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Posts Tagged ‘fiat chrysler news’

FCA 3Q Earnings Jump to Black

Automaker revises full-year guidance upward.

by on Oct.26, 2016

FCA CEO Sergio Marchionne revised the company's full-year guidance on the strength of the third-quarter results.

Fiat Chrysler Automobiles N.V. raised its guidance after the company reversed the loss it sustained during the same period a year ago even though revenues and unit sales were essentially flat during the July-September period.

Fiat’s group adjusted earnings before earnings before interest and taxes increased in the third quarter of 2016, jumped 29% to $1.62 billion while the group’s margins increased to 5.9%. Net income also increased to $653 million compared with a loss of $387 million in the third quarter of 2015.

Financial News!

For the full year, the FCA raised its guidance for adjusted EBIT to $5.94 billion and adjusted net profit raised to $2.5 billion from $2.3 billion. (more…)

FCA Stock Rockets on News of Possible Sale

Magneti Marelli sale could net company $3 billion.

by on Aug.04, 2016

Fiat Chrysler CEO Sergio Marchionne's plan to "eventually" sell the company's Magneti Marelli unit may be coming to fruition.

Fiat Chrysler’s contemplation of selling off one of its divisions set off of flurry of excitement among investors who pushed the company’s stock price up to dizzying heights on both sides of the Atlantic Ocean.

The company’s stock jumped almost 10% in New York before closing up 8.9%. FCA’s stock on the Milan Exchange ended the day up 8.3%.

The Journal of Record!

The company is mulling a sale of its Magneti Marelli unit to Samsung Electronics for as much as $3 billion. The division includes lighting, in-car entertainment and telematics products and would help Samsung wedge its way into the automotive market. (more…)

Fiat Chrysler Putting $1.48B into Detroit-Area Plant

Upgrades part of plan to convert U.S. plants to truck, utility production.

by on Jul.26, 2016

Chrysler is plowing $1.48 billion into the Sterling Heights Assembly plant to ready it for Ram 1500 production early next year.

The transformation of Fiat Chrysler’s North American production footprint continued forward today with the announcement of $1.48 billion in upgrades to one of its suburban Detroit plants.

FCA is moving all of its car production out of the country and concentrating its U.S. manufacturing resources on its highly profitable truck and utility line-ups. The Sterling Heights (Mich.) Assembly Plant currently builds the Chrysler 200 sedan, but after the changes, it will make the Ram 1500 pickup truck.

News You Can Trust!

Chrysler 200 production will end in December, at which point, the company will begin work on the changeover. The announcement follows the company’s first step: a $1 billion overhaul of plants in Toledo, Ohio, and Belvidere, Illinois. (more…)

Fiat Chrysler Facing Potential Legal Battle about Sales Reporting

Automaker allegedly reported incorrect sales results.

by on Jul.25, 2016

FCA Sales Chief Reid Bigland put a stop to the automaker's sales practices designed to keep its 75-month streak of increasing sales alive.

Fiat Chrysler is in the midst of one of the most impressive sales streaks ever. The automaker’s on a 75-month run of consecutive month-over-month sales, although an internal review conducted by the automaker is revealing that the streak may not be true.

At certain times during the run, thousands of vehicle sales reported by FCA brands for which there were no actual buyers, according to two company sources, according to a report in Automotive News.

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U.S. sales head Reid Bigland put a stop to the practice, which resulted in FCA US reporting sales of 5,000 to 6,000 vehicles. After they had been reported as sold by dealers, they were then “unwound,” the publication reported. (more…)

First Drive: 2017 Fiat 124 Spider

New roadster separates self from Mazda sibling.

by on Jun.14, 2016

The 2017 Fiat 124 Spider is expected to be an attention getter in the U.S. for the struggling brand.

In the age of the driverless car, two-seat roadsters and convertibles are an endangered species.

But Fiat Chrysler Automobiles NV is betting there is still enough open space out on the American road for a soft-topped, rear-wheel-drive roadster to find enough cover and to draw enough sustenance to survive in a world that increasingly lives off data points and networks.

Droptop News!

The 2017 Fiat 124 Spider – no fancy spelling please – is quick, nimble and stylish. It is also the epitome of what buffs mean when they talk about cars that are “fun to drive.” (more…)

Fiat Roadster Key to Brand’s Revival in US

Execs hoping new 124 will light a sales spark.

by on Jun.09, 2016

FCA is hoping the new 2017 Fiat Spider 124 will jump start sales for the brand in the U.S.

