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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.

Tech of the Year special, plus we drive the hydrogen Mirai and more | Autoblog Podcast #809

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick and Road Test Editor Zac Palmer. They kick the discussion off by talking about what they've been driving as of late, including the Toyota Mirai, Dodge Hornet, Alfa Romeo Tonale and a trio of subcompact SUVs. After that, they dive into a discussion about the 2023 Autoblog Technology of the Year award winner, which is Mercedes-Benz's Dolby Atmos Spatial Audio. Once they wrap up that segment, we get to hear the crew's latest Cybertruck takes from before the big reveal. Finally, the show wraps up with a fun Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #809 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving 2023 Toyota Mirai 2023 Dodge Hornet 2024 Alfa Romeo Tonale 2024 Chevy Trax 2024 Kia Seltos 2024 Mazda CX-30 Turbo Technology of the Year winner and breakdown News Cybertruck preview Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts Alfa Romeo Chevrolet Dodge Kia Mazda Mercedes-Benz Toyota Technology Infotainment Technology of the Year Crossover SUV Electric Luxury Performance Sedan Podcasts

Chrysler recalling 280k Dodge Ram 1500 pickups over axle seizures

Following a June investigation by the National Highway Traffic Safety Administration, Fiat Chrysler Automobiles will be recalling 280,000 Dodge Ram pickups from model year 2005. The issue, NHTSA told The Detroit News, centered on a loose pinion nut, which could cause the rear axle to seize and, potentially, the driveshaft to detach. The affected vehicles were built between January of 2004 and August of 2005, while of the 280,000 trucks, only 257,000 were sold in the US market. According to The News, the recall will begin on February 13, and will see owners report to dealerships to have "a retention feature" added to the pinion nut.