FCA)  Italian unit, a source said, paving the way for the largest crisis loan to a European carmaker. The source said Italy's audit court had signed off on the decree, in a final step of what had been a lengthy and contested process to get the loan approved. The court's approval follows an earlier endorsement by the economy ministry. "The audit court authorized the decree," said a source close to the matter, asking not to be named because of its sensitivity. FCA's Italian division has tapped Rome's COVID-19 emergency financing schemes to secure a state-backed, three-year facility to help the group's operations in the country, as well as Italy's car sector in which about 10,000 businesses operate, weather the crisis triggered by the coronavirus emergency. The loan will be disbursed by Italy's biggest retail bank Intesa Sanpaolo, which has already authorized it pending the approval of guarantees the government will provide on 80% of the sum through export credit agency SACE. The request for state support has sparked controversy because FCA is working to merge with French rival PSA and the holding for the Italian-American carmaker is registered in the Netherlands. FCA's global brands include Fiat, Jeep, Dodge and Maserati. It was not immediately clear what conditions, if any, Italy has set as part of the guarantees and whether they would affect FCA's planned 5.5 billion euro ($6.2 billion) extraordinary dividend, which is a key element in the merger with PSA. FCA, whose shares were down 0.5% by 0908 GMT, had no immediate comment.   Earnings/Financials Chrysler Fiat Peugeot Italy