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Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.

Dodge Demon priced at $84,995, or almost 20 grand more than a Hellcat

Ridiculousness has a price, and it is $84,995. That is the admission fee for the 2018 Dodge Challenger SRT Demon, or as most people call it: The Demon. The number includes a $1,700 gas guzzler tax and $1,095 destination fee. It does not include a number of options, may of which cost a dollar. Of those $1 options, a front passenger seat and rear seats are but two. Which is more of a reminder that, yes, Dodge will sell you car with only one seat if you want it that way. The other big $1 option is the Demon Crate, which includes skinny front tires for the drag strip, an impact wrench and jack, and a performance powertrain control module that bumps the power up to 840 hp on race gas. Dodge says the true value of the crate is $6,140. Don't let that fool you, as chances are they're just baking that cost in the $19,705 increase from the Challenger Hellcat. Did we mention you can get a sunroof. Yes, you can get a sunroof, for $4,995. Surely one of the 3,300 Demon buyers (3,000 in the US, 300 in Canada) will take pride in checking every option box. For posterity, here's the entire list verbatim from Dodge's press release: Demon Crate ($1): Exclusive Demon Crate offers components that unleash the car's 840 horsepower, 770 lb.-ft. of torque and full potential at the drag strip and is personalized with the buyer's name, VIN and serial number. The Demon Crate and the performance parts it holds are valued at $6,140, but Challenger SRT Demon owners can buy the entire package for $1.

FCA fibbed on sales according to internal report

Following last week's news that Fiat Chrysler Automobiles (FCA) is under investigation by the Department of Justice and Securities and Exchange Commission for allegedly fudging sales figures, a new report in Automotive News says an internal investigation at FCA uncovered misreported sales. According to the AN story, 5,000 to 6,000 vehicles from various FCA brands were reported sold by dealers, but no customers existed for those cars. FCA sales chief Reid Bigland has already put a stop to the practice. One potential reason for the practice was to maintain the company's month-to-month sales increase streak, currently at 75 months. In April, FCA added a lengthy disclaimer to its sales announcements: "FCA US reported vehicle sales represent sales of its vehicles to retail and fleet customers, as well as limited deliveries of vehicles to its officers, directors, employees and retirees. Sales from dealers to customers are reported to FCA US by dealers as sales are made on an ongoing basis through a new vehicle delivery reporting system that then compiles the reported data as of the end of each month. "Sales through dealers do not necessarily correspond to reported revenues, which are based on the sale and delivery of vehicles to the dealers. In certain limited circumstances where sales are made directly by FCA US, such sales are reported through its management reporting system." FCA did not provide comment to Automotive News. Click through for the full story and more details. Related Video: Earnings/Financials Government/Legal Chrysler Dodge Fiat Jeep RAM sales Sergio Marchionne FCA USDOJ reid bigland