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FCA close to paying off debt, outperforming Ford in earnings

FCA boosting output of SUVs, trucks in U.S. Marchionne says the company no longer needs a merger partner FCA expects to pay off all debt this year "There's a very strong likelihood that we will outperform Ford" MILAN/DETROIT — Fiat Chrysler's shift to sell more trucks and SUVs boosted margins yet again in its North American profit center, making Chief Executive Sergio Marchionne confident he can hit most of the final targets of his five-year turnaround plan. FCA has been retooling some U.S. factories to boost output of lucrative sport-utility vehicles and trucks while ending production of some unprofitable sedans. This put the world's seventh-largest carmaker on track to become debt-free by the end of the year, and allowed Marchionne to make good on his promise to close the gap on larger U.S. rivals General Motors (GM) and Ford. "There's a very strong likelihood that we will outperform Ford in terms of operating earnings in 2018," Marchionne told analysts on an earnings call Thursday. "That's something that if I told any of us in the room here that would've been doable five years ago, nobody would have believed it." As the 65-year-old executive prepares to hand over the reins to an internal successor next year, he said the improvements mean the company no longer needed a partner to survive. The carmaker has often been the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with GM. "The necessity to find a partner, to try and guarantee our survival, going forward, is put to bed. I mean we're done," Marchionne told analysts on a post-results conference call. North America accounted for 71 percent of earnings last quarter, and profit margins in the region rose to 8 percent from 7.1 percent a year earlier, even as shipments fell 3 percent. Meanwhile Ford's automotive margin for North America slipped to 6.8 percent, down from 8.5 percent a year earlier.FCA trimmed its expectations for 2018 revenues and forecast adjusted operating profit of at least 8.7 billion euros, at the lower end of a previously given range. Analysts said FCA's margin improvement was impressive, and it could be on the cusp of a big boost from its new Jeep Wrangler and Jeep Cherokee models and its Ram 1500 truck. FCA ready to pay off its debt But the Italian-American carmaker expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros in net cash by the end of the year.

Chrysler recalls 112k family-haulers over airbag controllers

The Basics: Chrysler has issued a recall for an array of minivans and crossovers manufactured in 2007 and 2008. The models affected include the 2009 Dodge Journey, 2008-09 Dodge Grand Caravan, and 2008-09 Chrysler Town and Country. The 2009 Volkswagen Routan, which was manufactured by Chrysler, is also being recalled by FCA. The automaker estimates that 112,001 units in the United States are affected, all told. The Problem: Corrosion in the air bag control unit could prevent the air bags from deploying in the event of a crash, or alternatively deploy prematurely. Chrysler points out that "none of the affected vehicles are equipped with ammonium-nitrate inflators" like those fitted by Takata. Injuries/Deaths: The manufacturer reports seven minor injuries (but no accidents) potentially related to this issue. The fix: Chrysler will replace the air bag control unit, though it has not yet outlined a timeframe for doing so. If you own one: Look for a recall notice in the mail and then schedule service with your local dealership. If you don't receive one, you can contact Chrysler customer service at 1-800-853-1403 and reference recall number S07. Related Video: RECALL Subject : Air Bag Control Unit Power Supply Corrosion Report Receipt Date: JAN 29, 2016 NHTSA Campaign Number: 16V047000 Component(s): AIR BAGS Potential Number of Units Affected: 112,001 Manufacturer: Chrysler (FCA US LLC) SUMMARY: FCA US LLC (Chrysler) is recalling certain model year 2009 Dodge Journey vehicles manufactured December 31, 2007, to August 31, 2008, 2008-2009 Dodge Grand Caravan and Chrysler Town and Country vehicles manufactured June 18, 2007, to August 31, 2008, and 2009 Volkswagen Routan vehicles manufactured August 11, 2008, to August 31, 2008. In the affected vehicles, the air bag control units may corrode and fail. CONSEQUENCE: If the air bag control unit fails, the air bags may not deploy in the event of a crash, increasing the risk of occupant injury. Additionally, the air bags may inadvertently deploy, increasing the risk of a crash. REMEDY: Chrysler will notify owners, and dealers will replace the air bag control unit, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Chrysler customer service at 1-800-853-1403. Chrysler's number for this recall is S07. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

UPDATED: ‘The auto industry has lost a true giant’

Former Fiat Chrysler Chief Executive Sergio Marchionne, one of the auto industry's most tenacious and respected auto chiefs, has died, succumbing to complications from surgery. Following are some of THE tributes paid to Marchionne:Apple CEO Tim Cook: "Sad to hear of the unexpected passing of Sergio Marchionne, an auto industry visionary and a remarkable leader. Our thoughts are with his family, friends and everyone at Fiat Chrysler."U.S. President Donald Trump: "Sergio Marchionne, who passed away today, was one of the most brilliant & successful car executives since the days of the legendary Henry Ford. It was a great honor for me to get to know Sergio as POTUS, he loved the car industry, and fought hard for it. He will be truly missed!"Canadian Prime Minister Justin Trudeau: "He was a giant in the auto industry, a friend of the Italian-Canadian community, and a visionary in the corporate world. Sergio Marchionne's death is a huge loss, and Sophie and I send our condolences to his family and friends."PSA Group CEO Carlos Tavares: "I am extremely sorry to hear this very sad news and I extend my sincere condolences to the family of Sergio Marchionne. Marchionne's leadership will remain our benchmark in the automotive industry."Aston Martin CEO Andy Palmer: "We are deeply saddened to learn of the passing of Sergio Marchionne. On behalf of all of us at Aston Martin Lagonda, I would like to extend our sincere sympathies and condolences to his family, friends and colleagues at Fiat Chrysler Automobiles."Daimler Chief Executive Dieter Zetsche: "The auto industry has lost a real giant. And many of us have lost a very dear friend: Sergio Marchionne."Gary Jones, United Auto Workers President: "During the industry's dark days of the recession, Chrysler, Dodge, Jeep and RAM were at a perilous point. Working with the UAW members, the FCA rebirth was born when many doubted it would come. As in all labor-management relationships, there were clashes and disagreements." "And when history looks back at his legacy, despite bumps and bruises along the way, in the end, the sun wasn't setting when he left the company, the sun was rising. That will long be remembered."Chase Carey, Chairman and CEO of Formula One motor racing: "He led with great passion, energy and insight, and inspired all around him. His contributions to Formula 1 are immeasurable.