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Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.

Performance doesn't matter anymore, it's all about the feel

We've just had a week of supercars and high-end EVs revealed. Many of them boast outrageous performance specs. There were multiple vehicles with horsepower in the four-figure range, and not just sports cars, but SUVs with 0-60 mph times under 3.5 seconds. And it's not just a rarified set of supercar builders, comparatively small tuners are also building this stuff. Going fast is easy nowadays and getting easier. So what will distinguish the greats from the wannabes? It's all about how a car feels. This may seem obvious. "Of course it matters that a car should have good steering feel and a playful chassis!" you say. "Why are you being paid for this stuff?" But a lot of automakers have missed the memo. This past week I spent some time in a BMW M4 Competition convertible, and it's a perfect example of prioritizing performance over experience. It boggles my mind how a company can create such dead and disconnected steering; the weight never changes, there's no feel whatsoever. The chassis is inflappable, but to a fault, because it doesn't feel like anything you're doing is difficult or exciting. The car is astoundingly fast and capable, but it feels less like driving a car and more like tapping in a heading on the Enterprise-D. I also happened to drive something of comparable performance that was much more enjoyable: a Mercedes-AMG GT. It was a basic model with the Stealth Edition blackout package, and even though it had a twin-turbo V8 instead of a six-cylinder, it only made 20 more horsepower. The power wasn't the big differentiator, it was (say it with me) the feel. While not the best example, the steering builds resistance as you dial in lock, giving you a better idea of what's happening up front. Pulses and vibrations come back to you as you move over bumpy pavement in corners. The chassis isn't quite as buttoned down, either, providing a little bit of body roll that tells you you're pushing it. It's also easier to feel when the car is wanting to understeer or oversteer, and how your throttle and steering inputs are affecting it. The whole thing is much more involving, exciting and fun. 2021 Mercedes-AMG GT Stealth Edition View 8 Photos That's also to say nothing of the Merc's sounds. That V8 is maybe not the best sounding engine, but its urgent churn through the opened-up exhaust gets your heart racing. It also seems like it's vibrating the whole cabin, so you feel it as much as you hear it.

Federal grand jury issues subpoenas to U.S. FCA dealers

Despite an attempt to clarify and backtrack, it seems the investigation into Fiat Chrysler Automobile's false sales reporting is picking up steam. According to Automotive News, FCA dealers and regional offices have received subpoenas ordering them to supply documents and testimony to a grand jury in Detroit. Of course, the dealers are objecting to the request. They claim the subpoenas are too broad and would require them to hand over too much personal information, like personal phone numbers of dealer employees going back years. The group wants to make it clear that FCA has clarified its sales reporting and that the issue is with the manufacturer, not dealers. The dealers say that FCA employee records and testimony should be enough. It's rumored that a dealer group is the one that sparked the investigation in the first place. FCA confirmed on July 18 that it indeed was under investigation by a number of federal agencies. Although they've clarified their position regarding sales reporting, the fraud investigation continues full steam. Related Video: