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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.

Jeep Grand Cherokee, BMW i8, Ford F-150 win 2015 Green Car Awards in DC [w/video]

There were three shiny trophies handed out at the Washington Auto Show last week by Green Car Journal, and they went to three different examples of what "green" means in the automotive industry today. The Jeep Grand Cherokee EcoDiesel won the award for the 2015 Green SUV of the Year, the BMW i8 was named the 2015 Luxury Green Car of the Year and the Ford F-150 took the 2015 Green Car Technology Award honor. There is a case to be made that the aluminum body of the new Ford truck will make a bigger impact in the overall fuel usage in the US than almost any other vehicle, given the numbers of F-150s that Ford sells each year. The B20 biodiesel-capable Jeep gets up to 30 miles per gallon on the highway. And the i8 puts all sorts of new, fuel-saving technologies into an attractive package. Looking over the winners, and the list of finalists you can see in our photo gallery, and you can see that the definition of green is expanding every year. You can watch Green Car Journal editor Ron Cogan hand out the 2015 awards in the video below and we'll for sure be paying attention to what wins next year. 2015 Luxury Green Car of the Year, Green SUV of the Year and Green Car Technology Winners Announced WASHINGTON, Jan. 22, 2015 /PRNewswire/ -- Green Car Journal has named the Jeep Grand Cherokee EcoDiesel its 2015 Green SUV of the Year™ and the BMW i8 its 2015 Luxury Green Car of the Year™, with the aluminum-bodied Ford F-150 earning the magazine's 2015 Green Car Technology Award™. Winners were determined by a jury of Green Car Journal editors and automotive experts. The prestigious awards were announced in Washington, D.C. today at a Green Car Awards™ press conference held during the Washington Auto Show's Public Policy Day at the Washington Convention Center. "These are truly commendable vehicles representing the 'best-of-the-best' in so many ways," said Ron Cogan, editor and publisher of the Green Car Journal and CarsOfChange.com. "The auto industry's very early focus on small cars and efficiency-for-environment tradeoffs has evolved to now include a more dynamic field of 'greener' models in all vehicle classes. Those wanting greater efficiency or better environmental performance are no longer constrained by limited choices or vehicle types that fall outside their top purchase preferences.

Slew of Ford recalls affect more than a million vehicles

Ford is closing out September with the sad task of alerting owners to five different recalls, two of them camera related. The first is a safety compliance recall affecting 620,246 units of 12 models from the 2020 model year: Edge, Escape, Expedition, Explorer, F-150 and Super Duty, Mustang, Ranger, and Transit, plus the Lincoln Corsair, MKX, and Nautilus. On these vehicles, the circuit board in the rearview camera suffers from insufficient electrical conductivity. The issue can cause the resulting image to not appear or to be distorted, which can lead to an accident while reversing. Ford will begin notifying owners as of November 7 to get their vehicles to dealers for replacement of the rearview camera. The internal Ford reference for this recall is 20C19. The second camera-related issue affects the 2020 and 2021 Ford Explorer, Lincoln Corsair and Lincoln Aviator with the 360-degree camera. Technically, if you own a 2021 Explorer that only has a rearview camera and not a 360-degree camera, neither the above recall nor this one apply to you, but it's probably better safe than sorry here. There are 354,330 crossovers covered by this action. A video output issue could cause the displayed image to cut out, increasing the chances of a reversing accident. Ford will notify dealers starting October 7, the fix being to have a dealer update the Image Processing Module software. The NHTSA campaign number for this recall is 21V735, Ford’s internal reference number is 21S44.  The F-250 and F-350 Super Duty are in for another recalls thanks to potentially improper welds on the front axle's wheel end yoke. A bad weld could alter steering performance, getting the truck to pull left or right, or change the sensitivity of the steering. There are 9,628 affected trucks in the U.S. and 961 in Canada. Dealers will replace the axle assembly if any bad welds are found. Ford's reference number for this is 20S56. The fourth recall affects 38,005 Mustangs in the U.S. and another 2,873 Mustangs in Canada and Mexico from the 2020 model year. In this instance, the brake pedal bracket might fracture during sudden stopping, which can decrease brake pressure and increase the chances of an accident. Ford's internal reference for this recall is 20S52, the fix being to have a dealer replace the brake pedal bracket assembly. Finally, 126,033 units of the 2011 to 2013 Explorer are being recalled over a potential suspension issue.