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An early gas-electric hybrid was developed by...Exxon?

We're not sure which aspect of Exxon's 1970s-era efforts to develop advanced and electrified powertrains is the most ironic. There's Exxon, that of the Valdez oil spill infamy, being on the leading edge of hybrids and electric vehicles. There's a boat-like Chrysler Cordova getting 27 miles per gallon. And there's the central role a Volkswagen diesel engine plays in that hybrid development. It's all outlined in an article (linked above) by Inside Climate News, and it's an amusing read. Flush with cash and fearing what it thought was peak oil production in the 1970s, Exxon funded a host of new ventures divisions geared to find alternatives to gas-powered powertrains. In the early 1970s, Exxon lured chemist M. Stanley Whittingham to develop what would become a prototype of a lithium-ion rechargeable battery. Then, in the late 1970s, Exxon pioneered the concept of using an alternating-current (AC) motor as part of a gas-electric hybrid vehicle. The company retrofitted a Chrysler Cordova (yes, that's the model Ricardo Montalban used to hawk) with a powertrain that combined 10 Sears Die-Hard car batteries, an alternating current synthesizer (ACS), a 100-horsepower AC motor, and, yes, a four-cylinder 50-horsepower Volkswagen diesel engine. The result was a rather large two-door sedan that got an impressive 27 mpg. And while US automakers didn't see the potential in the early concept, in 1980 Exxon and Toyota began collaborating on a project that would involve retrofitting a Toyota Cressida with a hybrid engine. That car was completed in 1981, and may have been one of the seeds that eventually helped sprout the concept of the Toyota Prius. Soon after rebuilding the Cressida, Exxon would get out of the advanced-powertrain-development business, as oil prices began to fall in the early 1980s, spurring cost-cutting measures. Cry no tears for the Exxon, though, as what's now known as ExxonMobil is the largest US oil company. Related Video: News Source: Inside Climate NewsImage Credit: Spencer Platt/Getty Images Green Read This Chrysler Toyota Electric Hybrid battery

FCA may sell off Magneti Marelli

FCA is reportedly just days away from filing the official prospectus for the Ferrari initial public offering, and it could put the Italian sportscar maker's value at $11 billion. Although, Sergio Marchionne always seems to have another iron in the fire, and his next big deal could shed the automotive giant's Magneti Marelli parts business to the tune of $3.3 billion. According to Reuters citing anonymous insider sources, at least two private equity firms are considering joint submitting bids with firms already in the industry. This deal has reportedly been in the works for at least the last few weeks. According to Reuters, FCA already rejected a roughly $2.7-billion offer in June. Marchionne apparently wants at least the equivalent of $3.3 billion for the company. Publicly, FCA isn't talking, though. Company spokesperson Gualberto Ranieri told Reuters and reiterated to Autoblog simply that Magneti Marelli wasn't for sale. However, a move to get rid of the parts company has been discussed in the past. In 2013, the business was rumored to be part of a purported arrangement to sell Alfa Romeo to Audi. While there's no final decision yet, according to Reuters, if the Magneti Marelli sale does move forward the decision would likely come sometime after the Ferrari IPO. The company would likely be split up among the various divisions. "Everyone will take a fair share of it," one of the anonymous sources to Reuters. News Source: ReutersImage Credit: Jeff Kowalsky / Bloomberg via Getty Images Earnings/Financials Chrysler Fiat Sergio Marchionne FCA fca us magneti marelli

Fiat Chrysler's Q3 profit boosted by strong North American earnings

MILAN, Italy — Fiat Chrysler Automobiles (FCA) reported a 17 percent jump in third-quarter adjusted operating profit on Tuesday, helped by a strong performance in its key North American market and improving operations in Europe and Latin America. The world's seventh-largest carmaker still makes the lion's share of its profits in North America, so improving, or at least maintaining, its margins there is a key focus. The carmaker reported an 8 percent adjusted operating profit margin in the region, up from 7.6 percent a year ago, despite a drop in sales and shipments. "FCA's profitability in North America remained strong in the quarter despite a weakening market there," a Milan-based analyst said. FCA's profitability compares with an 8.3 percent North America margin reached in the quarter by bigger U.S. rival GM , showing CEO Sergio Marchionne making progress towards his goal of closing the margin gap with GM and the company's other U.S. rival, Ford, by 2018. The company's confirmation of its full-year outlook also pushed shares higher, a trader added. The stock was up 2.8 percent by 1129 GMT, outperforming a 1 percent rise in the European auto index. FCA has been retooling some U.S. factories to boost output of sport-utility vehicles (SUVs) and trucks while ending production of some unprofitable sedans to strengthen profitability as the U.S. car market comes off its peak. The company said a drop in North America shipments due to lower fleet sales and discontinued models was partially offset by higher deliveries of Ram trucks and two models from the Alfa Romeo stable: the Stelvio sport utility vehicle and Giulia sedan. Profitability also improved in Europe, helped by sales of the Stelvio and the new Jeep Compass, and Latin America, while margins at Maserati remained strong at 13.8 percent due to strong demand for its first SUV, the Levante. In a later conference call, investors are looking for hints on the new strategy to 2022 which the company promised to unveil early next year. Chief Executive Sergio Marchionne said earlier this year that FCA would streamline its portfolio and that components businesses, including Magneti Marelli, would be separated from the group, possibly via a spin-off. While FCA confirmed its targets this year, doubts remain about its exposure to a weakening U.S. market, recall costs and potential fines over emissions after it was targeted by European and U.S.