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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

What's really going on with the 2014 Jeep Cherokee's transmission issues?

On September 23, Automotive News reported that Chrysler had idled the second shift workers it hired just five weeks prior at its Toledo Assembly Complex to build the 2014 Jeep Cherokee. At the time, Chrysler said it had "built the critical number of vehicles we need to stock dealerships once containment is released" and did not want "to put additional strain on our logistics partners ... upon release." That reasoning was not only unusual, it didn't seem to make sense.
It appears the center of the nine-speed issue is software, not hardware.
That same day, the Detroit News ran a piece claiming workers at the Toledo factory said the halt was due to issues with the Cherokee's transmission. It put the number of already-built Cherokees needing fixes at 1,000 and said that some of the workers not laid off had been instructed "to take the Jeep on long test-drives." That made more sense. Three days later, on September 26, Automotive News reported that the 500 workers laid off had been reinstated, with engineers "speeding repairs on the SUV's powertrain software." The AN piece didn't put a number on how many units are being fixed, but it did say that 12,000 have been built and are awaiting delivery to dealers. The best it could say about when dealers will get them, however, is that "progress on a fix is being made. It's unclear when shipments to dealers will start."

Chrysler nets $1.6B income in Q4, Fiat profit up 5%

Chrysler announced its 2013 financial results today and unveiled its new name and decidedly bank-like logo. Amid the announcement, Chrysler posted big gains in income, while Fiat didn't perform to analysts' expectations.
For 2013, Chrysler had revenue of $72.1 billion, up 10 percent from 2012. Net income reached $2.8 billion, a 65-percent increase. It was the company's third straight year of annual profits.
In terms of unit sales, Chrysler sold 2.4 million cars worldwide in 2013, up 9 percent. According to Automotive News, 1.8 million of those vehicles were sold in the US, a 14-percent increase. The sales growth boosted Chrysler's US market share to 11.4 percent, up 0.2 percent.