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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.

Peugeot's American future looks dead, but Stellantis intends to keep all brands alive

The years-old promise of a Peugeot return in the U.S. is looking bleaker by the second. Peugeot said the French brand would come back to sell cars in the U.S. five years ago, but now that FCA and PSA have transitioned to one Stellantis, that promise is looking a lot shakier. This news comes via a report from Car and Driver. When queried about Peugeot, Carlos Tavares, Stellantic CEO, offered this in response: “For the time being, I don't think that is part of the things that we want to prioritize for the next time window," Tavares said. "I think it's better that we funnel the talent, the capital, and the engineering capability of our Stellantis company to the existing brands to improve what needs to be improved and to accelerate where we need to accelerate, because we already have a very strong presence in this market." Tavares hasnÂ’t ruled it out entirely, but any kind of a Peugeot American renaissance is being pushed onto the backburner.  In good news for American brands, though, Tavares expressed great interest in keeping them all. Chrysler was the most worrisome of the bunch, as it only sells the aging 300 sedan and Pacifica minivan variants. Nevertheless, Tavares sees Chrysler as one of the “three historical pillars of Stellantis” and is eager “to give this brand a future.” Specifically, Tavares sees a high-tech future for the once-great American car company. Motor Trend reported on what Tavares spoke about in a call with the media. "It needs to rebound,” Tavares said. “We could think about what could be the next technologies in the automotive industry.” The obvious hint here is electrification and greater autonomy. Chrysler could theoretically become StellantisÂ’ electric showcase brand. ItÂ’s partway there with the Pacifica Hybrid PHEV minivan, but thereÂ’s still a long way to go for it to become the conglomerate's tech pillar. And then thereÂ’s Dodge and its powerful but emissions-heavy lineup. "We have the technology to deliver the torque, dynamics, and acceleration feeling, while also dramatically reducing the emissions," Tavares said. The Hellcat canÂ’t have a window-shattering 6.2-liter supercharged V8 forever, but it looks like Stellantis is at least committed to keeping the performance of DodgeÂ’s current lineup. Related video:

Junkyard Gem: 1987 Dodge Ram 50 with V8 swap

Chrysler did very well selling Mitsubishi Forte pickups with Plymouth and Dodge badging in the United States, even after Mitsubishi began moving the same trucks out of their own American dealerships in 1982. The 1987 Ram 50 2WD short bed weighed in at just over 2,500 pounds, so it was reasonably perky with its 2.0-liter G63B four-banger making 90 horsepower… but there's no replacement for displacement! At some point along the line, a Chrysler small-block V8 engine found its way into the engine compartment of this truck, now residing in a car graveyard in Sparks, Nevada. This was the cheapest new Dodge-branded pickup Americans could buy as a 1987 model, though it had to compete with its near-identical Mitsubishi Mighty Max twin for sales. The 1980s were great times for little pickups in the United States, but a desire for bigger cabs and more creature comforts doomed them by the dawn of the following decade. The most interesting thing about this engine swap is that it didn't involve a Chevrolet or Ford small-block V8. Both the Chevy small-block and Ford Windsor V8s are a few inches narrower than the Chrysler LA-series V8, which makes them easier to stuff into a small vehicle. It appears that engine length was the critical dimension in this case, since the Mopar seems to have had enough side-to-side clearance to avoid any slicing of Mitsubishi steel to make it fit. My guess is that whoever did the swap happened to have the engine handy and that's why it's here. Keeping it all Dodge might have been a factor in the decision as well, though the truck's Mitsubishi ancestry makes that unlikely. It was over 100°F out when I found this truck, so I wasn't motivated to check block casting numbers to determine exactly which LA engine we're dealing with here. The easiest LAs to get cheap for the last four or so decades have been the 318 (5.1-liter) and the 360 (5.8-liter), so one of those two is the most likely candidate here. Power levels for these engines got pretty dismal during the Malaise Era, but anyone with the wrenching skills to do this swap would have applied some basic power-enhancing wizardry before the engine went in. We can see there's an Edelbrock Performer intake manifold, and you might as well stab in a better camshaft if you're upgrading the intake. How much power? With a four-barrel carburetor on a dual-plane intake plus a meaner cam, 300 to 350 horsepower is easily achieved with one of these engines, even with stock exhaust manifolds.