2009 Chrysler Sebring Covertable Touring Maryland Inspected on 2040-cars

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Fiat Chrysler profit up as it closes in on retiring its debt

MILAN — Fiat Chrysler Automobiles reduced its debt by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year. Chief Executive Sergio Marchionne expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros ($5 billion) in net cash by the end of the year. Marchionne has said that forecast does not include any one-off measures, nor the impact of the planned spinoff of parts maker Magneti Marelli, which he hopes to execute by early 2019. The world's seventh-largest carmaker said on Thursday net debt had fallen to 1.3 billion euros ($1.6 billion) by the end of March, well below a consensus forecast of 2.6 billion euros in a Thomson Reuters poll of analysts. FCA said capital spending fell 900 million euros in the quarter due to "program timing," which analysts said implied higher investments for the rest of the year. The Italian-American group said first-quarter operating profit rose 5 percent to 1.61 billion euros, below a consensus forecast of 1.74 billion, as a weaker performance from its North American profit center weighed. Shipments there were higher due to the new Jeep Wrangler and Compass models. But currency moves hit revenues and earnings, and costs related to new product launches added to the pressure. FCA's shift to sell more trucks and SUVs boosted margins yet again in North America to 7.4 percent from 7.3 percent in the same quarter a year ago, although they were down from the 8 percent recorded in the preceding three months. Marchionne, preparing to hand over to an internal successor next year, is close to his goal of ending a margin gap with larger U.S. rivals General Motors and Ford. The 65-year-old has said becoming debt free and being able to compete on a par with U.S. peers would mean FCA no longer needed a partner to survive and could well succeed on its own. The CEO has previously said tying up with another carmaker would help to meet the huge costs in an industry investing in electric vehicles and automated driving. FCA shares fell immediately after the results, but recovered to trade up 3 percent at 19.71 euros by 1150 GMT, outperforming a 0.4 percent rise in Europe's blue-chip stock index. ($1 = 0.8214 euros) Reporting by Agnieszka FlakRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Chrysler taking big risk snubbing NHTSA

Maker Insists Feds Overstate Risk Of Fires With Grand Cherokee, Liberty Models
It's not often that recall stories make it above the fold, in that old newspaper parlance, but when one shows up as the lead story on the network evening news programs, you know it's something big.
And so it is with Chrysler snubbing its nose at a request by the National Highway Traffic Safety Administration to recall 2.7 million Jeeps the feds insist are at risk of potentially catastrophic fuel tank fires in a rear-end collision.

Chrysler Airflow EV concept teased with new nose ahead of NY Auto Show

Chrysler is once again teasing its battery-electric Airflow concept. The company has issued a new image ahead of its official debut at the New York Auto Show later this week. The rendering, as well as language in the accompanying release, indicates that Chrysler may have redesigned the concept before a production version even hits the market. The latest image shows a long, thin light bar at the Airflow's nose, with acute angles just before the headlight to create a bit of a "lightning bolt" zig-zag. There's also a wide, U-shaped graphic below the bar, and a "grille" featuring a pattern of slits that surrounds the bar. Previous Airflow images from Chrysler — released as recently as January at CES — have shown a very different front end. There, a differently shaped bar was broken up by a stylized Chrysler logo, done up in an outline of the traditional wings. The ends of the bar extended to the edges of the headlights without any sharp angles. It also appeared to have a different grille texture above and below the bar. "Chrysler will unveil a new look for the brandÂ’s all-electric Chrysler Airflow Concept at the 2022 New York International Auto Show," the press release states. The same statement also refers to "a potential design path on the brandÂ’s journey to an all-electric future." The Airflow is the latest in a slew of luxury models promised by automakers trying to re-invent their brands by going electric. It is named after the revolutionary 1934 Airflow, the first automobile to employ aerodynamics in its design. Though not a commercial success, it is credited with forever changing automotive styling principles. Although EVs are no longer avant-garde, Chrysler seems to hope that the new Airflow will make as dramatic a change in the industry, or at least revive the brand.