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Fiat Chrysler's Q3 profit boosted by strong North American earnings

MILAN, Italy — Fiat Chrysler Automobiles (FCA) reported a 17 percent jump in third-quarter adjusted operating profit on Tuesday, helped by a strong performance in its key North American market and improving operations in Europe and Latin America. The world's seventh-largest carmaker still makes the lion's share of its profits in North America, so improving, or at least maintaining, its margins there is a key focus. The carmaker reported an 8 percent adjusted operating profit margin in the region, up from 7.6 percent a year ago, despite a drop in sales and shipments. "FCA's profitability in North America remained strong in the quarter despite a weakening market there," a Milan-based analyst said. FCA's profitability compares with an 8.3 percent North America margin reached in the quarter by bigger U.S. rival GM , showing CEO Sergio Marchionne making progress towards his goal of closing the margin gap with GM and the company's other U.S. rival, Ford, by 2018. The company's confirmation of its full-year outlook also pushed shares higher, a trader added. The stock was up 2.8 percent by 1129 GMT, outperforming a 1 percent rise in the European auto index. FCA has been retooling some U.S. factories to boost output of sport-utility vehicles (SUVs) and trucks while ending production of some unprofitable sedans to strengthen profitability as the U.S. car market comes off its peak. The company said a drop in North America shipments due to lower fleet sales and discontinued models was partially offset by higher deliveries of Ram trucks and two models from the Alfa Romeo stable: the Stelvio sport utility vehicle and Giulia sedan. Profitability also improved in Europe, helped by sales of the Stelvio and the new Jeep Compass, and Latin America, while margins at Maserati remained strong at 13.8 percent due to strong demand for its first SUV, the Levante. In a later conference call, investors are looking for hints on the new strategy to 2022 which the company promised to unveil early next year. Chief Executive Sergio Marchionne said earlier this year that FCA would streamline its portfolio and that components businesses, including Magneti Marelli, would be separated from the group, possibly via a spin-off. While FCA confirmed its targets this year, doubts remain about its exposure to a weakening U.S. market, recall costs and potential fines over emissions after it was targeted by European and U.S.

What does Jeep have cooking with this stretched Cherokee?

Chrysler has been spotted testing what appears to be a stretched Jeep Cherokee prototype. Which seems odd, considering that Jeep already makes a Grand Cherokee, and that's an entirely different model. The question then is just what the company has in the works here. We don't know for sure – but we do have some ideas. We're anticipating a new Grand Wagoneer to serve as the brand's flagship model, but stretching the Cherokee's wheelbase to leapfrog the Grand Cherokee's would take more than eight inches – and stretching a "compact" platform to get there wouldn't seem to make a lot of sense. Alternatively Jeep could be looking to wedge a new model into its lineup in between the Cherokee and Grand Cherokee, potentially offering a third row of seats and wearing the Wagoneer name - sans the "Grand" - as part of a new range of seven-seaters. Just what the point would be, however, when the Dodge Durango already offers three rows based on the same platform as the Grand Cherokee, is a bit of a mystery. Another possibility is that it's not a Jeep at all, but rather a Dodge. The brand is in need of a replacement for the current Journey, and we're also waiting to see what FCA does to replace the Grand Cherokee since it unveiled the Chrysler Pacifica to replace the Town and Country. More of a crossover approach could take the Cherokee's Compact US Wide (CUSW) platform as its starting point, but stretched like this prototype to offer more space. Whatever it is, we're sure this won't be the last we'll have seen of it, so watch this space. Related Video:

‘Star Trek’ actor's family settles with Fiat Chrysler over his death

LOS ANGELES — The family of late "Star Trek" actor Anton Yelchin has settled a wrongful death lawsuit with Fiat Chrysler Automobiles NV over the rollaway crash of a Jeep Grand Cherokee that killed the up-and-coming actor almost two years ago. Terms of the settlement, which was filed in Los Angeles Superior Court on Tuesday, were not disclosed. The lawsuit filed by Yelchin's parents, celebrated Russian figure skaters Victor and Irina Yelchin, is believed to be the first wrongful death complaint filed over Fiat Chrysler's April 2016 recall of more than 1.1 million vehicles due to a rollaway risk. Yelchin, 27, best known for playing navigator Pavel Chekov in the "Star Trek" movie reboot, died in June 2016 when his 2015 Grand Cherokee rolled backward in the steep driveway of his Los Angeles home, pinning the actor against a brick wall and fence. Yelchin's final role was in the indie film "Thoroughbreds," which was released this month. In a statement, Fiat Chrysler said on Thursday the company is "pleased that we've reached an amicable resolution in this matter. ... We continue to extend our deepest sympathies to the Yelchin family for their tragic loss." Messages left with Yelchin family attorney Gary Dordick seeking comment were not immediately returned. The lawsuit also accused Fiat Chrysler of negligence, product liability and breach of warranty. Dordick said when he filed the lawsuit that Fiat Chrysler had mailed a recall letter to Yelchin that was received seven days after his death. Final recall notices were sent during that time, but interim notices had been mailed at least 17 days before Yelchin's accident, Fiat Chrysler said. At the time of Yelchin's death, the rollaway problem had been tied to at least 68 injuries, 266 crashes and 308 reports of property damage. Drivers complained they would exit vehicles with the engine running falsely believing the vehicle was in park. Fiat Chrysler furnished a software upgrade to the affected 2014-2015 model year Jeep Grand Cherokee sport utility vehicle as well as 2012-2014 Dodge Charger and Chrysler 300 sedans.Reporting by Eric KelseyRelated Video: