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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

Inner Demon revealed: 840 hp and other jaw-dropping details

After months of teasers, rumors, cryptic messages, and veiled hints, the 2018 Dodge Challenger SRT Demon is finally here, and it's as wonderfully insane as we hoped it would be. Finally we know the facts and figures that Dodge has been hinting at for so long. 840 horsepower. 770 lb-ft of torque. 2.3 seconds to 60 mph. A quarter-mile run of 9.65 @ 140 mph. While pricing hasn't been announced, Dodge is trying to keep it under $100,000. That horsepower figure makes this the most powerful production V8 ever. With those 0-60 and quarter-mile times, it's also NHRA certified as the quickest production car ever. Someone with the means needs to line a Demon up against a Tesla Model S P100D. All that power and all of the Demon's trick launching software and hardware will throw a driver back against their seat with 1.8 Gs. Drivers will be seeing a bit of sky, as the Demon is the first production car to pull a wheelie from a dead stop. Yes, this is all totally and 100 percent street legal. View 48 Photos In order to make all this power, the red-painted supercharged 6.2-liter Hemi V8 has been significantly improved over the Hellcat. It's equipped with a larger 2.7-liter supercharger that turns the boost up to 14.5 psi, redlines at 6,500, and has what Dodge is calling SRT Power Chiller, a system that uses the air conditioning to cool the air coming in through the new Air Grabber hood scoop. In order to keep your engine running time and time again, there is an after-run cooler than cools the supercharger after the car is shut off. The pistons and connecting rods have been strengthened to deal with the higher load. In order to feed enough juice into the engine, the Demon uses dual fuel pumps. We assume that a decent EPA rating wasn't on the top of the engineer's list. Oh, and the Demon can run on 100-octane with the press of a button. With the traditional SRT black and red keys, the Demon actually has three horsepower ratings: 500 with the black key, 808 with the red key, and the full 840 with the red key and 100-octane fuel. Don't worry, even if you have the black key, the Demon will drop the 1/4 mile in 11.59 seconds, still quicker than almost anything around. Most of the rest you already know from the seemingly endless teasers. The Demon wears lightweight wheels with sticky 315/40R18 Nitto drag radials at all four corners.

FCA and Peugeot reportedly agree on merger

Citing a Wall Street Journal report, the Detroit Free Press says "Fiat Chrysler and PSA Groupe have agreed to merge." The Journal reported on talks between the two car companies only yesterday. It's said that Peugeot's board met yesterday to approve the deal, FCA's board met today, and an announcement could come as soon as tomorrow, Thursday. Both automakers have released statements, but neither company has released any information beyond admitting to ongoing talks. If the merger happens, the combined entity would become the world's fourth-largest carmaker with a $50 billion valuation, slotting in behind Toyota, the Volkswagen Group, and the Renault Nissan Mitsubishi alliance. Among the merger options possible, "an all-stock merger of equals" is the one analysts and Moody's seem to give the best grade. The reported merger would come about four months after FCA walked away from merger talks with Renault. FCA said the French government scuppered those talks over the role of Nissan in a reformed entity, but there were also brewing issues with French unions, and ongoing turmoil among Renault and Nissan leadership thanks to continuing fallout from ex-CEO Carlos Ghosn's arrest last year. FCA makes most of its revenue in the U.S. and rules Italy, while Peugeot is the second-best-selling automaker in Europe with its own brand in France and Opel in Germany. The two companies already have a partnership in Europe making vans, one that FCA CEO Mike Manley has spoken highly of. Among the list of obvious benefits in a potential merger, FCA would get access to Peugeot's small, modern platforms, $10.2 billion in cash, and electrified and hybrid architecture developments, the latter especially important to FCA as those are fields where it lags. Peugeot would get much easier access to the U.S. market, and the money-printing brands Jeep and Ram. A merged carmaker would have combined sales of nearly 9 million a year, based on 2018 results. By comparison, both Volkswagen and Toyota sell over 10 million cars a year, while the Renault-Nissan-Mitsubishi alliance almost 11 million. Peugeot CEO Carlos Tavares has proved he knows how to do turnarounds and mergers. After leaving a position as Carlos Ghosn's right-hand man in 2012, Tavares took over Peugeot in 2014, navigated a bailout from the French government and China's Dongfeng Motors in 2015, and turned PSA into a regional powerhouse.