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Fiat Chrysler's Q3 profit boosted by strong North American earnings

MILAN, Italy — Fiat Chrysler Automobiles (FCA) reported a 17 percent jump in third-quarter adjusted operating profit on Tuesday, helped by a strong performance in its key North American market and improving operations in Europe and Latin America. The world's seventh-largest carmaker still makes the lion's share of its profits in North America, so improving, or at least maintaining, its margins there is a key focus. The carmaker reported an 8 percent adjusted operating profit margin in the region, up from 7.6 percent a year ago, despite a drop in sales and shipments. "FCA's profitability in North America remained strong in the quarter despite a weakening market there," a Milan-based analyst said. FCA's profitability compares with an 8.3 percent North America margin reached in the quarter by bigger U.S. rival GM , showing CEO Sergio Marchionne making progress towards his goal of closing the margin gap with GM and the company's other U.S. rival, Ford, by 2018. The company's confirmation of its full-year outlook also pushed shares higher, a trader added. The stock was up 2.8 percent by 1129 GMT, outperforming a 1 percent rise in the European auto index. FCA has been retooling some U.S. factories to boost output of sport-utility vehicles (SUVs) and trucks while ending production of some unprofitable sedans to strengthen profitability as the U.S. car market comes off its peak. The company said a drop in North America shipments due to lower fleet sales and discontinued models was partially offset by higher deliveries of Ram trucks and two models from the Alfa Romeo stable: the Stelvio sport utility vehicle and Giulia sedan. Profitability also improved in Europe, helped by sales of the Stelvio and the new Jeep Compass, and Latin America, while margins at Maserati remained strong at 13.8 percent due to strong demand for its first SUV, the Levante. In a later conference call, investors are looking for hints on the new strategy to 2022 which the company promised to unveil early next year. Chief Executive Sergio Marchionne said earlier this year that FCA would streamline its portfolio and that components businesses, including Magneti Marelli, would be separated from the group, possibly via a spin-off. While FCA confirmed its targets this year, doubts remain about its exposure to a weakening U.S. market, recall costs and potential fines over emissions after it was targeted by European and U.S.

Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Jeep adds top-level, $35,690 Cherokee Overland trim [UPDATE]

UPDATE: We initially received incorrect pricing information. FCA says the Cherokee Overland will cost $35,690, including $995 for destination. If you want a more luxurious Jeep, you buy a Grand Cherokee Overland or Summit. But if the idea of dropping $45,000 to $51,000 gives you pause, you'll welcome the news that FCA's off-road brand will introduce a luxury-oriented version of its smaller, more affordable Cherokee. The new Cherokee Overland incorporates a number of cosmetic changes. All of the black plastic body elements have been replaced with body-colored items, improving the overall aesthetic. Jeep fitted handsome, polished 18-inch wheels along with chrome trim on the upper and lower grilles, and the halogen headlights have been swapped with standard bi-xenon units. Previously, the HID headlights were only available as part of an $1,845 Luxury Pack on the Cherokee Limited. In the cabin, the biggest change is found on the seats, where Nappa leather comes standard along with heating and ventilation functions. The steering wheel gets Zebrano wood trim, and instrument panel is wrapped in leather. Beyond that, the Overland is unsurprisingly well-equipped, with an Alpine Premium Audio system, FCA's excellent 8.4-inch UConnect system with navigation, and blind-spot monitoring with cross-traffic alert. The three big optional extras include the Cherokee's 3.2-liter V6, the Jeep Active Drive II all-wheel-drive system, and the Technology Group (auto high beams, lane departure warning, lane keep assist, forward collision warning, collision mitigation braking, park assist, adaptive cruise, front and rear park assist with rear stop, and automatic windshield wipers). Owners will also be able to snag a sunroof and a couple of smaller items, like a wireless charging pad. Prices for the Cherokee Overland start at $35,690 (including destination) with sales to begin this spring. Read on for the official announcement from Jeep. Jeep® Expands Cherokee Lineup with Premium Overland Model • New 2016 Jeep® Cherokee Overland debuts at New England International Auto Show • More premium Jeep Cherokee model boasts an unmatched combination of luxury and capability in the mid-size SUV segment • Cherokee Overland delivers sophisticated styling, a well-appointed interior, a long list of premium standard features, and legendary Jeep capability • New premium Cherokee Overland available in Jeep showrooms this spring • Jeep Cherokee sales increased 23 percent in 2015 BOSTON, Jan.