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FCA CEO Mike Manley will take undefined new role after PSA merger

MILAN — Fiat Chrysler Chief Executive Mike Manley will remain with the new group set to result from a planned merger with French rival PSA-Peugeot, Chairman John Elkann said on Wednesday. In a letter to Fiat Chrysler (FCA) employees on the day the two companies announced a binding agreement for a $50 billion tie-up to create the world's fourth-largest carmaker, Elkann said he was "delighted" that the combined group would be led by current PSA CEO Carlos Tavares. "And Mike Manley, who has led FCA with huge energy, commitment and success over the past year, will be there alongside him," he said. He did not say what position Manley would hold. Elkann — who will chair the new group — said there was still much to be done to complete the merger. "Over the coming months we must work tirelessly and determinedly to fulfill all the approval requirements needed to finalize the commitment we have signed," he said. Related Video:     Hirings/Firings/Layoffs Chrysler Dodge Fiat Jeep RAM Citroen Peugeot FCA PSA merger Mike Manley carlos tavares

Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

Jeep delivers basketful of concepts for the Moab Easter Jeep Safari

It's Easter time, and that means it's time for the 52nd Annual Moab Easter Jeep Safari, held March 24 through April 1, where thousands of off-roaders crawl, scrape and scramble over the rugged trails of Moab, Utah. And that brings us to this year's colorful collection of Jeep concepts, custom-built by FCA for the occasion. Jeep Wagoneer Roadtrip View 7 Photos This year there are seven Easter treats — including one called Wagoneer and one called Jeepster. All are decked out in Mopar parts. (Mopar already has 200-plus parts and counting for the all-new 2018 Jeep Wrangler.) Here then, is this year's Easter pageant of Jeeps: Jeep 4SPEED This year's lightweight concept is meant to bolster off-road performance through extensive weight savings. It's powered by the all-new 2.0-liter turbocharged I-4 engine with an eight-speed automatic. Carbon fiber abounds — the stuff is used for the hood, fender flares and the rear tub, which also features aluminum perforated panels. It gets an "aggressively swept back" look via raked windshield, longer door openings and a custom cage. It's also 22 inches shorter with improved approach and departure angles, though the wheelbase remains unchanged. And it gets Dana 44 front and rear axles with a 4.10 gear ratio and 18-inch lightweight monoblock wheels with 35-inch tires. Inside, there's a custom instrument panel, custom seats and deleted back seats. Footwells are perforated aluminum. The 4SPEED is so much lighter than stock, it rides two inches higher. Jeep Sandstorm This one's inspired by Baja desert racers but can still be used as a daily driver. It gets an extreme-duty suspension system capable of both tasks. The front axle has been moved forward four inches and takes a heavy-duty longarm four-link suspension and track bar. The rear axle has been moved back two inches and gets a triangulated trailing arm four-link suspension. The longer wheelbase provides better high-speed stability. The front wheels — 39.5-inch tires on 17-inch beadlock wheels — get custom coilovers and bypass shocks that allow 14 inches of travel in front and 18 in back. It gets Baja styling cues such as a vented carbon fiber hood, vented high-clearance fender flares and a cage with lay-down spare tire carrier. There are no exterior door handles, and the rear doors have been chopped.