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Fiat Chrysler posts record Q3 profit thanks to U.S. trucks and Jeep

MILAN — A rebound in car production in Fiat Chrysler on Wednesday reported record third-quarter earnings as production returned to nearly pre-pandemic levels. The Italian-American automaker, which is finalizing its full merger with French rival PSA Peugeot, reported a net profit in the three months ending Sept. 30 of $1.4 billion (1.2 billion euros). That compares with a loss of 179 million euros a year earlier. The carmaker reported adjusted earnings before tax and interest in North America of 2.5 billion euros. That offset deepening losses in Europe, Asia and at its Maserati luxury marquee. Latin America, the only other region to post a profit, saw it narrow by two-thirds to 46 million euros. “Our record results were driven by our teamÂ’s tremendous performance in North America,” CEO Mike Manley said in a statement. Overall, the carmaker said global earnings before tax and interest were a record 2.3 billion euros despite a 6% fall in revenues to 26 billion euros. Global shipments were down 3%, due largely to plant retooling in North American to produce the new Jeep Grand Wagoneer in the luxury SUV segment and the discontinuation of the Dodge Grand Caravan classic minivan. Fiat Chrysler announced earlier Wednesday that its merger with PSA Peugeot is on track to be finalized by the end of the first quarter of 2021, as planned. To meet regulatory concerns, the French carmaker is selling a small stake in a components maker to get below 40% ownership. The new automaker, to be called Stellantis, will be the fourth biggest producer in the world. Earnings/Financials Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Jeep Renegade recalled to prevent hacking

Jeep is issuing a voluntary recall of some 7,800 Renegades over fears that their radios may be vulnerable to hacking. The company is quick to stress that this campaign is independent of the hacking scare earlier this year. Only Renegades fitted with the 6.5-inch touchscreen display are affected by the recall. Owners of the affected vehicles will be mailed a USB jump drive that they can plug into their vehicle for a free software update. Alternatively, owners can head over to the UConnect website, enter their VIN, and download the software to their own jump drive. (See how in our video below.) Dealers will also perform the upgrade free of charge. The software update provides "additional security features," that should prevent remote tampering. If this sounds worrying, it's actually not that huge of a problem. First, Fiat Chrysler Automobiles estimates that over half the affected vehicles are still sitting on dealer lots. More importantly, according to FCA, the vulnerability on the Renegade "required unique and extensive technical knowledge, prolonged physical access to a subject vehicle and extended periods of time to write code," making it considerably different than the Cherokee problem. No injuries or hacks have been reported by any Renegade owner. Related Video: Statement: Software Update September 4, 2015 , Auburn Hills, Mich. - FCA US LLC is conducting a voluntary safety recall to update software in approximately 7,810 U.S.-market SUVs equipped with certain radios. More than half remain in dealer hands and will be serviced before they are sold. The campaign – which involves radios that differ from those implicated in another, similar recall – is designed to protect connected vehicles from remote manipulation. If unauthorized, such interference constitutes a criminal act. FCA US has already applied measures to prevent the type of vehicle manipulation demonstrated in a recent media report. These measures – which required no customer or dealer actions – block remote access to certain vehicle systems. The Company is unaware of any injuries related to software exploitation, nor is it aware of any related complaints, warranty claims or accidents – independent of the media demonstration. Affected are certain 2015 Jeep Renegade SUVs equipped with 6.5-inch touchscreens. Customers will receive a USB device which they may use to upgrade vehicle software. This provides additional security features.

FCA goes all-in on Jeep and Ram brands on cheap gas bet

It's no surprise that as SUV and truck sales remain strong in the wake of unusually cheap gas, Jeep and Ram sales are taking off. What is a surprise is that FCA CEO Sergio Marchionne thinks that cheap gas will be a "permanent condition," and feels strongly enough about it to change up North American manufacturing plans. Jeep appears to be the biggest beneficiary of the product realignment. In addition to increasing the sales estimates for the brand worldwide upwards to 2 million units a year by 2018, the brand will get a flood of investment for new product and powertrains. Consider the Wrangler Pickup to be part of the salvo, as well as the Grand Wagoneer three-row announced in 2014 as part of the original five-year plan. The Wrangler four-door will get at least two new powertrains, a diesel and mild hybrid version, in its next generation. That mild hybrid powertrain may utilize a 48-volt electrical system like the one that's being developed by Delphi and Bosch – which the suppliers think will be worth a 10 to 15 percent fuel economy gain at a minimum. Down the road, in the 2020s, the Wrangler could adopt a full hybrid system. The diesel powertrain is planned for 2019 or 2020. The Ram 1500 is also pegged to receive a mild hybrid system, again potentially based on 48-volt architecture, sometime after 2020. Lastly, Jeep and Ram will take over some of the production capacity of existing plants. The Sterling Heights, MI, plant that builds the Chrysler 200 will now build the Ram 1500; the Belvidere, IL, facility that produces the Dodge Dart will take over Cherokee output; the big Jeep facility in Toledo, OH, will be used for increased Wrangler demand. In 2015, according to FCA's numbers, car and van demand went down by 10 percent, but SUV demand went up 8 percent and truck demand 2 percent. Considering that these are high-margin vehicles, FCA can't ignore the math. FCA also won't build any new factories to supplement production to meet demand, but instead are reshuffling production priorities. Think of it this way: FCA is gambling on cheap gas being a permanent part of our lives, at least into the 2020s. By doubling down on SUVs and trucks, the company stands to win big, unless a spike in gas prices changes the landscape. FCA isn't talking about a Plan B, so they're all in. It'll be interesting to see how this plays out.