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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 1500 TRX thunders across the desert ahead of August 17 debut

Ram turned every head at the 2016 edition of the Texas State Fair when it introduced a 1500-based, Hellcat-powered concept named Rebel TRX. Nearly four years later, it's finally ready to unveil the production version of its burly truck, which will seemingly lose the Rebel designation while keeping the supercharged V8. Aimed directly at the Ford F-150 Raptor, the 1500 TRX — an acronym which stands for Tyrannosaurus Rex; get it? — will arrive as a high-performance truck that feels right at home speeding through the desert. Although the preview video released by Ram hides the truck's overall design, it's reasonable to assume it will receive a rugged look characterized by a model-specific front bumper that increases the approach angle, skid plates that protect the underbody, and massive tires tucked under fender flares. It will be bigger and meaner than the standard 1500. It will sound the part, too, thanks to a version of the supercharged, 6.2-liter Hellcat V8 engine found in several Dodge and Jeep models. Although the concept made 575 horsepower, insiders (and spy videos shot on the Silver Lake Sand Dunes) hinted the production model will put over 700 horses under the driver's right foot. Ram will introduce the 1500 TRX online on August 17 at noon Eastern time, which is 9 a.m. in Los Angeles. It will stream the event on its various social media outlets (including its Facebook account and its YouTube channel). Sales will start in the coming months, but pricing information hasn't been announced yet. We expect the TRX will be pegged in the same price bracket as the F-150 Raptor, which starts at $55,150 including destination. And, while Dodge will only manufacture the Hellcat-powered Durango for six months, we'd be surprised if the 1500 TRX lands as a limited-edition model. Odds are Ram plans to fill every order it receives. Related Video:     RAM Truck Performance

Ram confirms Fiat Ducato vans to form new Promaster series for US

Chrysler has officially confirmed that Ram will develop an all-new large van for the US market based on the Fiat Ducato. The commercial rig will go on sale in the third quarter of next year, joining the Ram C/V on the company's professional van line. Expect to see the Promaster face off against the Ford Transit and revised Chevrolet Express.
Chrysler is pretty skimpy on details when it comes to the Promaster, but it has said the vehicle will make use of "familiar Ram Truck styling cues." The van will reportedly also bow with powertrains targeted specifically at the North American market.
Chrysler and Ram made the announcement ahead of the LA Auto Show alongside news that the company will launch a new Ram commercial truck division.