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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.

FCA and ZF issue recall on nine-speed automatic transmission

After years of complaints, German transmission manufacturer ZF is finally issuing a recall of its much maligned 9HP nine-speed automatic transmission. Although it has been criticized for a number of issues, ZF is issuing the recall to address the possibility of the transmission unexpectedly shifting into neutral. The issue covers 505,000 vehicles in the United States alone. This issue is related to an improper crimp on the transmission wiring harness. Rather than a physical fix, ZF is issuing a software update to remedy the problem. The company doesn't recommend dealers attempt to fix the crimp. Although the transmission can be found in a number of models by various manufacturers, currently only those from FCA are being recalled. This is the second recall in less than a year related to a ZF transmission shifting into neutral. FCA recently recalled more than a million vehicles worldwide because of a poorly designed shifter for ZF's 8HP eight-speed automatic. That issue may have resulted in the death of actor Anton Yelchin in June. Although there are no deaths related to this new recall, NHTSA reports that the issue has resulted in at least 10 injuries. Issues with the transmission have been known for years. A number of software updates have attempted to address various problems, making us wonder if there could be a fundamental hardware issue as the complaints span across a number of automakers. Vehicles equipped with the 9HP include 2014 and newer versions of the V6 Acura TLX, Chrysler 200, Fiat 500X, upper-level Honda Pilots, Jeep Cherokee and Renegade, Land Rover Discovery Sport and Range Rover Evoque, and Ram ProMaster City. Only FCA is issuing a recall and only on 2014 and 2015 models. Related Video: News Source: NHTSA Recalls Chrysler Fiat Jeep Safety FCA nine-speed transmission

2018 Jeep Wrangler Rubicon Off-road Review | Earning our trail rating the easy way

LAKE TAHOE, Calif. — When all 4,145 pounds of Jeep slams down on the rock, the BANG! cuts the tranquility of California's Sierra Nevada mountains, echoes off the surrounding hillsides, and travels for miles through the thick unmolested forest of ancient pines. The brutality of the impact sends a shutter though the Wrangler's chassis, compresses our spines into its seat padding, and momentarily yanks my hands from its leather wrapped steering wheel. Then comes the high-pitch screeching as the torque of the Jeep's 3.6-liter V6 and the frenetic clawing from its knobby BFGoodrich All-Terrains as it violently drags the steel of the Wrangler's floorpan along the rock's face. There's a groan from the front suspension as it reaches max articulation and the inevitable crunch when the solid mass mangles the thin gauge stainless steel of the JL's tailpipe. With the first obstacle cleared and 16 miles of America's most challenging off-road trail still ahead, I realize the Rubicon Trail Foundation has a lively sense of humor. Flip open the organization's printed map of the "world-famous Rubicon Trail" and the first thing you see is a quick list of tips to help you get from one trailhead to the other safely and responsibly. Right under where it advises you to pack out all trash and use the portable toilets, it states, "High clearance vehicles recommended." LOL. ROTF. LMAO. Bwaaaaahaaaaaaaa. That's a good one. But I guess it takes just one jerk in a Camry to ruin it for the rest of us. Jeep Jamboree USA, an organization famous for its off-road events on the trail, makes the point with a little less comicality, "A minimum of 33-inch tires, front & rear lockers, tow points, skid plates, rocker panel protection and CB Radios are mandatory requirements for the Rubicon Trail Jeep Jamboree," states its website in oversized bold letters. Our 2018 Jeep Wrangler Rubicon, the latest ultimate off-road factory Jeep on the new JL chassis, has all of it with the exception of the CB radio, which is unfortunate since black bears are easier to come by on the Rubicon than cell service. Our iPhones are as useless out here as mechanical sympathy for our steed. "Don't even try it," says one of our trail guides as he watches me fish my device from my luggage. "There's no service until we get back to Tahoe." That's a big 10-4. Lake Tahoe's crystal blue waters and charming downtown are about 30 miles from the Rubicon's eastern most trailhead. It's our finish line.