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Fiat Chrysler profit up as it closes in on retiring its debt

MILAN — Fiat Chrysler Automobiles reduced its debt by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year. Chief Executive Sergio Marchionne expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros ($5 billion) in net cash by the end of the year. Marchionne has said that forecast does not include any one-off measures, nor the impact of the planned spinoff of parts maker Magneti Marelli, which he hopes to execute by early 2019. The world's seventh-largest carmaker said on Thursday net debt had fallen to 1.3 billion euros ($1.6 billion) by the end of March, well below a consensus forecast of 2.6 billion euros in a Thomson Reuters poll of analysts. FCA said capital spending fell 900 million euros in the quarter due to "program timing," which analysts said implied higher investments for the rest of the year. The Italian-American group said first-quarter operating profit rose 5 percent to 1.61 billion euros, below a consensus forecast of 1.74 billion, as a weaker performance from its North American profit center weighed. Shipments there were higher due to the new Jeep Wrangler and Compass models. But currency moves hit revenues and earnings, and costs related to new product launches added to the pressure. FCA's shift to sell more trucks and SUVs boosted margins yet again in North America to 7.4 percent from 7.3 percent in the same quarter a year ago, although they were down from the 8 percent recorded in the preceding three months. Marchionne, preparing to hand over to an internal successor next year, is close to his goal of ending a margin gap with larger U.S. rivals General Motors and Ford. The 65-year-old has said becoming debt free and being able to compete on a par with U.S. peers would mean FCA no longer needed a partner to survive and could well succeed on its own. The CEO has previously said tying up with another carmaker would help to meet the huge costs in an industry investing in electric vehicles and automated driving. FCA shares fell immediately after the results, but recovered to trade up 3 percent at 19.71 euros by 1150 GMT, outperforming a 0.4 percent rise in Europe's blue-chip stock index. ($1 = 0.8214 euros) Reporting by Agnieszka FlakRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Jeep Wrangler Red Rock concept brings Moab to SEMA

Among the concepts that FCA is showcasing at SEMA this year, the Jeep Wrangler Red Rock concept has been decked out with accessories from both the Mopar and Jeep catalogs. The concept is based on the existing Wrangler Unlimited Rubicon Hard Rock edition, but has been taken even further in for this show truck. It pays tribute to the Red Rock 4-Wheelers club and the Easter Jeep Safari it hosts every year in Moab, UT. The Red Rock concept rides on a 2-inch lift kit with 17-inch beadlock wheels shod with 35-inch all-terrain tires. It also has differential covers, a reinforced swing gate and wheel mount, a power winch, LED headlamps and fog lights, and an onboard CB radio. To help it crawl those rocks, it boasts electronic locking differentials, a Rock-Trac transfer case, and Dana 44 solid axles front and rear. Visually setting this concept apart are such special touches as a power-dome hood, red tow hooks front and rear, new rock rails, a color-keyed grille with low-gloss inserts, low-gloss bumpers, and of course the requisite special badging. Inside it's been done up in brown leather with silver accents and a special grab-handle plaque. This particular version will remain a showpiece only. So if you want to see it, you'll have to head to the show floor in Vegas this week. However Jeep is committed to undertaking a production run of 50 examples with many of the same special touches to celebrate the 50th anniversary of the Easter Jeep Safari next year. Related Video: Jeep® and Mopar Introduce Wrangler Red Rock Concept at SEMA Show - New Wrangler Concept features array of Mopar and Jeep® Performance Parts - A serialized 50-unit special-edition production Wrangler – inspired by the Red Rock Concept – will be built as a tribute to the upcoming 50th Moab Easter Jeep Safari - Based on Wrangler Rubicon Hard Rock edition - Wrangler Red Rock Concept features Amaretto Brown Katzkin leather seats with silver accent stitching and a "Red Rock" embroidered seat back logo - Aftermarket Jeep Performance Parts two-inch lift, 35-inch BFG K02 all-terrain tires, commemorative Red Rock appearance package give Jeep Wrangler Red Rock Concept a unique and rugged presence November 3, 2015 , Auburn Hills, Mich. - Jeep® and Mopar have teamed up to create the Wrangler Red Rock Concept vehicle that will be showcased at this year's Specialty Equipment Market Association (SEMA) trade show in Las Vegas.

Dirt Every Day tries to find the best 4x4 for under $4k

If you want to build a cheap truck that can still do dirty deeds off the beaten path, it's best to start with solid axles and a solid V8 engine. That sums up the lessons learned after watching the 2014 Cheap Truck Challenge from the Dirt Every Day video crew, who took to the deserts and surrounding areas near Reno, NV, in an attempt to find the best 4x4 for under $4,000. Fortunately for us, the whole sordid journey was captured on video.
This isn't the first time the boys from DED filmed a Cheap Truck Challenge, and this year's festivities pitted together a 1993 Chevy S10 pickup, a 1995 Jeep Grand Cherokee and a 1975 International truck in a series of challenges ranging from donuts to drag races, with plenty of hill-climbing and rock-crawling action in between. We don't want to spoil all the fun, but suffice it to say one competitor was found to be lacking while the other two performed (mostly) well. See for yourself in the video above.