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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.

Weekly Recap For 6.24.16 | Autoblog Minute

Leaked photos of the 2017 Porsche Panamera, and spy shots of the Jeep Wrangler and Ford Fiesta ST. Senior Producer Chris McGraw reports on this edition of Autoblog Minute. Ford Jeep Porsche Autoblog Minute Videos Original Video ford fiesta st fiesta st

New Jeep Wrangler caught nearly uncovered

Finally, after months of seeing Wrangler prototypes carefully covered up, we get a look at some prototypes with the bare minimum of camouflage. Starting from the front, the fascia looks just as it did in previously leaked images. In contrast to the outgoing model, the trademark grille slots are now taller, stretching nearly to the top of the grille surround. The headlights also intersect with the grille slots, resulting in slightly pinched slots at either end. Aside from the grille, we can get a clear view of the new horizontal, fender-mounted turn signals and the traditional exposed hood latches. Moving along the SUV, we find hinges at the base of the windshield, which seems to confirm that you'll still be able to fold it down for maximum wind exposure. And, as we've seen before, the doors have exposed hinges that indicate the doors can come off, too. We can also see that the Wrangler will be offered with both contrasting black plastic fender flares, and with body-colored versions. But unlike past models, the body-colored examples aren't completely painted, leaving a black strip along the edges. Interestingly, the fender vents seen on another fully exposed example of the Wrangler don't appear to be present on these prototypes. They could be covered, or they may be an optional appearance item. At the back, we now get to see the Wrangler's new taillights, which are LED units with an I-beam shape. The exposed gas filler cap is now gone, in favor of a permanently attached filler door. Both the license plate mount and rear window wiper have been moved, too. The license plate now mounts to the bumper, and the rear wiper hides at the base of the rear window behind the spare tire. The rear bumper also gets some red lenses that could simply be reflectors, or possibly rear fog lights. As previously reported, the new Jeep Wrangler is expected to make its debut at this year's LA auto show, with the first deliveries arriving to dealers not long after. It will be available with either a four-cylinder or V6 at launch, with a diesel coming later, and the truck sometime after that. Other new features to the Wrangler could include a roof with power sliding panels, and full-time four-wheel drive. Related Video: