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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

Dodge pumps power to the people with $10 discount per horsepower

Dodge announced an incentive program named Power Dollars, which represents the next step in its mission to bring horsepower to the people. Starting on August 1, the automaker is luring enthusiasts into its showrooms by offering a $10 per horsepower discount on select models. The Power Dollars program applies to the 2019 Challenger (pictured), the 2019 Charger and the 2019 Durango. It's as simple as it sounds: if you buy a 500-horsepower car, you benefit from a $5,000 discount. The more horsepower you choose to put in your garage, the more money you save when you sign the dotted line. The 797-horsepower Challenger Hellcat Redeye comes with a $7,970 discount. At the other end of the spectrum, the Charger SXT powered by a 3.6-liter V6 rated at 292 horsepower is eligible for a $2,920 rebate.  The Grand Caravan has 283 horsepower, so it's not far from the Charger SXT, but it's not included in the program. The Journey with the same 3.6-liter V6 engine isn't in it, either. Dodge launched the Power Dollars program to boost sales, and likely to clear the remaining 2019 models out of its inventory before the 2020s arrive. But the company has another reason to make its muscle cars cheaper, one we don't think we've heard from an automaker yet. "Since bringing the Charger and the Challenger back to the market, Dodge has put 485 million horsepower into the hands of our loyal enthusiasts. The goal is to grow to a half-billion horsepower before the end of the year," explained Tim Kuniskis, the global head of Alfa Romeo, and FCA's head of passenger cars in North America, in a statement. It's 15 million horsepower short of the milestone. It needs to sell about 18,820 examples of the Hellcat Redeye to reach its goal, or approximately 51,370 units of the Charger SXT.   

Dodge Dart Mopar '13 special edition recalled over airbag woes

Dodge is only building 500 examples of the black-and-blue Mopar '13 Dart, but the majority of them are now being recalled. Part of the Mopar upgrade included replacing the stock seat skins in the Dart with black and blue Katzkin leather, but the seat-mounted side airbags were reinstalled improperly during the upfitting process, which could affect the performance of the front seat side airbags.
According to the official National Highway Traffic Safety Administration bulletin, a total of 374 Mopar '13 cars are being recalled due to side airbags that might not deploy in a side-impact collision. There have been no reports of the airbags not going off, but Chrysler will still need to reinstall the bags to ensure proper deployment. The recall notice is posted below, which gives information for Mopar '13 owners to contact Chrysler and NHTSA.