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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.

Dodge performance could be electrified, new hybrid transmissions coming

Dodge is arguably the last company around specializing in old-school muscle cars. Outside of a few models like the Chrysler Pacifica Hybrid and the new e-Torque offerings in the Ram 1500 and Jeep Wrangler, FCA as a whole seems behind the ball when it comes to green or electrified powertrains. That might change over the next few years, as Tim Kuniskis, head of passenger cars at FCA, told Automotive News that he sees the future of performance to be electrified.  At the reveal of the Dodge Charger Hellcat Widebody a few weeks back, Kuniskis said "the absolute future is electrification of these cars." What form this takes or how soon this all might happen is unclear, but changes are likely coming. Kuniskis said the electrified models could be anything from pure battery-electric vehicles to plug-in hybrids to e-axles. FCA’s e-torque system already works with the companyÂ’s Hemi V8 in the Ram 1500, so, if thereÂ’s room in the engine bay, we imagine it would be pretty easy to adapt the mild-hybrid system for other V8-powered vehicles.  One thing to note is that FCA just inked a new deal with ZF. The latter will supply a new 8-speed automatic transmission for longitudinal front-engine cars that will work with both rear and all-wheel drive vehicles. FCA already uses a version of the ZF 8HP automatic, but the big thing to note is that the new transmission has a small electric drive unit built in. If this new transmission is as ubiquitous as the current one, you might find electrified versions of Alfa Romeo and Maserati products as well as those from Dodge, Jeep and Ram. This seems in line with what was announced in last yearÂ’s five-year plan.

Chrysler to reveal next minivan at 2016 Detroit Auto Show

All eyes in the industry are presently fixed on this year's Detroit Auto Show, but over at Fiat Chrysler Automobiles, they're already looking towards next year's show. That's when the Italian-American automaker says it'll unveil the next Chrysler minivan. The announcement, made on the FCA Corporate Twitter feed, promises that the next Pentastar minivan will debut in January 2016, which (along with the hashtag NAIAS) suggests the next-generation family hauler will debut at the Detroit show next year. Auburn Hills is expected to replace the current Chrysler Town & Country and Dodge Grand Caravan with two all-new models: one keeping the minivan form, and the other shifting into more of a crossover. Just which nameplate gets the new form factor, and which will debut at Cobo next year, we don't know. Odds are good that it'll be the minivan not the CUV, though. Chrysler's minivan has been a winning business for the Detroit automaker, pioneering the segment, outselling the competition and marketing around the world under more brands and nameplates than just about anything else in the industry. The vehicle has been sold as the Dodge Caravan, Chrysler Town & Country, Chrysler Voyager, Plymouth Voyager, Lancia Voyager, Ram Cargo Van and Volkswagen Routan, to say nothing of long-wheelbase Grand versions of many of the aforementioned nameplates. News Source: FCA via Twitter Detroit Auto Show Chrysler Dodge Minivan/Van Detroit 2016 Detroit Auto Show chrysler town and country dodge grand caravan dodge caravan