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FCA close to paying off debt, outperforming Ford in earnings

FCA boosting output of SUVs, trucks in U.S. Marchionne says the company no longer needs a merger partner FCA expects to pay off all debt this year "There's a very strong likelihood that we will outperform Ford" MILAN/DETROIT — Fiat Chrysler's shift to sell more trucks and SUVs boosted margins yet again in its North American profit center, making Chief Executive Sergio Marchionne confident he can hit most of the final targets of his five-year turnaround plan. FCA has been retooling some U.S. factories to boost output of lucrative sport-utility vehicles and trucks while ending production of some unprofitable sedans. This put the world's seventh-largest carmaker on track to become debt-free by the end of the year, and allowed Marchionne to make good on his promise to close the gap on larger U.S. rivals General Motors (GM) and Ford. "There's a very strong likelihood that we will outperform Ford in terms of operating earnings in 2018," Marchionne told analysts on an earnings call Thursday. "That's something that if I told any of us in the room here that would've been doable five years ago, nobody would have believed it." As the 65-year-old executive prepares to hand over the reins to an internal successor next year, he said the improvements mean the company no longer needed a partner to survive. The carmaker has often been the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with GM. "The necessity to find a partner, to try and guarantee our survival, going forward, is put to bed. I mean we're done," Marchionne told analysts on a post-results conference call. North America accounted for 71 percent of earnings last quarter, and profit margins in the region rose to 8 percent from 7.1 percent a year earlier, even as shipments fell 3 percent. Meanwhile Ford's automotive margin for North America slipped to 6.8 percent, down from 8.5 percent a year earlier.FCA trimmed its expectations for 2018 revenues and forecast adjusted operating profit of at least 8.7 billion euros, at the lower end of a previously given range. Analysts said FCA's margin improvement was impressive, and it could be on the cusp of a big boost from its new Jeep Wrangler and Jeep Cherokee models and its Ram 1500 truck. FCA ready to pay off its debt But the Italian-American carmaker expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros in net cash by the end of the year.

Ford F-150 EcoBoost in NHTSA probe for acceleration issue

According to Automotive News, the National Highway Traffic Safety Administration is launching a probe into 400,000 Ford F-150 models over possible acceleration problems. According to the article, NHTSA has received 95 reports "alleging incidents of reduced engine power during hard accelerations" on 2011 to 2013 F-150 models equipped with the company's 3.5-liter EcoBoost V6 engine.
Automotive News reports that Ford has issued three technical service bulletins "related to intermittent stumble/misfire on acceleration from highway cruise in humid or damp conditions," according to the government agency's documents. About one third of the 95 reports NHTSA has received cited humid or rainy conditions when these problems allegedly occurred.
These technical service bulletins have allowed dealers to address a "condition related to moisture accumulation in the charge air cooler during extended highway cruising at constant throttle in humid or damp conditions," AN reports, citing NHTSA documents. Furthermore, the TSB outlines details for "reprogramming the powertrain control module with the latest calibration and installing a new CAC and air deflector plate."

Recharge Wrap-up: Ford Transit hybrid conversion, PlugShare updates app

A new report quantifies China's growing vehicle scrapping industry. With major growth in vehicle ownership since 2000, China is expecting its first scrappage peak this year. In 2013, China's scrappage rate was four percent, around two to four percent below other developed countries. However, more and more organizations are being certified to dismantle and recycle vehicles. With 9 to 12 million vehicles reaching end of life in 2015, and 12 to 16 million by 2020, recycling and remanufacturing parts could be a significant industry in China - as much as $32 billion this year. Read more in the release from ReportBuyer. PlugShare has updated its mobile app with a new interface and features. The EV charger locator service's most important new feature is a trip planner, which shows charging stations within five miles of the specified route (that range is expected to become adjustable with future updates). Other new features include a local charging activity viewer, bookmarks, messaging, leaderboards, a customizable user profile, and new search options. Users can now specify specific plug types or charging networks in their search for charging options. Check out the rundown of the updated app at Green Car Reports. XL Hybrids has created a hybrid system for the Ford Transit. The conversion company has adapted its XL3 Hybrid Electric Drive System for Ford's popular van, allowing for better fuel economy and low-end torque. The system works with model year 2015 and 2016 cargo and passenger versions of the Ford Transit, powered by either the 3.7-liter or the 3.5-liter EcoBoost engine, regardless of the wheelbase or roof height. It can improve fuel economy and CO2 emissions by about 20 percent. Vans with the XL3 system installed retain their factory warranty, and the hybrid system comes with a three-year, 75,000-mile warranty from XL Hybrids. Read more in the press release below. XL Hybrids Introduces the First Hybrid Electric Ford Transit Van for the North American Market The XL3 Hybrid Electric Drive System to be compatible with MY2015 and MY2016 Ford Transit cargo vans and passenger wagons BOSTON--(BUSINESS WIRE)--XL Hybrids, Inc., the leader in fleet electrification solutions for commercial and municipal fleets, today announced its XL3 Hybrid Electric Drive System has now been adapted for the Ford Transit van – the first hybrid electric Transit van for the North American market.