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Chrysler Q3 profits surge to $611M but per-unit profits trouble

Chrysler Group has announced its third-quarter financial results a little later than its crosstown rivals at General Motors and Ford, but the company has reason to celebrate thanks to strong numbers across the board.
The biggest attention-grabber from the automaker is that its net income was up 32 percent in the third quarter to $611 million, compared to $464 million over the same period last year. Modified operating profit was also strong at $946 million - a 10 percent gain. Furthermore, net revenue grew as well to $20.7 billion - 18 percent higher Q3 2013.
Growing sales pushed the strong financials. Chrysler Group sold about 711,000 vehicles worldwide for the quarter, up 18 percent from a year ago. Things looked especially good in the US, where its market share grew to 12.3 percent, versus 11.2 percent in Q3 2013.

Marchionne ready to get tough with GM over merger

FCA CEO Sergio Marchionne absolutely refuses to let go of his dream of a merger with General Motors. With official discussions not happening, Marchionne now hints that a hostile takeover attempt of The General could be under consideration as a future strategy. In a massive interview with Automotive News, the boss explains why a tie-up with GM might be such a windfall for both automakers. By Marchionne's numbers, a merged GM-FCA would produce $30 billion a year in global earnings and 17 million vehicles annually. He claims these huge figures are based on analyzing plants around the world to find growth opportunities. So far, GM is refusing to sit down and look at the numbers, let alone even begin to negotiate. For now, Marchionne just wants to talk, but he's not against aggressive action, if necessary. He uses a bizarre metaphor in the interview to explain his feelings. "There are varying degrees of hugs. I can hug you nicely, I can hug you tightly, I can hug you like a bear, I can really hug you. Everything starts with physical contact," he said to Automotive News. "An attack on GM, properly structured, properly financed, it cannot be refused," he said in the interview. Marchionne is looking for partners, too. The UAW's significant stake in GM could be a strong ally, and he's reportedly recruiting activist investors for more help. Selling Magneti Marelli and spinning off Ferrari would put even more cash in the war chest. Both sides also have banks at their aid. While Marchionne received positive replies from some of his "Plan B" partners, he apparently lost interest in working with them. "Are they the people I wanted to get the response from? The answer is probably not. There are people who are interested in doing deals," he said in the interview. News Source: Automotive News - sub. req.Image Credit: Paul Sancya / AP Photo Earnings/Financials Chrysler Fiat GM Sergio Marchionne FCA merger

Auto News Recap For 5.13.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at Hyperloop One's desert propulsion test, Chrysler 300 rumors, and Nissan's purchase of Mitsubishi. Chrysler Mitsubishi Nissan Autoblog Minute Videos Original Video hyperloop