Automakers are always looking for ways to attract younger buyers to their brand. But Fiat Chrysler Automobiles NV is hoping that the introduction of a new two-seat roadster will put a spark into the sales of the Fiat brand in the U.S.

Fiat brand sales were down 19% in May, compared with the same month a year ago. Sales of the Fiat 500, which has been hurt by consumers’ turn towards trucks and utility vehicles, dropped by 49% and sales of the 500L were off by 69%. But sales of the 500X utility vehicle were up in May compared with the same month a year ago, in its first month of year-over-year comparisons.

Product News!

Deliveries of the all-new 2017 Fiat 124 Spider are expected to begin arriving this month. The 124 Spider revives the storied nameplate, bringing its classic Italian styling and performance to a new generation of vehicles and buyers. (more…)

Automakers Continue to Install Defective Takata Airbags on New Vehicles

And 2.1 mil defective inflators have been installed as replacements in older vehicles.

by on Jun.01, 2016

A Takata airbag after a crash.

(This story has been revised to include comments by FCA and Toyota.)

Even as federal safety regulators expand the ongoing recall of defective Takata airbags, four major automakers continue to install some of the potentially deadly devices on their newest vehicles, according to a new Senate report.

A number of manufacturers also are using defective Takata inflators as replacements for older airbags in about 2.1 million recalled vehicles. Federal regulators have approved that move as a temporary measure due to a shortage of replacements parts using newer, safer designs.

In the Know!

The four manufacturers that acknowledge they are continuing to use defective Takata bags in new products are Fiat Chrysler, Mitsubishi, Toyota and Volkswagen, according to the report released today by U.S. Senator Bill Nelson, the ranking Democrat on the Senate Commerce Committee.

(more…)

FCA Open to More Autonomous Partners; Marchionne Talks Product Location

FCA CEO says 200 will live on despite poor sales.

by on May.06, 2016

FCA chief Sergio Marchionne said that he would not limit the company's autonomous vehicle partners to just Google at this point.

Fiat Chrysler Automobiles could use the re-tooled assembly plant in Windsor, Ontario, to build another vehicle now under development, FCA chief executive Sergio Marchionne told reporters after the official launch of the company’s latest version of the minivan, the 2017 Pacifica.

Marchionne said the new vehicle would require additional investment in Windsor, but said the platform underneath the new Pacifica was versatile enough to support other vehicles.

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“It was designed that way,” said Marchionne, who declined to add further details, but noted. “Just to clarify, this plant and this architecture is capable of making the successor front wheel drive – all-wheel drive replacement for the Chrysler 300.” (more…)

Marchionne Adds Ferrari CEO to His Resume

26-year veteran Amedeo Felisa retires.

by on May.02, 2016

Sergio Marchionne (l); Amedeo Felisa (cl), and FCA Chairman John Elkann (r) mark Ferrari's IPO.

As if he doesn’t have enough to keep himself busy, Sergio Marchionne is adding another title to his CV. With the unexpected retirement of Amedeo Felisa, Marchionne will now become chief executive officer at Ferrari.

The Canadian-raised executive also serves as chairman of the sports car company – as well as CEP of Fiat Chrysler Automobiles NV, which spun Ferrari off this past year. Marchionne also runs the North American region for FCA and serves as chairman of CNH Industrial, the heavy duty unit that was created by the merger of Fiat Industry and Case New Holland.

Step on the Gas!

The latest role comes just after Ferrari posted its best earnings ever. But the supercar maker is also has to deal with a variety of challenges, from its aggressive growth target to its ongoing struggles on the Formula One circuit it long dominated.

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Fiat-Chrysler Reportedly Talking Autonomous Car Deal with Google

But prior rumors of Google-Ford deal failed to materialize.

by on Apr.29, 2016

Google is already testing its bubble-shaped prototype in California, Texas and Nevada.

Two partners in search of mates? Both Google and Fiat Chrysler have been open in their need to form alliances, and the two companies just might be ready to team up.

According to several online reports, they’re in advanced talks that could lead to Fiat Chrysler putting Google’s self-driving vehicle technology into production. The Silicon Valley firm is already testing its autonomous car software with a fleet of prototypes, but Google officials have repeatedly said they want to find a partner within the auto industry, rather than setting up their own manufacturing operation.

Tech Talk!

The talks have reportedly been underway for several months, according to the Wall Street Journal, while a separate online report on autoextremist claims negotiations are in late stages and could see Google’s autonomous technology used on a variety of different Fiat-Chrysler products.

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