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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.

2021 Dodge Durango lineup gets price increases

The 2021 Dodge Durango is another example of Dodge's profitable specialty — minor exterior visual changes that bring outsized improvements, easily identifiable interior updates that elevate the cabin experience, and a whopping chungus engine at the top of the lineup. For 2021, the Durango wears Charger Widebody cues outside plus a new rear hatch spoiler, a new Tow N Go package for the Durango R/T, and a redesigned, driver-focused interior with an 8.4-inch or 10.1-inch touchscreen. Prices go up across the lineup. Next year's Durango SXT RWD starts at $33,260, after the $1,495 destination charge, which is $970 more than in 2020. At the top end, the limited-run Durango SRT Hellcat starts at $80,995, an $18,000 jump over the current top of the line, the Hellcat-less SRT that picks up a "392" badge to signify its new position. Below those two are nine more models in rear- and all-wheel drive. Price for the whole range with the differences to 2020 are: Durango SXT RWD $33,260 ($970) Durango SXT AWD $35,860 ($970) Durango GT RWD $37,460 ($970) Durango GT AWD $40,060 ($970) Durango R/T RWD $46,800 ($910) Durango R/T AWD $49,400 ($910) Durango R/T AWD Tow N Go $54,395 Durango Citadel RWD $49,300 ($1,535)  Durango Citadel AWD $51,900 ($1,535) Durango SRT 392 AWD $64,490 (No Change) Durango SRT Hellcat AWD $82,490 If the Citadel price raises eyebrows, it's because Dodge reworked the model to stand out as the clear luxury buy above the R/T. It appears Dodge eliminated the Citadel trim currently priced below the R/T, which is $4,810 less than the 2021 Durango Citadel. The carmaker rebranded this year's Citadel Anodized Platinum, priced above the R/T, as the Citadel. The higher price pays for driver and front passenger seats that add leather and standard ventilation to the heating function, a suede headliner, the 10.1-inch touchscreen with Uconnect 5 as standard with TomTom navigation, and driver assistance and safety features like adaptive cruise control, blind spot monitoring, forward collision warning with active braking, and lane departure warning as standard. Those latter two features and some others can't be had on this year's model. Dodge has also thrown in the Trailer-Tow Group IV, a $1,195 option presently. The group installs an integrated trailer brake switch, heavy-duty engine oil cooler, Class IV hitch receiver, rear load-leveling shocks, full-size spare tire with the Class IV trailer receiver, and integrated brake controller.

FCA's UAW workers to get $8,010 profit-sharing payout

UAW workers at FCA will soon be receiving $8,010 checks, which represent profit-sharing based on the company's 2020 performance. Although FCA's profit margins in 2020 were slimmer than the year prior, the union-employee payouts are slightly larger, due to a change in the formula that was negotiated in 2019 and has now gone into effect. Employees are now paid $900 for every 1% of profit margin FCA achieves in its North American operations. For 2020, the company enjoyed an 8.9% profit margin, and although that was down slightly from 9.1% in 2019, the checks are larger than last year's $7,280 payout. Still, FCA employees didn't fare quite as well as their counterparts at GM, who stand to receive profit-sharing checks of up to $9,000. GM workers did even better last year, netting $10,000. UAW workers at Ford had less to celebrate. They'll receive $3,525, based on the company's 2020 performance. That's a steep drop from last year's $6,600. FCA earned $6.472 billion in North America in 2020. The company is expecting an improved financial performance in 2021, as it's expected to avoid another coronavirus-related shutdown. It's also expected to benefit from the launch of the three-row Grand Cherokee L, as well as the Jeep Wagoneer and Grand Wagoneer, all of which are high-margin products. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.