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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.

Ram and Jeep diesel emissions allegations spur class action lawsuits

This shouldn't come as a surprise. Last week, the EPA issued a notice of violation to FCA after it determined that Jeep and Ram installed eight undisclosed auxiliary emissions control devices on diesel vehicles. Since then US law firm Heninger Garrison Davis, LLC and Canadian firm Sotos LLP have launched class action suits on behalf of owners. These latest lawsuits are unrelated to a previous class action suit brought against FCA and Cummins over NOx emissions in 2007 to 2012 Ram models. The violation notice – and the subsequent lawsuits – covers 2014 to 2016 Jeep Grand Cherokee and Ram 1500 models equipped with the 3.0-liter turbodiesel V6, a total of about 104,000 vehicles in the US. The EPA says that while the emissions control devices aren't necessarily illegal, installing them without disclosing them to the EPA is, as they produce more emissions in real world use than in testing. Skirting certification in this way might be a violation of the Clean Air Act. FCA could see fines of up to $45,000 per vehicle, depending on the outcome of the EPA investigation. FCA denies that these are cheat devices, and has proposed software updates to bring the vehicles into compliance. As for the lawsuits, Heninger Garrison Davis says that "Fiat Chrysler marketed those vehicles as environmentally friendly with enhanced fuel efficiency, better performance, and lower emissions. Although the diesel vehicles were successfully marketed as 'clean,' their environmentally-friendly representations were deceptive to consumers." The suit seeks an undisclosed amount of compensation for owners of these vehicles. In Canada, Sotos LLP is seeking $250 million in damages on behalf of owners. This suit, filed in the Ontario Superior Court of Justice, also claims deception on the part of FCA, "resulting in losses and damage" to owners. These are similar claims to group actions against Volkswagen with regard to its diesel emissions cheating scandal. While VW is fixing or buying back many of the affected vehicles, the company is defending itself against some suits on behalf of owners, saying it expects " no decline in the residual values of the affected vehicles as a result of this issue." Don't be surprised if FCA mounts a similar defense.

Off-roading the Lyman Trail in the 2017 Jeep Grand Cherokee Trailhawk

Lyman Trail is in the backwoods of the Chelsea Proving Grounds in Chelsea, Mich. It's where FCA goes to push off-roaders to the limits. Autoblog's Greg Miglore made a recent visit to Lyman Trail with the 2017 Jeep Grand Cherokee Trailhawk. Check out the video to see how the SUV performed. Show full video transcript text [00:00:00] We are on Lyman Trail here, deep within the Chelsea proving grounds in the woods. This is where they test all the off-roaders, the Jeeps, the Rams, everything that's capable and needs some sort of a trail rating - this is where they bring it to shake it down. It's all downhill from here. Except when it's rocky and wet. Here we go! [00:00:30] Grand Cherokee Trailhawk is very capable off-road. Of course it's trail-rated. It definitely has all of the gizmos and things that you need to get over the obstacles that we're going to encounter. This first one is called traction. This is where, basically, to be trail-rated the vehicles need to have a certain degree of traction so they can basically, you know, stay sure-footed over certain obstacles. When going up things like this, pick your line, I'm going straight up the middle, and just stay nice and even. [00:10:00] Go straight up let the Jeep do the work, keep on going, skid plates doing their thing, there ya go. This one is over the riverbed. This simulates a dried riverbed. It's rocky, lots of stones here, things you might see on the shores of Lake Michigan. We're just gonna go right over it. Keep it nice and simple. Nice and easy. Okay, hit it kind of hard, gonna straighten the wheels. Again, you hear those skid plates, they are protecting the fuel tank, ... [00:01:30] the transfer case, and the front of the vehicle. So I'm not gonna touch the brakes, I just want to go over it nice and easy. We've come upon one of my favorite events here. This is where you go through the water. It's basically mud, a little bit of a bog kind of thing. Jeeps are so capable, you don't even have to worry about it.The trick about going through the water is to keep a nice even pace ... [00:02:00] and don't loose your nerve. Some people go in the water and are like "woah," freaking out because literally there's water all around you. So, just keep right on going, steer, point the vehicle right on through. We're making some waves here. Keep on going. Keep it smooth. Up the hill we go. And there you have it. Your Jeep not only went off-roading, it went off-landing. That's a bad joke.