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Fiat Chrysler cuts 2018 outlook, shares tumble on weaker quarterly profit

MILAN — The news of former Fiat Chrysler chief executive Sergio Marchionne's death arrived Wednesday moments before the group reported a surprisingly heavy drop in profit. The death of one of the auto industry's most tenacious and respected CEOs overshadowed a big selloff in Fiat Chrysler shares. FCA's scheduled second-quarter earnings presentation, led by Marchionne's successor and former lieutenant Mike Manley, began on Wednesday afternoon with a moment of silence. As eulogies flooded in, FCA shares fell as much as 10 percent as investors digested an unexpected 35 percent fall in net profit, well below market forecasts. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Chairman John Elkann added. On Saturday, FCA named Jeep division head Mike Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June. FCA has said Manley will work to ensure a "strong and independent" future for the group. Underlining the task facing Manley, FCA cut its full-year earnings outlook after the weaker-than-expected quarterly earnings. Having to deliver the bad news four days into his new job, Manley blamed the result on a weaker performance in China, a market that represents one of new CEO's immediate headaches. "The biggest challenges we face and frankly we're going to continue to face ... are all focused in China," Manley said. FCA has yet to make any significant inroads in China. In Marchionne's June plan, FCA pledged to boost production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It unveiled bold targets for Jeep, FCA's profit engine. FCA said adjusted earnings before interest and tax (EBIT) for the April-June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros in a Reuters poll of analysts. Chinese demand slumped in the quarter ahead of a July cut in import duties, resulting in higher incentive spending and an increase in unsold vehicle stocks that "particularly affected Maserati," Manley said.

Chrysler Voyager minivan goes fleet-only for 2022

Private motorists will not be able to buy a new Chrysler Voyager in the 2022 model year; the minivan is now a fleet-only model. The cheaper alternative to the Pacifica loses most of its trim levels, but it gains a longer list of standard features during the transition. Fleet buyers take on many shapes and forms, but in minivan-speak the term usually denotes rental car companies. Chrysler simplified buying by paring down the lineup from three to one trim. Called LX, it gains a 7.0-inch touchscreen that runs the Uconnect 5 infotainment system, second-row Stow 'n Go seats, power-operated sliding doors, heated front seats, and a heated steering wheel; that's not bad for something you're picking up at the airport to spend a weekend in. There's also a new air filtration system shared with the Pacifica.   Related: Least expensive vehicles to insure in America   The list of options now includes a package called Safety and Premium Group that bundles a blind-spot monitoring system, rear parking sensors, rear cross-path detection, full-speed forward collision warning, automatic emergency braking, and a 10.1-inch touchscreen with navigation. However, upmarket features like leather upholstery and a 19-speaker Harman-Kardon surround-sound system are not offered. Chrysler is not making mechanical changes, so power for the Voyager comes from a 3.6-liter Pentastar V6 rated at 287 horsepower and 262 pound-feet of torque. It spins the front wheels via a nine-speed automatic transmission. All-wheel drive is not available; only the Pacifica can get its power sent to four wheels. Similarly, there are no visual changes to report. The Voyager still looks like a pre-facelift Pacifica. Pricing information for the 2022 Voyager will be announced closer to its on-sale date. At launch, buyers will have five colors called Silver Mist, Brilliant Black, Bright White, Granite Crystal, and Velvet Red, respectively. The former (shown in the gallery) is new for 2022. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. How to use the Stow 'N Go seats on the 2021 Chrysler Pacifica

Autoblog Minute: New car customer satisfaction down according to latest ACSI report

Customers have spoken and automobile satisfaction is down in 2015. Autoblog's Chris McGraw reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] Customers have spoken and automobile satisfaction is down in 2015. I'm Chris McGraw and this is your Autoblog Minute. The American Customer Satisfaction Index or ACSI released its updated numbers and according to the survey, new car buyer satisfaction is down for the third straight year. According to an ACSI press release, customer satisfaction with new automobiles has fallen 3.7 percent, to 79 on its 100-point scale. The ACSI report is based on over 4,100 customer surveys collected in the second quarter of 2015 Sitting at the top of the industry in customer satisfaction is Toyota's Lexus brand with a score of 84. Which was good enough to dethrone Mercedes-Benz, which fell 3% to a score of 83. Of the Big Three, Ford was the only domestic automaker to maintain overall customer satisfaction with its score of 81. General Motors slipped 3% to 79 and Fiat Chrysler had a 5% drop, registering a score of 75 out the possible 100. What's driving this trend of customer dissatisfaction? ASCI points to the rise in recalls and car prices. Where do you land on customer satisfaction spectrum? Sound off in the comments with your thoughts on the current state of car ownership and brand quality. For Autoblog, I'm Chris McGraw. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Chrysler Fiat Ford GM Lexus Mercedes-Benz Car Buying Ownership Autoblog Minute Videos Original Video