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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 Chrysler halts European production as coronavirus hits demand

MILAN — Fiat Chrysler Automobiles (FCA) is halting production for two weeks at most of its European plants to help protect staff against the coronavirus pandemic and adjust to a slump in demand, the Italian-American carmaker said on Monday. Italy has been the European country worst hit by the crisis and the first to enforce a nationwide lockdown, which has now been replicated by Spain and, to a lesser extent, by France as the virus sweeps through the continent. With all non essential services closed, including car dealers, and people forced home except for strict working needs, many forecast a heavy fall in car sales in March. FCA — which according to analyst estimates produces around 25% of its vehicles in Europe — said the suspensions through March 27 would allow it "to effectively respond to the interruption in market demand by ensuring the optimization of supply." Ferrari, meanwhile, said it closed its two plants until March 27. Ferrari said it had so far ensured production continuity, and it already implemented all the health measures decided by the Italian government at the two sites, in hometown Maranello and in Modena. But it was "now experiencing the first serious supply chain issues, which no longer allow for continued production." Marco Opipari, an analyst at Fidentiis, said a few weeks of closures was not a big problem in an over-supplied European auto industry and lost production could be recovered later on. "The real problem is on the demand side, people are not buying cars now, and sales volumes are expected to be very bad in March, with a real impact on automakers' earnings," he said. FCA said in a statement that production for its FCA Italy and luxury Maserati units would stop for two weeks, extending a temporary closure period already planned for some Italian facilities. Affected plants are Melfi, Pomigliano, Cassino, Mirafiori, Grugliasco and Modena in Italy, Kragujevac in Serbia and Tychy in Poland. The FIOM union said FCA's decision was "necessary". The carmaker said the freeze would help it to resume activity promptly once market conditions allow it. "The group is working with its supply base and business partners to be ready to enable our manufacturing operations to deliver previously planned total levels of production despite the suspension when market demand returns," it said.

Canadians build Jeep Wrangler out of cans for charity

The Jeep Wrangler can do a lot of things. It can traverse most any terrain, take you to work, the kids to school, get you and your friends to the surf on time, and so on. Turns out it can also feed the hungry – or at least this one can. And by can, we mean actual cans of food. To celebrate Canada Day (which was Wednesday), Jeep recreated a Wrangler out of more than 4,500 cans of food. The project was undertaken together with Canstruction Inc, a charity that works to fight hunger and poverty, serve the community, and promote science, technology, engineering, and math. The full-scale replica took a team of teenagers a good 12 hours to build. It's being displayed at Vancouver's waterfront Canada Place during the festivities, after which it will be dismantled to provide 3,120 meals for the hungry through the Greater Vancouver Food Bank Society. This is the second such project we've seen FCA Canada undertake together with Canstruction. Last time it was a Dodge Grand Caravan created to celebrate the minivan's 30th anniversary. It was built out of 30,000 cans and displayed in downtown Toronto before being distributed as 2,000 food baskets through the Daily Bread Food Bank. Next time maybe we'll see a Viper or Challenger made out of cans on display in Montreal during the Canadian Grand Prix weekend and donated to the Old Brewery Mission, which this writer knows first-hand does good work to feed Montrealers in need. Related Video: JEEP® AND THE FCA FOUNDATION CELEBRATE CANADA DAY WITH LIFE-SIZE 'CANSTRUCTION®' OF JEEP® WRANGLER FOR CHARITY - Full-scale Jeep® Wrangler built from over 4,500 cans of food will provide more than 3,120 meals to Greater Vancouver Food Bank Society - Vehicle built by local students 12-18 years of age - Jeep and the FCA Foundation again partnered with Canstruction® Inc. for the build, an international non-profit organization that aims to raise awareness for hunger and poverty, along with Science, Technology, Engineering and Math (STEM) principals, plus community service - Public can stop by Canada Place on Canada Day to take a #JeepCANselfie in the vehicle - In 2014, FCA Canada was the top-selling automaker in B.C., a title it's retained thus far in 2015 - Jeep Wrangler is B.C.'s best-selling small SUV by more than double its closest competitor July 1, 2015 , Vancouver, B.C.