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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.

2021 L.A. Auto Show roundup | All the reveals, reviews, pictures

The L.A. Auto Show took place this week for the first time since the onset of the pandemic. It was a show packed with news and reveals, which hasn't really been the case with other shows we've seen this year, and Autoblog was on the floor covering every minute of it. Well, Riswick and Stocksdale were, anyway. The rest of us were sitting at home in our sweatpants, but hey, we'll take credit anyway. Let's get to it. Hyundai Seven Concept This is the Hyundai Seven Concept, and it’s meant to act as a preview for an incoming electric SUV for the Ioniq brand. It leans more toward the concept side of the spectrum than a production car, but expect the final SUV to take design cues from the Seven Concept. Kia Concept EV9 The Hyundai Seven counterpart isn't the only big, bold electric SUV at L.A. this year. Kia has its own take, and it's a modernized version of the traditional boxy utility vehicle called the Concept EV9. It also previews one of the next production electric cars for the brand, which should look right at home next to things like the Telluride. 2023 Kia Sportage HEV As promised, the 2023 Kia Sportage HEV has been revealed. The hybrid powertrain makes the compact SUV the most powerful version available, and it goes on sale next year. The engine is a turbocharged 1.6-liter four-cylinder paired with a 44-kW electric motor. Total output is 226 horsepower. The company didn't give a torque number, but it should basically be the same as the Sorento HEV that has the same basic powertrain: 258 pound-feet. Those numbers are a healthy step up from the 187 horsepower of the base 2.5-liter engine. 2022 Range Rover If you noticed how extra smooth and suave the new Range Rover looked during its recent reveal, Autoblog's James Riswick got a design tour that revealed some of the technological secrets to its success. "Less is more" is harder to achieve than it looks. Fisker Ocean Fisker has brought the new Ocean EV to the L.A. Auto Show, with a public preview at Manhattan Beach and a presence at the show itself. You can watch the public show reveal above, and see more shots from the show floor below. Fisker says the Ocean will start at $37,499 before incentives. That entry model would be the Sport trim with a single, 275-horsepower motor driving the front wheels and 250 miles of estimated range. It also has a 0-60 time of 6.9 seconds. 2023 Toyota bZ4X This is the 2023 Toyota bZ4X, due to hit U.S.

Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.