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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.

Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Tom Hanks' custom 1974 Fiat 126p has sold for $83,500

Actor Tom Hanks has sold his custom 1974 Fiat 126p at auction for $83,500. It's a notable sum for a 23-horsepower Polish-built microcar, but it's not even the most interesting part of the story. That would be how the Saving Private Ryan star came to possess the car, which was never officially sold in the U.S. in the first place. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The "Polski" Fiat 126p was built in Cold War Poland under license from Fiat while the country was still under communist rule. A successor to the original Fiat 500, the model was particularly long-lived. Fiat built about 1.4 million of them in Italy from 1972-1991. However, that number pales in comparison with the estimated 3.3 million additional cars from Bielsko-Biala, Poland, where the car was manufactured until 2000. Cars built in Poland were denoted 126p, and locals nicknamed them "Maluch," or "small one" in Polish. They were still prevalent in former Eastern Bloc nations like Hungary in 2016 when Hanks visited the country. As an apparent joke he posed next to a few street-parked examples that he came across, posting the subsequent photos to Twitter with the caption "So excited about my new car!!" According to The Drive, a Hanks fan named Monika Jaskolska, a resident of Bielsko-Biala, saw the tweets and made it her mission to get one for him. Jaskolska ended up raising enough money, along with corporate sponsors, to not only restore a 126p, but build a custom interior for Toma Hanksa, as he's known as in Polish. Because the Philadelphia actor was known for collecting typewriters, they customized the interior switchgear to resemble keys from a vintage one. Some of the money raised also went to a local pediatric hospital. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The car was given an unveiling ceremony in Poland before it was delivered to Hanks in Los Angeles via cargo jet, just in time for his birthday. In addition to the custom interior, the car features some exclusive badging and a Forrest Gump quote on a plaque affixed to the dashboard, so there's no confusing it with a regular Polski Fiat. Now, however, it's time to move the car on to a new owner. Hanks is donating the full sale amount to Hidden Heroes, which supports military caregivers, the spouses and parents of injured or ill servicemen and servicewomen.