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Fiat Chrysler posts record Q3 profit thanks to U.S. trucks and Jeep

MILAN — A rebound in car production in Fiat Chrysler on Wednesday reported record third-quarter earnings as production returned to nearly pre-pandemic levels. The Italian-American automaker, which is finalizing its full merger with French rival PSA Peugeot, reported a net profit in the three months ending Sept. 30 of $1.4 billion (1.2 billion euros). That compares with a loss of 179 million euros a year earlier. The carmaker reported adjusted earnings before tax and interest in North America of 2.5 billion euros. That offset deepening losses in Europe, Asia and at its Maserati luxury marquee. Latin America, the only other region to post a profit, saw it narrow by two-thirds to 46 million euros. “Our record results were driven by our teamÂ’s tremendous performance in North America,” CEO Mike Manley said in a statement. Overall, the carmaker said global earnings before tax and interest were a record 2.3 billion euros despite a 6% fall in revenues to 26 billion euros. Global shipments were down 3%, due largely to plant retooling in North American to produce the new Jeep Grand Wagoneer in the luxury SUV segment and the discontinuation of the Dodge Grand Caravan classic minivan. Fiat Chrysler announced earlier Wednesday that its merger with PSA Peugeot is on track to be finalized by the end of the first quarter of 2021, as planned. To meet regulatory concerns, the French carmaker is selling a small stake in a components maker to get below 40% ownership. The new automaker, to be called Stellantis, will be the fourth biggest producer in the world. Earnings/Financials Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Hero gets his truck back better than new thanks to community support [w/video]

You ever hear a story and start cringing before you hear the end because you know how it's going to turn out? That could very well have been the case with the story from a few weeks ago in West Valley City, Utah, where a 14-year-old kid stole his grandfather's Hyundai Veloster and took it for a joyride - through a park full of children. But instead it turned into a heart-warming tale of heroism and a community banding together to do what's right... and then some.
Bryson Rowley was that hero who identified the danger and, rather than sit idly by and watch the joyrider potentially run over a child, got into his truck and drove it into the menacing runaway hatchback. The collision caused some $7,500 to his 2008 Dodge Ram 2500, but instead of getting stuck with the bill - one which his insurance may very well have refused to pay since the crash was, technically speaking, intentional - his community pitched in a helping hand.
Bryan Ellison, who owns West Valley Carstar with his brother, saw the news on television and wanted to help. So he brought Rowley a rental car, picked up his truck and brought it back to his auto repair shop. People from around the community donated parts, and when all was said and done, some $15,000 of work and upgrades were performed on the Ram that was returned to an overwhelmed Bryson Rowley better than new. Watch the video below for the full story.

Weekly Recap: Toyota propels hydrogen fuel cells

Toyota is serious about hydrogen fuel cells, and it wants the auto industry to follow suit. The Japanese automaker said this week it's releasing 5,680 fuel cell patents from around the world, including technologies used on its upcoming sedan, the 2016 Mirai. The move is unusual, but not unprecedented, as Tesla similarly released its electric vehicle patents last year. The idea for Tesla, and now for Toyota, is to spur development of alternative propulsion. "By eliminating traditional corporate boundaries, we can speed the development of new technologies and move into the future of mobility more quickly, effectively and economically," said Bob Carter, Toyota Motor Sales senior vice president of automotive operations, in a statement. Toyota's fuel cell patents will be free to use through 2020, though patents related to producing and selling hydrogen will remain open forever. Toyota said it would like companies that use its patents to share their own hydrogen patents, but won't require it. "What Toyota's doing is really a logical move, and really a good move for the industry," Devin Lindsay, principal powertrain analyst with IHS Automotive, told Autoblog. The announcement was made at the Consumer Electronics Show in Las Vegas. It comes as Toyota prepares to launch the hydrogen-powered Mirai in a limited number late this year in California. The launch will be extended to the Northeastern United States next year. Toyota also has announced plans to support networks of fueling stations in each region to try to smooth consumer adoption. The Mirai has a 300-mile range on a tank of hydrogen, and it takes about five minutes to refill. Fuel cells have been receiving increased attention recently, and Audi and Volkswagen debuted hydrogen-powered cars at the 2014 Los Angeles Auto Show. Honda, another proponent of the technology, also showed its updated FCV concept in November in Japan. The company, however, has delayed its fuel cell sedan a year until 2016. Like Toyota, Honda says its hydrogen-powered car will have a range of 300 miles or more. Meanwhile, Hyundai currently offers leases for fuel-cell powered Tucsons, which have a 265-mile range, in Southern California. Despite the optimism some automakers have for fuel cells, the technology still faces barriers. A lack of filling stations has long held it back, and many consumers are not familiar with the potential benefits.