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Fiat Chrysler posts record Q3 profit thanks to U.S. trucks and Jeep

MILAN — A rebound in car production in Fiat Chrysler on Wednesday reported record third-quarter earnings as production returned to nearly pre-pandemic levels. The Italian-American automaker, which is finalizing its full merger with French rival PSA Peugeot, reported a net profit in the three months ending Sept. 30 of $1.4 billion (1.2 billion euros). That compares with a loss of 179 million euros a year earlier. The carmaker reported adjusted earnings before tax and interest in North America of 2.5 billion euros. That offset deepening losses in Europe, Asia and at its Maserati luxury marquee. Latin America, the only other region to post a profit, saw it narrow by two-thirds to 46 million euros. “Our record results were driven by our teamÂ’s tremendous performance in North America,” CEO Mike Manley said in a statement. Overall, the carmaker said global earnings before tax and interest were a record 2.3 billion euros despite a 6% fall in revenues to 26 billion euros. Global shipments were down 3%, due largely to plant retooling in North American to produce the new Jeep Grand Wagoneer in the luxury SUV segment and the discontinuation of the Dodge Grand Caravan classic minivan. Fiat Chrysler announced earlier Wednesday that its merger with PSA Peugeot is on track to be finalized by the end of the first quarter of 2021, as planned. To meet regulatory concerns, the French carmaker is selling a small stake in a components maker to get below 40% ownership. The new automaker, to be called Stellantis, will be the fourth biggest producer in the world. Earnings/Financials Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

FCA is setting a five-year strategy: Here's how the last one played out

We're slightly more than four years removed from Sergio Marchionne last five-year plan for FCA, a tell-all where the Italian-American automaker divulged its plans for the 2014 through 2018 model years. It was a grand affair, where Sergio told FCA investors that all was right in Auburn Hills, Alfa Romeo and Maserati were making comebacks, and the fifth-gen Dodge Viper received a mid-cycle refresh. You can read every last one of those past predictions right here. We're on our way to Europe to see Sergio's sequel, coming out Friday straight from FCA's Italian headquarters. (Bloomberg reports a plan to expand Jeep and Ram globally, combine Alfa Romeo and Maserati into a single division for an eventual spinoff, and downsizing Fiat and Chrysler. Also, EVs.) But before we arrive in Italy and find out exactly what Marchionne has planned for 2019 through 2023 as his last act as CEO, let's take a minute to tally up the results of his last term based on the same scoresheet we used in 2014. Now, we're only five months into 2018, so much of this — including vehicles like the Ram HD and Jeep Grand Wagoneer — could still debut this year. For those, we'll mark things TBD. We're not going to draw any conclusions or make any objectionable remarks. We're simply going to let the stats speak for themselves.

NHTSA investigates a million-plus Jeep Cherokees for parking brake issue

The National Highway Transportation Safety Administration (NHTSA) is investigating a potential safety issue that could be present in more than 1 million Jeep Cherokees sold for the 2014-2020 model years. Per owner complaints, these cars may be equipped with an electronic parking brake control module that is susceptible to water intrusion. If the water causes a short, it can result in uncommanded activation of the parking brake while the vehicle is in motion, which can lead to a stall, NHTSA says.  If you follow Jeep Cherokee news closely (and who doesn't?), this issue may ring a bell. That's because Jeep was on the hook for recalling the Cherokee for water intrusion into the liftgate control module, which is fitted right next to the parking brake module. In that instance, short circuits had the potential to cause a fire, which has not so far been indicated as a potential side effect of the new parking brake issue, but any time electricity is involved, there's usually at least some risk for ignition.  The Cherokee is just one of four Stellantis models with a new open investigation, the Detroit Free Press reported Tuesday. NHTSA is also looking into reports of a transmission problem that could strand owners of 2019-2021 Chrysler Pacifica plug-in hybrid minivans and a crankshaft and/or camshaft position sensor problem that could cause a stall in the 2016 Dodge Journey and Jeep Compass. Between the two, these investigations cover an additional 300,000 vehicles.  None of these vehicles are being recalled at this point, however a NHTSA investigation is the first major step toward a recall being initiated. The regulator will work with Stellantis to determine whether a recall is necessary.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Chrysler Dodge Jeep Ownership Safety SUV