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Fiat Chrysler cuts 2018 outlook, shares tumble on weaker quarterly profit

MILAN — The news of former Fiat Chrysler chief executive Sergio Marchionne's death arrived Wednesday moments before the group reported a surprisingly heavy drop in profit. The death of one of the auto industry's most tenacious and respected CEOs overshadowed a big selloff in Fiat Chrysler shares. FCA's scheduled second-quarter earnings presentation, led by Marchionne's successor and former lieutenant Mike Manley, began on Wednesday afternoon with a moment of silence. As eulogies flooded in, FCA shares fell as much as 10 percent as investors digested an unexpected 35 percent fall in net profit, well below market forecasts. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Chairman John Elkann added. On Saturday, FCA named Jeep division head Mike Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June. FCA has said Manley will work to ensure a "strong and independent" future for the group. Underlining the task facing Manley, FCA cut its full-year earnings outlook after the weaker-than-expected quarterly earnings. Having to deliver the bad news four days into his new job, Manley blamed the result on a weaker performance in China, a market that represents one of new CEO's immediate headaches. "The biggest challenges we face and frankly we're going to continue to face ... are all focused in China," Manley said. FCA has yet to make any significant inroads in China. In Marchionne's June plan, FCA pledged to boost production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It unveiled bold targets for Jeep, FCA's profit engine. FCA said adjusted earnings before interest and tax (EBIT) for the April-June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros in a Reuters poll of analysts. Chinese demand slumped in the quarter ahead of a July cut in import duties, resulting in higher incentive spending and an increase in unsold vehicle stocks that "particularly affected Maserati," Manley said.

Fiat thinks big with new pickup for global markets

Fiat is thinking small in the United States, it will soon discontinue the 500X and bring the tiny 500e EV to our shores, but its global range will continue to include bigger models. One of its not-so-city-friendly vehicles is a medium-sized body-on-frame truck announced for Brazil. Official details about the pickup are few and far between, we don't even know what it will be called yet, but a preview image released by the company's Italian division reveals familiar styling cues. The grille, the shape of the headlights, and the kink in the beltline remind us of the Peugeot Landtrek, a body-on-frame truck designed jointly with Chinese carmaker Chang'an and sold in some global markets since 2019. Fiat hasn't confirmed that its upcoming truck is Peugeot-based but borrowing the Landtrek's platform would make sense: the two companies both live under the Stellantis umbrella. And, the Landtrek is largely sold in countries that Peugeot has historically been strong in, such as certain African nations, but it's not available in Brazil, where Fiat dominates a pickup segment growing at a surprisingly quick rate. The firm claims that its Strada, a small car-derived model that makes the Ford Maverick look a little big-boned, is the best-selling pickup in Brazil. Additional details about Fiat's next truck will emerge in the coming months. When it lands, it will join the aforementioned Strada and a unibody, Jeep Renegade-derived model called Toro in showrooms. Nothing suggests the pickup will be sold in the United States and it may not turn a wheel in Fiat's home country, where the company hasn't sold a truck since the Mitsubishi L200-derived Fullback retired in 2019. Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Fiat Truck Future Vehicles

FCA discussing tech partnership with Hyundai, but no merger

Fiat Chrysler Automobiles is in talks with South Korea's Hyundai about a technical partnership, but there are no merger talks between the two, FCA Chief Executive Sergio Marchionne said on Saturday. FCA is often the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with larger U.S. rival GM. Its share price jumped to record highs in August after reports of interest from China and Hyundai. "We already buy components from (Hyundai) .... let's see if we can agree on other points, especially for the development of transmissions and hydrogen," Marchionne told journalists, adding there was "nothing to announce for the moment". Asked whether this collaboration could turn into a merger, Marchionne said: "I don't believe so". (Reporting by Agnieszka Flak; editing by Alexander Smith)Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.