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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.

Jeep pickup confirmed, will be built in Toledo

Finally. In 2011 Jeep CEO Mike Manley said, "It is too late in Wrangler's product cycle to add a pickup. The 2015 or 2016 time frame makes more sense," when the next-generation Wrangler is due. A year later, Manley told an Australian outlet that a decision on a Jeep with a bed would come "pretty soon." Now, The Detroit News reports that the decision has been made, and it's a "Yes."A Wrangler-based truck is expected to arrive in 2017, sometime after the launch of the next Wrangler. And it'll be built in Toledo next to its sibling. Those desperate for a carry-all Wrangler have been able to buy Mopar's JK8 conversion kit for the past four years. Frankly, even though the Jeep Gladiator concept (pictured) is now 11 years old and the JT concept is nine years old, we think either one of them could roll off the line in a year and be welcomed with hosannas. This year's New York Auto Show will also be the site of the reveal of the compact SUV that will slot in between the Renegade and the Cherokee, built on the Renegade/Fiat 500X platform and replacing both the Compass and Patriot. Derided by many, in the US the two aging CUVs still sell terrifically well - they both hit records here last year. One of them will live on in name, the new SUV to be called either Compass or Patriot; the former name is bigger in international markets, the latter name gets more recognition here. That show is when we'll also get Fiat Chrysler's updated five-year plan that will take us through the presumed end of CEO Sergio Marchionne's tenure at FCA. Related Video: Featured Gallery 2005 Jeep Gladiator Concept News Source: The Detroit News Jeep Truck Off-Road Vehicles jeep compass jeep patriot jeep wrangler pickup

2019 Jeep Cherokee revealed with new, more conservative look

Just as it did with the new Wrangler, Jeep is showing off images of a new product before its debut. In this case it's the 2019 Jeep Cherokee. Jeep hasn't released all the details on it, but we can see a number of exterior changes from the official images. The biggest change is one we've been expecting: the merging of the current Cherokee's split headlights into single units on each side. The result is a more conventional nose that has a closer familial resemblance to other Jeeps such as the Compass and Grand Cherokee. The rest of the front bumper and grille also look a bit softer and rounder, but there's still a hint of the wedge-y pointy look of the previous generation that helps keep the crossover immediately identifiable as a Cherokee. The other major change is at the rear. The big slab of a rear hatch is broken up now with the license plate mounting position, which makes the tail look much less bulky. Naturally the bumper was also redesigned with a faux skid plate to fill up the space left by the license plate. As for the middle of the crossover and the interior, there are no noticeable changes. Jeep hasn't revealed anything other than these images, so we'll have to wait until the full debut in January to find out about any mechanical changes. Jeep's press release does hint at more efficient powertrain options, so there could be some updates to the transmissions or engines. Related Video: Featured Gallery 2019 Jeep Cherokee Image Credit: Jeep Detroit Auto Show Jeep Crossover SUV