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Chrysler reports $166M net income for Q1, down $307M vs. 2012

Preliminary first-quarter results from 2013 have been announced by Chrysler, and the company is reporting a net income of $166 million on revenue of $15.4 billion. Compared to this period last year, net income is down $307 million and revenue has dropped $1 billion.
Chrysler says that its quarter was negatively affected by the costs associated with launching its 2013 Ram Heavy Duty, 2014 Jeep Grand Cherokee and preparation for the return of the all-new 2014 Jeep Cherokee pictured above. The launches should provide a strong second half of 2013, says the automaker. "We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Chrysler Group LLC Chairman and CEO Sergio Marchionne.
On a positive note, the automaker says worldwide vehicle sales are up 8 percent from one year ago, a number pushed by a 12 percent bump in U.S. retail sales. In addition, domestic market share has risen slightly, up to 11.4 percent from 11.2 percent last year. Read more in the official statement below.

Toledo continues fight for Jeep Wrangler production, despite mayor's death

Where will the next-generation Jeep Wrangler be built? That's an open question, but it's one that the city of Toledo, OH desperately wants to be the answer to. The city suffered a major blow, though, with the death of Mayor Michael Collins earlier this month. Collins had been the city's biggest champion during talks with Fiat Chrysler Automobiles, before suffering a fatal heart attack on Feb. 6. But Collins' tragic death isn't dampening the city's desire to carry on as the home of the Wrangler. "The mayor's passing is tragic. But on Monday, when I came to work, I knew exactly what I needed to do and exactly what needed to be done," the city's director of development, Matt Sapara, told the Detroit Free Press. According to the Freep, Sapara said Toledo and the state of Ohio have delivered an outline of a development plan that would give FCA the ability to buy an extra 100 acres to expand the factory. This is to help accommodate FCA's targeted output of 300,000 to 350,000 next-generation Wranglers, up from the 240,000 the factory can make now. "Our target in the proposal is to provide a way to increase the production capacity to a number that allows Fiat Chrysler to meet its business model," Sapara told the Freep, adding that the land could be available later this summer. FCA, meanwhile, has shown a somewhat ambivalent attitude towards Toledo production, with CEO Sergio Marchionne openly discussing the pros and cons of continuing to build the Wrangler south of the Michigan border. "We are going to take a very hard look at this without ignoring what these guys have done," Marchionne told the Free Press at last month's Detroit Auto Show, adding that he'd like to keep production there, provided the cost of retooling is comparable to relocating to another facility. Related Video:

Chrysler files for IPO

Chrysler has had a lot of owners over the past few years alone, from Daimler to Cerberus to Fiat and the federal government. But it could be poised to gain some more before long. Like, a lot more.
The automaker has just announced that it has filed with the US Securities and Exchange Commission to issue an Initial Public Offering of common stocks. Chrysler hasn't revealed how many shares will be offered and at what price, however the shares in question will not come out of Fiat's approximate 60% majority shareholding but instead out of the 40% minority stock held by the UAW's VEBA retiree healthcare trust. Reports suggest that the IPO, which is being handled by JP Morgan, could encompass approximately 16% of Chrysler stock, initially valued at approximately $100 million.
Lest you think this is all part of Sergio Marchionne's grand plan to consolidate Chrysler and Fiat, the two auto groups over which he presides, think again. The filing, which still needs to be approved by the SEC, comes at the insistence of the UAW. Negotiations between Marchionne's management team and the union over Fiat's acquisition of the VEBA shares have stalled. If they manage to come to an agreement, however, the IPO would likely be taken off the table. So don't go calling your broker just yet, but you can analyze the official announcement below.