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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.

Obama Administration wants 200-mile EV that charges in under 10 minutes

When it comes to electric vehicles, you can find issues preventing mass adoption pretty much anywhere. Which is why you can then also look for solutions pretty much anywhere. That's the method the Obama Administration announced yesterday and it involves everything from shorter charging times to more public chargers, from bigger government fleets of electrified vehicles to an "Electric Vehicle Hackathon." The new plan is looking into blistering charging speeds of up to 350 kW. Perhaps most exciting, there was a commitment made to try and increase the speed of fast charging. Today, Tesla's Supercharger network has the fastest public charging available ( up to 145 kW), but the new plan is looking into blistering speeds of up to 350 kW. That's fast enough to recharge a 200-mile EV in under 10 minutes. Another cool future was promised by the Battery500 Consortium goal, which wants to create better batteries that cost under $100 per kWh. There was no actual technology revealed at this time, but announcements like this are about new ways to approach the future, not the nitty-gritty technical details. That's why the new announcement touts the fact that 12 utilities and charging companies have committed to increase their deployment of EVs and charging infrastructure, that there are 35 new partners (businesses, non-profits, universities, and utilities) for the DOE's Workplace Charging Challenge, and that there will be an EV "Hackathon" this fall to, "discover insights and develop new solutions for electric vehicle charging." The White House's announcement comes on the heels of the first-ever Sustainable Transportation Summit (STS). The STS was sponsored by the Department of Energy (DOE) and was held earlier this month in Washington, DC. After all this activity, almost 50 companies and organizations have signed on to the new "Guiding Principles to Promote Electric Vehicles and Charging Infrastructure" document, including the usual suspects: Tesla, BMW, Nissan, Ford, General Motors, Chargepoint, the California Air Resources Board, and the State of California (notably, the usual suspects are also missing). You can read the entire announcement from the White House here, but we've put the Guiding Principles below. The Obama Administration has made strong pushes for electric vehicles before, including proposals to increase the tax credit for EV buyers to $10,000, among other things.

Ford Ranger, UK Mustang, Hyundai Hybrid | Autoblog Minute

Ford may bring the Ranger back to the US, the UK goes nuts over Mustang, and the battle of hybrids heats up with spy shots of Prius and a new Hyundai. Autoblog senior editor Greg Migliore reports on highlights from the week in automotive news.