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Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

Chrysler recalling 31k SUVs and vans

Chrysler is issuing recalls covering roughly 31,700 vehicles worldwide due to two separate problems. In both cases the company believes that most of the affected vehicles are either still on, or in transit to, dealer lots.
One recall covers roughly 10,700 Dodge Durango, Jeep Cherokee, Grand Cherokee and Grand Cherokee SRT models from the 2014 model year built between January 16 and April 17, 2014. The SUVs need a software update for the cruise control. It's possible that when the cruise is on and the driver presses on the throttle, the acceleration could last a second after the pedal is released or two seconds for the SRT. Afterward, they return to the speed originally set by the driver.
Chrysler says it isn't aware of any accidents, injuries or even reported incidents of this happening in the real world. Also, in all cases, if the driver presses on the brake, the cruise shuts off. The automaker believes that there are about 6,100 affected SUVs in the US, 950 in Canada, 425 in Mexico and 3,200 outside of North America. The software upgrade will be ready shortly, the company says.

Chrysler, Nissan minivans earn 'dire' crash test results, says IIHS [w/video]

First introduced in 2012, the Insurance Institute for Highway Safety's small-overlap frontal crash test has become the bane of many auto engineers' existence. It's a particularly steep design challenge because it forces just 25 percent of a vehicle's front end to take the brunt of a 40-mile-per-hour impact. The newly released results of four family-minded minivans underscore just how difficult the crash test is: only one scored an Acceptable rating, and the other three did very poorly. The 2008-2015 Chrysler Town & Country and Dodge Grand Caravan, plus the 2011-2015 Nissan Quest, all received Poor ratings in the test, the IIHS' lowest possible score. The three of them showed significant crash intrusion into the driver's area. The dummy in the Nissan actually had to be cut out of the vehicle, with an IIHS spokesperson remarking, "the structure collapsed like a house of cards." In the Fiat Chrysler Automobile vans, the steering wheels moved out of the way, making the airbag less effective and letting the driver's head hit the dashboard. While it was not actually crashed, the agency is also giving the 2009-12 Volkswagen Routan a Poor score because it shares a structure with the FCA models. The newly released results of four minivans underscore just how difficult the small-offset crash test is. The refreshed 2015 Toyota Sienna (shown), conversely, earned an Acceptable rating and is also a Top Safety Pick+ because of its optional forward collision warning and automatic braking system. While the crash test dummy moved around during the impact more than the agency would have liked, sensors showed a low risk of injuries. The IIHS tested the Honda Odyssey last year, and it earned a Good overall score, the agency's best ranking. It's also a Top Safety Pick+ vehicle. The only member of the minivan segment left to test is the latest Kia Sedona, and the Institute is reportedly waiting a little longer for Kia to make changes to improve the model's performance. When reached for comment, Nissan spokesperson Steve Yaeger provided Autoblog with the following statement: "Nissan is committed to vehicle safety and believes that consumers should have information about crash protection so they can make educated buying decisions. Nissan is proud of the 2014 Quest's "good" rating in the IIHS front moderate overlap and side impact tests as well as a "good" head restraint rating.