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Year:1982
Mileage:30297
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North America profit helps Fiat Chrysler limit its losses from coronavirus
Fri, Jul 31 2020MILAN — Italian-American automaker Fiat Chrysler Automobiles (FCA) posted a smaller-than-expected operating loss in the second quarter, as a small profit in North America helped to limit the damage wrought by the COVID-19 pandemic. FCA said on Friday it had an adjusted loss before interest and tax of 928 million euros ($1.1 billion) in April-June, versus a forecast 1.87 billion euro ($2.2 billion) loss in an analyst poll compiled by Reuters. The group also said it made adjusted earnings before interest and tax of 39 million euros ($46.2 million) in North America, the home market of its Jeep and Ram brands, in the quarter. Milan-listed FCA shares were up 1.2% at 1125 GMT, after being little changed before the results. Chief Executive Mike Manley said the group's plants were up and running and car dealers were selling in showrooms and online, following disruptions caused by the pandemic. "We have the flexibility and financial strength to push ahead with our plans," he said in a statement. FCA, which is set to tie-up with Peugeot maker PSA to create Stellantis, the world's fourth largest carmaker, said on ongoing probe launched by European Commission competition authorities was not expected to delay the merger timetable. Despite the pandemic, PSA earlier this week delivered a profit in the first half of the year and stuck to its medium-term margin goal. FCA said its industrial free cash flow was minus 4.9 billion euros in the second quarter, with a slightly lower cash burn compared with January-March. Â
China-market Jeep Grand Commander coming to U.S. as a Chrysler?
Wed, Dec 26 2018There's nothing like winding down the year with news to spin heads, eh? Allpar cites "sources" as suggesting the Chinese-market Jeep Grand Commander will come to the U.S. as a Chrysler. This Speculation with a capital "S" has several rationales. The late Sergio Marchionne said Chrysler will focus on utility and not sell cars, making it fit for a new three-row crossover. The road-focused Grand Commander couldn't live up to U.S. perceptions of Jeep values, which is why the lateral brand move. A new model would give the Pentastar a second nameplate alongside the Pacifica, since the 300 sedan dies come 2020. And a big Chrysler school runner would allow the near-immortal Dodge Journey to end its life with something approaching dignity. The Grand Commander, a stretched version of our Cherokee with three rows, uses a 2.0-liter turbocharged four-cylinder with 231 horsepower and 258 pound-feet of torque. The 192-inch long SUV is ten inches longer than the Cherokee, and 2.2 inches longer than the Grand Cherokee. Carmakers bring a host of not-for-U.S. metal over here, so this doesn't signal production intent, but sharp eyes caught the Grand Commander on Michigan streets in March. The white high-rider carried its Chinese badging, and was bereft of camo other than tape over the door handles. Allpar says a domestic version wouldn't be built in China, but either in the Belvidere, Ill. plant that builds the Cherokee, or in facilities in Windsor, Canada or Toluca, Mexico. Should these events come to pass, Chrysler would soon have four models: Pacifica, a production version of Portal concept, a crossover based on the Pacifica, and the rebranded Jeep. Ready for more? Allpar also says there are "rumors of a Chrysler-badged crossover version of [the Dodge] Charger." FCA leaving Chrysler and Dodge out of the FCA five-year roadmap earlier this year leaves a vacuum ripe for, shall we say, Chinese whispers. We're not saying all of this won't happen, but put these prognostications in one place and it starts to read like a wrinkle in time, it's all so fabulous. Remember, the last we heard about the Dodge Journey, it was going to become an Alfa Romeo-based performance crossover headed to dealerships next year. The best we can suggest for now is to stay tuned. Related Video:
Marchionne's pay as Fiat CEO falls to $5M
Wed, 12 Mar 2014Sergio Marchionne will be buying fewer of his iconic sweaters, as his 2013 pay from Fiat took a dip from $6.24 million to an even $5 million. Marchionne, who was also CEO of Chrysler, made $307,989 thanks to some stocks and benefits from the American company, although he didn't take a salary. Of that $5 million paid by Fiat, $3.19 million came from Marchionne's fixed salary while the remaining $1.8 million was paid for hitting unspecified performance targets.
The news comes from Fiat's compensation reports, which also showed that the 61-year-old, who already owned three million shares in Fiat at the end of 2013, was able to receive an additional 2.3 million shares through a stock incentive program. According to Automotive News Europe, the additional shares would be worth about $25 million at today's prices, although so far, Marchionne has declined to claim the extra shares.
According to ANE, Fiat reported a 2013 trading profit of $4.7 billion.