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Auto blog

Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.

GM says it will not sell Opel, Fiat still ready to buy

Automotive News reports General Motors has no interest in selling Opel. The statement comes after an Italian newspaper implied Fiat was ready to buy the brand should the alliance between GM and PSA/Peugeot Citroen fail. The publication reported that Fiat CEO Sergio Marchionne is already crafting a proposal to acquire the German brand in the event GM calls it quits, using a strategy similar to the one that saw Fiat win Chrysler.
Fiat has declined to comment on the situation, but GM Vice Chairman Stephen Grisky said in a statement that GM stands behind Opel and that the brand is "a fully integrated part of GM's global footprint."
Grisky also said the GM-PSA alliance is still strong.

2015 Fiat 500X offers Italian Renegade spirit

The 500X will be built alongside the Jeep Renegade at Fiat's Melfi, Italy factory, with sales to begin during the first half of 2015.
Fiat is following up on the March unveiling of the Jeep Renegade with its own compact crossover, the oft-rumored and teased 500X, which is making its big debut later today at the 2014 Los Angeles Auto Show.