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Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

1986 Chrysler LeBaron owned by Lee Iacocca to cross the auction block

Enthusiasts will have the opportunity to bid on an overlooked piece of Chrysler history during the huge Bonhams auction taking place in Scottsdale, Arizona, on January 16. Offered without reserve, this LeBaron Town & Country Convertible was first registered to former Chrysler boss Lee Iacocca, and it has covered only 20,500 miles since. The LeBaron Town & Country shares its K platform with numerous Chrysler, Dodge, and Plymouth models built between 1981 and 1989. Nearly every nameplate built on it was mass produced and mass destroyed, but this wood-sided droptop is a rare exception. It's one of 1,105 examples built, and its connection to the man who saved Chrysler (and helped create the original Ford Mustang, the infamous Pinto, and Chrysler's first minivans, among many others) likely helped it reach its 34th birthday in like-new condition, a fate a majority of Ks could only dream of from the wrong side of the Pick-N-Pull fence. Bonhams stated the Town & Country comes from Iacocca's personal collection. The auction house doesn't mention how long the influential executive owned it for, or how many miles he put on it. What's certain is that Iacocca undoubtedly knew there was nothing exhilarating about the 97-horsepower engine that came standard in the LeBaron, so he paid extra for a turbocharged version of the fuel-injected, 2.2-liter four-cylinder that put 146 horses under his right foot. It spun the front wheels via a three-speed automatic transmission.  Our archives indicate Chrysler charged $17,595 for the Town & Country Convertible in 1986, and priced the turbo four at $628, figures that represent about $42,300 and $1,500, respectively, in 2020. While Chrysler's K-based cars haven't set the collector world on fire yet, Bonhams expects this exceptionally clean example will sell for anywhere between $20,000 and $25,000 when it crosses the auction block in sunny Scottsdale. To quote Iacocca, "if you can find a better car, buy it." Or, if you're into faster Mopar products, his personal, 6,500-mile Dodge Viper — the very first regular-production example made — will also cross the block in Arizona. Featured Gallery Lee Iacocca's 1986 Chrysler LeBaron Town & Country Convertible (high-res) View 21 Photos Chrysler Auctions Convertible Classics

Fiat Chrysler completes sale of Magneti Marelli

Fiat Chrysler Automobiles completed its sale of components maker Magneti Marelli to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation. The Japanese parts supplier paid $6.5 billion (5.8 billion euros), which is a bit less than the $7.1 billion deal that was initially announced in October of 2018. According to Reuters, the price was adjusted based on Magneti Marelli's estimated financial position as of the closing date. The influx of cash allowed FCA to offer a special cash distribution to its shareholders for the first time in a decade. At ˆ1.30 per share, the payout corresponds to a total distribution of approximately ˆ2 billion. The dividend will pay out on May 30. "FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier," FCA CEO Mike Manley said in a statement. "This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio." Earnings/Financials Chrysler Fiat magneti marelli