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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.

NHTSA still mulling crash tests for recalled Jeeps

Well, no one should ever accuse the government of not giving things plenty of thought. The National Highway Traffic Safety Administration is still debating whether it will retest any of the 1.56 million 1992 to 1998 Grand Cherokees and 2002 to 2007 Libertys that were part of a recall regarding fires after rear-end collisions. And yes, this debate has been going on for over a month. In other news...
The recall dustup started in early June, when Chrysler took the unusual position of refusing a recall request from NHTSA regarding placement of the fuel tank on the effected vehicles. NHTSA said a collision could cause a fire, a position Chrysler took issue with. Extensive negotiations ensued, with Chrysler agreeing to fit certain Jeeps with trailer hitches, which it said would provide some protection to fuel tanks mounted behind the rear axle in the event of a collision.
Part of the issue rests with the amount of data that needs to be processed, according to The Detroit News. NHTSA administrator David Strickland said during a Washington Auto Press Association meeting, "There's a lot of data and Chrysler is being very cooperative in giving us more data." Until that information has been sorted, it looks like re-testing will still be up for debate.

NHTSA boss Strickland weighs in on Jeep recall fracas

Adding yet another chapter to the ongoing Jeep recall story, the National Highway Traffic Safety Administration (NHTSA) head David Strickland has gone on record to defend the government's request that Chrysler recall 2.7 million out-of-production Jeep Grand Cherokee and Jeep Liberty vehicles after the agency investigated fiery rear-end collisions that have reportedly killed at least 51 people over the years. In statements made to The Detroit News, Strickland said, "We felt very strongly that the process that we undertook and the findings that we made and ... we made the decision to issue a recall request. We do not take that very lightly." The top US auto safety regulator stopped short of telling owners to park their cars until the automaker takes action. "They can make their own risk assessment and their own choices," he said.
Chrysler does not intend to recall the models, insisting the "vehicles met and exceeded all applicable requirements of the Federal Motor Vehicle Safety Standards, including FMVSS 301, pertaining to fuel-system integrity" when they were manufactured and sold. "The company does not agree with NHTSA's conclusions and does not intend to recall the vehicles cited in the investigation. The subject vehicles are safe and are not defective," Chrysler announced last week in a statement. "We believe NHTSA's initial conclusions are based on an incomplete analysis of the underlying data, and we are committed to continue working with the agency to resolve this disagreement."
Legally, Chrysler has until June 18 to formally respond to NHTSA's request. If the automaker does not take action, NHTSA is expected to issue a formal finding and seek a recall.