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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.

Recharge Wrap-up: Renault-Nissan at COP22, BMW launches Cruise e-Bike

The Renault-Nissan Alliance has been chosen to provide a fleet of electric cars for the UN's COP22 Climate Conference in Marrakesh, Morocco. The group will provide 50 passenger EVs – the Renault Zoe, Nissan Leaf, and Nissan e-NV200 – to shuttle delegates to and from conference venues. The Alliance will also provide more than 20 charging stations to support the shuttle fleet. The group provided electric shuttles for the historic COP21 summit in Paris last year. Read more from Renault-Nissan. FCA, Iveco, and gas grid company Snam have signed an agreement to boost natural gas as a cleaner alternative fuel for Italy. Under the Memorandum of Understanding, FCA and Iveco will work together to develop CNG vehicles, while Snam will invest in CNG supply facilities like filling stations to support a growing fleet. Italy leads Europe in the amount of natural gas consumed for transport, with 1 million vehicles currently on the road. Read more at Green Car Congress. LG Chem has officially announced it will build a battery plant in Poland to the tune of about $340 million. Located near Wroclaw in southwestern Poland, the plant is expected to produce 100,000 batteries a year for 200-mile EVs beginning in 2019. The plant could help Poland in its goal to reduce pollution by introducing a million EVs on its roads by 2025. "We will turn the Poland EV battery plant into a mecca of battery production for electric vehicles around the world," says UB Lee, President of LG Chem's Energy Solution Company. Construction begins in the second half of 2017. Read more from Automotive News Europe. BMW has introduced the Cruise e-Bike. Its Bosch Performance Line electric motor provides electric assistance at speeds of up to 15 mph. The battery can be either be removed or remain on the bike for charging, which takes 3.5 hours for a full charge. "BMW aims to be the leading provider of premium mobility services, and our bicycle collection furthers that mission," says BMW Accessory and Lifestyle Manager Eric Riehle. "As we enter the holiday season, these bikes make the perfect present for those wishing for their first BMW." The BMW Cruise e-Bike costs $3,430. Read more from BMW.

Recharge Wrap-up: Fiat 500X EV spotted? Senators request biodiesel increase

A group of 32 senators is asking the EPA to approve increased biodiesel volumes in the Renewable Fuel Standard. Delays in approving the RFS for 2014 forward is causing problems for the fuel produces affected by the law. "EPA's delays are endangering our industry," says Imperium Renewables CEO John Plaza. "Biofuel facilities around the nation are sitting idle, workers are being laid off, and some producers have been forced out of business entirely." Producers feel the EPA is underestimating domestic biodiesel production, and are concerned about importing fuel from Argentina. Read more in the press release below. Fiat Chrysler will help Israel develop a natural gas vehicle. The automaker, along with Iveco and Magneti Marelli, signed a memorandum of understanding with Israel's Prime Minister's Office as part of the Israel Fuel Choices Initiative. They are also considering extended research and development relationship with Israeli companies for alternative fuels and smart mobility. Israel seeks to become a hub for alternative fuel technology. Read more at Hybrid Cars. Spy photos suggest Fiat might build an electric 500X as a compliance car for California. The photos, sent by a reader to Green Car Reports, show a camouflaged Fiat 500X that appears to lack a tailpipe, suggesting it could be an EV. It was photographed on its way to Chrysler's SRT Engineering Center, which builds specialized, low-volume vehicles. The gas-powered 500X debuted in North America at the Los Angeles Auto Show last fall, so camouflage seems a bit unusual at this point if it's just a standard powertrain. It's possible the car could be sold mainly in California to comply with the state's zero-emissions requirements for automakers. Read more and see the photos at Green Car Reports. 32 U.S. Senators urge EPA to approve increased biodiesel volumes Imperium Renewables applauds Senators' action SEATTLE, Feb. 9, 2015 /PRNewswire/ -- A bipartisan group of 32 U.S. senators, including Washington state's Patty Murray and Maria Cantwell, is calling on the Environmental Protection Agency to move quickly in approving strong biodiesel volumes under the nation's Renewable Fuel Standards. The senators expressed concern about the agency's delays in implementing the RFS standards for 2014, 2015 and 2016, noting that the delays have created tremendous uncertainty for the U.S.