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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.

Rumor has it the new Grand Wagoneer has been cancelled, but we're not so sure

This just doesn't seem to add up. Autoline Daily is reporting that plans for a new top Jeep, a reimagined Grand Wagoneer to sit above the Grand Cherokee, have been scrapped. The info comes from Auto Forecast Solutions, an industry analyst company. The Grand Wagoneer was expected to use a stretched version of the next Grand Cherokee's platform, but it reportedly won't accept the larger vehicle. The report implies that the next Grand Cherokee will use a version of the current Grand Cherokee's unibody platform, which is about what we expected. The thing is, the current Grand Cherokee shares its platform with the (longer) Dodge Durango, as well as Mercedes-Benz's GLE and GLS SUVs (remember the DaimlerChrysler days?). It's possible the Wagoneer was supposed to be wider as well as longer, and that the Durango's stretch just wasn't enough, but it seems odd that this is just now coming to light. We have already seen sketches of the new Grand Wagoneer, purported to have leaked out of an FCA dealer meeting. Jeep's CEO has discussed the (high) price the new utility would command. It just seems like a lot of thought went into the vehicle already, thought that wouldn't be put forward if someone hadn't looked into the feasibility of actually building it. The report (the one that says the thing has been cancelled) also says FCA might regroup and build the GW as a body-on-frame SUV on the Ram 1500 platform. That also seems unlikely, since this is supposed to be a luxurious, refined vehicle that's nicer than the Grand Cherokee. It would be tough to accomplish all of that with a ladder frame underneath, and it's just not the way the industry is going, let alone the Jeep brand. We'll keep an eye on this one. Related Video: Featured Gallery 2019 Jeep Grand Wagoneer Dealer Leak Spy Shots News Source: Autoline Daily Rumormill Jeep Crossover Luxury

Hendrick wants to put Jeep Wranglers back on the battlefield

The Jeep Wrangler could be headed back to the battlefield. According to reports, negotiations are currently under way with the US Army to adapt the iconical American off-roader for military use. The Wranglers would serve as inexpensive, lightweight, unarmored vehicles that could be more easily airlifted into remote locations than costlier, heavier, and bulkier options. The proposal is not being fielded by the Jeep brand itself or its parent company Fiat Chrysler Automobiles, but by Hendrick Dynamics. The Charlotte-based offshoot of NASCAR racing team Hendrick Motorsports calls its modified Wrangler the Hendrick Commando. Instead of the 3.6-liter Pentastar V6 found in most US-market Wranglers, the Commando version employs the 2.8-liter diesel four built by VM Motori, modified to run on any type of diesel fuel or on JP-8 jet fuel to maximize its deployment versatility and comply with the Army's Single Fuel mandate of 2012. It would also support a variety of modular attachments for specific jobs, ranging from machine gun mounts and counter-mine rakes to radar arrays and advanced communications equipment. Hendrick says the Commando could also be deployed by helicopter or in cargo planes. And because it's based on a civilian platform, the Commando would also benefit from the latest advancements introduced by its manufacturer, the parts and service network already in place, and the thorough testing that's already gone into developing the Wrangler for civilian use. Hendrick has reportedly built 14 prototypes to date, including the two-door Commando 2 (based on the standard Wrangler), the four-door Commando 4 (based on the Wrangler Unlimited), and even a pickup conversion called the Commando S. It is not, however, the only company adapting Jeep Wranglers for military application. Israel-based Automotive Industries Ltd has been producing successive versions of the Wrangler-based Storm for use by the Israel Defense Forces and other militaries overseas since 1990. If the US Army awards the contract for the Commercial Off-the-Shelf (COTS) vehicle to Hendrick Dynamics, it would bring the iconic Jeep back to the battlefield where it got its start. The brand and its most prolific model trace their roots back to the Willys MB, launched in 1941 on contract from the US Army for deployment in World War II.