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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.

Fiat/PSA's dominance in small vans hangs up EU's merger approval

BRUSSELS — EU antitrust regulators are concerned about Fiat Chrysler and Peugeot / PSA's combined high market share in small vans and may require concessions to clear their $50 billion merger, people familiar with the matter said. The companies, which are seeking to create the world's fourth biggest carmaker, were told of the European Commission's concerns last week. If Fiat and PSA fail to dispel the European Commission's doubts in the next two days and subsequently decline to offer concessions by Wednesday, the deadline for doing so, the deal would face a four-month-long investigation. The EU competition enforcer, which has set a June 17 deadline for its preliminary review, declined to comment. Fiat was not immediately available for comment while PSA had no immediate comment. Hiving off overlapping businesses, usually a regulatory demand to ensure more competition, could prove tricky for the carmakers because of the technicalities. Fiat and PSA are looking to merge to help offset slowing demand and shoulder the cost of making cleaner vehicles to meet tougher emissions regulations. The deal puts under one roof the Italian carmaker's brands such as Fiat, Jeep, Dodge, Ram, Maserati and the French company's Peugeot, Opel and DS. Related Video: Government/Legal Chrysler Dodge Fiat Jeep Maserati RAM Citroen Opel Peugeot

EPA posts 2018 Jeep Wrangler Unlimited fuel economy

When Jeep loosed a trio of 2018 Wrangler photos in October, Jeep cognoscenti parried over details like radio antenna placement and painted tailgate hinges, while every other viewer merely noted, "It's still a Wrangler." Now that the Environmental Protection Agency's listed fuel economy ratings for the 2018 Wrangler Unlimited with the 3.6-liter V6, Jeep savants will again parry over details. Every other viewer will merely note, "It's still got Wrangler gas mileage." According to the EPA, the current Wrangler Unlimited with the 3.6-liter V6 and six-speed manual clocks 16 miles per gallon in the city, 21 on the highway, and 18 combined. The 2018 version with the same six-speed manual comes in at 17/23/19. Switching transmissions, the current model with the five-speed automatic hooks up 16/20/18, the 2018 model with an eight-speed automatic does 18/23/20. Those numbers might not jump off the page, yet according to the EPA's cost calculator, you'll save $250 per year on gas with the eight-speed auto 2018 Wrangler Unlimited, $150 per year with the coming six-speed manual. The eight-speed auto option also exceeds Chrysler's prediction from 2014 of a nine-percent improvement in fuel economy over the five-speed auto. Now we wait for numbers on the dark horse four-cylinder, which we'd expect to best the sixer's numbers, unless the rumors are true and the four-pot really is packing every wild horse it can handle. In that case, we'll turn to the EcoDiesel for frugal kicks. If we don't find out beforehand, we can expect those goodies and more at the LA Auto Show in December. Related Video: News Source: FuelEconomy.gov via Motor Trend Auto News Government/Legal Jeep SUV Off-Road Vehicles