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Chrysler reports $464M net income for Q3

Chrysler has just announced earnings of $464 million in net income for this third quarter, a 22-percent year-over-year increase. Net income for the first three quarters of 2013 is at $1.1 billion. Net revenue climbed significantly as well, to $17.6 billion, a 13.5-percent increase on Q3 of 2012.
Those increases were thanks in no small part to an eight-percent rise in sales from the same period last year, with 603,000 vehicles sold worldwide. "Chrysler Group's ninth consecutive quarter of positive net income highlights our commitment to producing award-winning vehicles for consumers, such as the Jeep Grand Cherokee and the Ram 1500," said Sergio Marchionne, Chairman and CEO of Chrysler Group.
Despite the increased sales, Chrysler's US market share dropped slightly, from 11.3 percent in Q3 2012 to 11.2. Canadian market share remained level at 14.3 percent. Have a look below for the entire press release from Chrysler.

Stellantis — seriously? Exploring the pros and cons of Chrysler’s new name

I took Wednesday off. I came in Thursday and Chrysler was renamed Stellantis. Aside from lighting Twitter on fire and drawing a lot of snarky responses from car journalists, the name is actually decent. Let’s look at it from a few angles. For starters, Chrysler, the 95-year-old automaker founded in Detroit by Walter P. Chrysler (his name still adorns everything from a major freeway in Michigan to an iconic art deco skyscraper in New York), isnÂ’t actually Chrysler. ItÂ’s FCA, which stands for Fiat Chrysler Automobiles. The name change actually happened in 2014, which you might have easily missed. The American unit, formerly Chrysler, is known as FCA US in some legal matters, but does not operate independently.   The Stellantis name takes effect in 2021. HereÂ’s why itÂ’s needed: Fiat Chrysler is merging with Group PSA. (Peugeot and Citroen) to form a transatlantic alliance that will be larger than even Ford. Stellantis sounds a lot better than FCA-PSA. Or PSA-FCA. You might poke fun at it, but it beats the alternatives. Or at least it could be worse. Stellantis is the name for the corporate entity that will house Chrysler, Fiat, Peugeot, Citroen, and oh by the way, Opel and Vauxhall, which PSA bought in 2017 when GM unloaded its European arm.  Your Jeep will not say Stellantis on the fender. Your Hemi Hellcat wonÂ’t say “powered by Stellantis” under the hood. Your Fiat 500 or Alfa Romeo Giulia will not have a script “Stellantis" crest. Speaking of that, roll call: HereÂ’s all of the brands that will be housed under the Stellantis umbrella: Chrysler, Dodge, Jeep, Fiat, Fiat Professional, Mopar, Alfa Romeo, Maserati, Abarth, Ram, Lancia, Peugeot, Citroen, DS, Opel and Vauxhall. ThereÂ’s also a couple of lesser-known subsidiaries, Comau and Teksid, that sell parts. ThatÂ’s 18 brands. They have origins in Detroit, Paris, Turin, Chalton (England), Russelsheim (Germany) and several other places. All of these carmakers have deep histories. No one was going to agree on using someone elseÂ’s name. You might notice Chrysler is still in there. Chrysler as the brandname for the 300 sedan and Pacifica minivan lives on. Stellantis replaces FCA, which replaced Chrysler, as the name of the parent company. Yes, it's a little confusing. HereÂ’s more perspective. Chrysler was once owned by Cerberus, a three-headed dog that guards the gates of hell, according to mythology.

Stellantis ready to kill brands and fix U.S. problems, CEO Tavares says

  MILAN — Stellantis is taking steps to fix weak margins and high inventory at its U.S. operations and will not hesitate to axe underperforming brands in its sprawling portfolio, its chief executive Carlos Tavares said on Thursday. The warning for lossmaking brands is a turnaround for Tavares, who has maintained since Stellantis was created in 2021 from the merger of Italian-American automaker Fiat Chrysler and France's PSA that all of its 14 brands including Maserati, Fiat, Peugeot and Jeep have a future. "If they don't make money, we'll shut them down," Carlos Tavares told reporters after the world's No. 4 automaker delivered worse-than-expected first-half results, sending its shares down as much as 10%. "We cannot afford to have brands that do not make money." The automaker now also considers China's Leapmotor as its 15th brand, after it agreed to a broad cooperation with the group. Stellantis does not release figures for individual brands, except for Maserati which reported an 82 million euro adjusted operating loss in the first half. Some analysts say Maserati could possibly be a target for a sale by Stellantis, while other brands such as Lancia or DS might be at risk of being scrapped given their marginal contribution to the group's overall sales. Stellantis' Milan-listed shares were down as much as 12.5% on Thursday, hitting their lowest since August 2023. That brings the loss for the year so far to 22%, making them the worst performer among the major European automakers. Few automotive brands have been killed off since General Motors ditched the unprofitable Saturn and Pontiac during a U.S. government-led bankruptcy in the global financial crisis in 2008. Tavares is under pressure to revive flagging margins and sales and cut inventory in the United States as Stellantis bets on the launch of 20 new models this year which it hopes will boost profitability. Recent poor results from global carmakers have heightened worries about a weakening outlook for sales across major markets such as the U.S., whilst they also juggle an expensive transition to electric vehicles and growing competition from cheaper Chinese rivals. Japan's Nissan Motor saw first-quarter profit almost completely wiped out on Thursday and slashed its annual outlook, as deep discounting in the United States shredded its margins. Tavares said he would be working through the summer with his U.S. team on how to improve performance and cut inventory.