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FCA profits surge in second quarter

Fiat Chrysler Automobiles gave the cash register a beating in the second quarter, improving its net profit to 333 million euros ($364M US), which is a 263-percent jump over its reported Q1 profit of 92 million euros ($108M US). At the same time, FCA improved its global profit margin to 7.7 percent. Compared year-over-year, in Q2 2014 FCA reported net profit of 197 million euros making this year's Q2 a 69-percent increase, and profit margins a year ago were 4.9 percent. The two big factors for this increase are strong NAFTA sales and Jeep. In the US alone, Jeep sold 222,940 units in Q2 this year, a jump of almost 20 percent over the same period last year. Revenue in the NAFTA region totaled $18.8 billion, adjusted earnings before interest and taxes were $1.45 billion, both of those numbers more than doubling compared to 2014. The vastly better numbers come on marginally more global sales, 1,181,000 units sold in Q2 2014, 1,193,000 units sold in the same span this year. In the US, FCA began charging dealers one-percent more for vehicles to up the margins, a move that helped boost its US margin from 4.1 percent a year ago to 5.8 percent the first half of this year. The company is holding steady on its guidance of global deliveries at 4.8 million and its net profit guidance at $1.1 to $1.3 billion. It has increased its adjusted outlook for the year to $120.5 billion in revenue, and EBIT to "over $4.93 billion." News Source: Automotive News - sub. req.Image Credit: AP Photo/Carlos Osorio Earnings/Financials Chrysler Fiat Jeep FCA

EPA suspected Fiat Chrysler of using 'defeat device' in 2015

U.S. regulators told Fiat Chrysler Automobiles in November 2015 that they suspected some of the automaker's vehicles were equipped with secret software allowing them to violate emission control standards, according to emails disclosed on Friday. The U.S. Environmental Protection Agency and California Air Resources Board accused Fiat Chrysler in January of using the software, known as a "defeat device," to illegally allow excess diesel emissions in 104,000 Jeep Grand Cherokees and Dodge Ram 1500 trucks built between 2014 and 2016. Byron Bunker, director of the EPA's Transportation and Air Quality compliance division, said in a January 2016 email to Fiat Chrysler, obtained by Reuters under the Freedom of Information Act, that he was "very concerned about the unacceptably slow pace" of the automaker's efforts to explain high nitrogen oxide emissions from some of its vehicles. Nitrogen oxide is linked to smog formation and respiratory problems. Bunker's email said the EPA had told Fiat Chrysler officials at a November 2015 meeting that at least one auxiliary emissions control device on the car maker's vehicles appeared to violate the agency's regulations. Mike Dahl, head of vehicle safety and regulatory compliance for Fiat Chrysler's U.S. unit, responded in a separate email that the company was working diligently and understood the EPA's concerns. He added that if the EPA identified Fiat Chrysler vehicles as containing defeat devices it would result in "potentially significant regulatory and commercial consequences." The documents redacted the vehicles named, but two officials briefed on the matter said they referred to diesel models. The EPA's November 2015 meeting with Fiat Chrysler came two months after Volkswagen AG, mired in a major tailpipe emissions scandal, admitted to installing secret defeat device software in hundreds of thousands of U.S. diesel cars to make them appear cleaner than they were on the road.

Editors’ Picks December 2022 | Genesis G90, Mazda3 and an old favorite

The last Editors' Picks collection of 2022 consists of picks from three different segments. We recently got our first shot at the 2023 Genesis G90, which instantly found a warm place in our heart. Plus, a couple of favorites from years past came through. Look out for even more ratings come the new year as a ton of fresh metal comes onto the market. Tons of totally new EVs and sports cars may have hit the streets in 2022, but there are even more new and exciting cars coming. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in December month that earned an EditorsÂ’ Pick. 2023 Genesis G90 2023 Genesis G90 View 55 Photos Quick take: The Genesis G90 is now a full-size sedan without any major compromises versus its competition. It rides beautifully, features a tech-forward but still usable interior and even has a powerful and refined powertrain. Score: 8.5 What it competes with: Lexus LS 500, BMW 7 Series, Mercedes-Benz S-Class, Audi A8 Pros: Gorgeous design, efficient and powerful powertrain, super-luxurious interior, great value Cons: Doesn't handle as well as competitors From the editors: Road Test Editor Zac Palmer — "The Genesis G90 is all-new for 2023, and what a stupendous luxury sedan it is. The mild-hybrid twin-turbo V6 powertrain is smooth and powerful for effortless acceleration. Its air suspension and electronically controlled dampers waft you over poor pavement with nary a cabin disturbance. Every last luxury you might want for is present from auto-opening doors, massaging seats and rear wheel steering. It's all there for a price that is shockingly low versus the leading German luxury sedans, making it all the more impressive." In-depth analysis: 2023 Genesis G90 First Drive Review: No more compromises   2023 Mazda3 Mazda3 Hatch front three quarter View 57 Photos Quick take: The Mazda3 is a blast to drive and has an interior that rivals entry-level luxury cars. It's only real weakness is a slightly tight rear seat and cargo space.