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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.

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

Win a Ram TRX and a stunning $4.3 million Lake Tahoe dream home

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.   If you’re looking for an insanely capable off-road pickup, as well as a mountain lodge and lake house to store it, look no further, because with this one giveaway you can win a 5,200 sq-ft Lake Tahoe dream home and a Ram TRX.  Win This $4.3 Million Lake Tahoe Dream House and a Ram TRX - Enter at Omaze HereÂ’s what we said about the TRX when we last drove it: “The TRX hardware is firmly in the realm of absurdity, allowing it to attack just about any terrain or surface – assuming it can physically fit through. The 6.2-liter supercharged V8 supplies 650 pound-feet of torque to all four wheels that lets it power out of mud and muck by aggressively flinging it skyward as though it has a vendetta against both the sky above and Earth below. This sort of driving is best done in Mud/Sand mode, as it sets the four-wheel-drive system, throttle response, transmission, suspension and steering into their ideal settings to have the most fun in the slick stuff. It works as advertised. “Going 0-60 mph in 4.5 seconds in a truck so large is already a mind-altering experience, but having the traction and ability to properly launch off-road is where the TRX truly sets itself apart. Those 35-inch Goodyear Wrangler Territory all-terrain tires, developed specifically for the TRX, dig into the mud and dirt, shooting you forward with far less scrambling and scrapping for purchase than youÂ’d expect from such a sloppy surface. The Dana 60 solid rear axle, axle-hop damper and electronic limited-slip differential that Ram claims help those launches are all putting in the work that needs to be done. No matter the terrain, the TRX digs in, growls and shoots where you point it. If youÂ’d rather move sideways, a quick stab of the traction control button relaxes the truck's nannies to do just that. “The suspension is just as hardcore with the Bilstein Black Hawk e2 adaptive dampers and their remote reservoirs making this 6,396-pound lead weight of a truck more agile than it should be, yet forgiving at the same time. Its damping characteristics donÂ’t provide the same pillowy and graceful off-road ride as, say, the Multimatic dampers on the much lighter Colorado ZR2 do, but thatÂ’s comparing apples to oranges on the weight scale.