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Fiat Chrysler posts $690M Q1 loss

If there is one thing that should be remembered when looking at quarterly and annual earnings, it's that the headline numbers rarely tell the whole story when it comes to an automaker's health. Chrysler's first-quarter earnings are just such an example.
Yes, the Auburn Hills-based manufacturer lost $690 million, which is quite a large sum of money. The reasons for the loss, according to Chrysler, were "Unfavorable infrequent items," which includes a $504 million payment to rid itself of the debts it took on for prepaying the UAW's VEBA healthcare trust. Chrysler was also hit with a $672 million charge to the UAW, which was part of a deal that allowed Fiat to purchase the remaining shares of Chrysler owned by the VEBA.
Ignoring those one-time deals, the first quarter was quite a successful one for Chrysler. It would have made $486 million if you erased the merger costs, which would have been a year-over-year increase of $320 million. Even more promising is the fact that Chrysler snagged the largest increase in market share of any automaker during Q1 at 1.1 percent, bringing its overall share to 12.7 percent of the US market. Chrysler saw a 30-percent improvement in sales of trucks and SUVs, along with an 11-percent increase in year-over-year sales and a 23-percent increase in revenue, to $19 billion.

Junkyard Gem: 1985 Bertone X1/9

Sales of the Fiat X1/9 began in the United States in 1974, and the price tag was very reasonable for a mid-engined Italian two-seater. For a time, these cars were common sights on American streets, at least in non-rusty areas. Then Americans became disillusioned with the Fiat brand, and the company folded its tent and departed the continent after 1982, not returning until 2010. Automotive dealmaker Malcolm Bricklin saw an opportunity at that point, and his company began bringing in 124 Sport Spiders badged as Pininfarinas and X1/9s badged as Bertones. Here's an '85 Bertone in a California wrecking yard. Fiat had hired Bertone to design the X1/9 in the first place, so the badging change wasn't so jarring to those Americans familiar with the car's history. Bricklin introduced Subaru cars to the United States in the late 1960s, started his own car company in the middle 1970s, then went on to bring a Yugoslavian-built Fiat 127 variant to these shores, via the same company that was already bringing in the X1/9. Power came from what amounted to a Fiat 128 engine/transaxle assembly, mounted just behind the rear window. In 1985, the Bertone X1/9 had 75 horsepower and weighed just over a ton. This car still has the allegedly valuable hardtop. I'm pretty sure that every American X1/9 owner has several of these stashed away by now. Optimistically, Bertone used a six-digit odometer in this car. 188,285 miles would have been pretty respectable in a 1985 Corolla, never mind a Fiat known for shaky electrical systems and poor build quality. I still see quite a few X1/9s in the big self-service wrecking yards, and even more 124 Sport Spiders. The seat upholstery is very stylish. I checked this car's VIN on the California smog-check database, which shows that it last passed the emissions test in 2009. Perhaps something broke soon after that and the car awaited repairs that never came. It has both a trunk and a frunk. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Just a thing for a nice leisurely drive on a salt flat.

Fiat stock rockets up after word of Chrysler deal

Now that Fiat has finalized a deal to purchase the outstanding shares of Chrysler owned by the United Auto Workers' VEBA retiree heathcare fund without having to file for an IPO, you can count the Italian automaker's stockholders among the happy. The Detroit News reports that Fiat stock closed Thursday with a 12-percent gain for the day on the Borsa Italiana, having been up by as much as 15.8 percent during the day's trading, at prices not seen since mid-2011. One trader reasoned the run was because Fiat "paid less than the market had expected and there will be no capital increase to fund this."
But there are some who worry, including bank analysts and unions. The final price of the stake will be $4.35 billion - $1.9 billion in cash from Chrysler, $1.75 billion from Fiat and extraordinary dividends in the amount of $700 million paid over three years. Adding that sum to its ledger will raise Fiat's debt level to roughly 10 billion euros ($13.8 billion), which Citibank says will make it the most indebted OEM in Europe.
Italian unions are also concerned about what the deal means for the future. Fiat CEO Sergio Marchionne has had an at-times contentious relationship with both unions and the Italian government over the future of Italian manufacturing, a fact that makes headlines because Fiat is Italy's largest private employer. At least two left-leaning unions have publicly called on Fiat to give guarantees and to explain what the deal means for its Italian operations, while a centrist union argues this is "good news for Fiat workers, for the auto industry and for our country."