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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.

FCA CEO Mike Manley will take undefined new role after PSA merger

MILAN — Fiat Chrysler Chief Executive Mike Manley will remain with the new group set to result from a planned merger with French rival PSA-Peugeot, Chairman John Elkann said on Wednesday. In a letter to Fiat Chrysler (FCA) employees on the day the two companies announced a binding agreement for a $50 billion tie-up to create the world's fourth-largest carmaker, Elkann said he was "delighted" that the combined group would be led by current PSA CEO Carlos Tavares. "And Mike Manley, who has led FCA with huge energy, commitment and success over the past year, will be there alongside him," he said. He did not say what position Manley would hold. Elkann — who will chair the new group — said there was still much to be done to complete the merger. "Over the coming months we must work tirelessly and determinedly to fulfill all the approval requirements needed to finalize the commitment we have signed," he said. Related Video:     Hirings/Firings/Layoffs Chrysler Dodge Fiat Jeep RAM Citroen Peugeot FCA PSA merger Mike Manley carlos tavares

FCA's Pentastar V6 gets more power, efficiency for 2016

Already a vital member of FCA's powertrain lineup, the 3.6-liter Pentastar V6 is receiving major efficiency improvements for 2016. Thanks to a massive amount of new tech attached to the mill, fuel economy is up six percent, and torque below 3,000 rpm jumps nearly 15 percent. The updates arrive first in the 2016 Jeep Grand Cherokee, but they should proliferate to other models eventually. At least in the Grand Cherokee, the tweaks push power up five horsepower to 295 ponies. FCA's engineers went through the Pentastar from top to bottom to eke out as much efficiency as possible. For example, there's now a two-speed variable-valve lift system that can run in low- or high-lift modes. This upgrade is responsible for 2.7-percent better economy, the company claims. A new intake manifold with longer runners and updated variable-valve times also helps boost the torque output. Further improvements come from pushing the compression ratio to 11.3:1, from 10.2:1 before. Perhaps most impressive is that despite all of the innovations, the latest Pentastar actually weighs four pounds less than the current version. Beyond the Pentastar improvements, all of the FCA US gasoline engines, except for the Viper's 8.4-liter V10, will be E15-compatible for 2016. The company says that it wants to be ready for the higher ethanol content fuel's greater use in the near future.