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Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

Maserati confirms limited edition Quattroporte Zegna for production

Last year two of the biggest names in Italian style – one from the automotive industry and one from fashion – announced a partnership. Together Maserati and Ermenegildo Zegna revealed a "concept" version of the Quattroporte at the Frankfurt Motor Show, only given how production-ready the show car already looked, nobody really believed it would remain just a concept. And now, having revealed the final version in Geneva, Maserati has confirmed it for production. Limited production, that is, because Maserati will only build 100 examples of the Quattroporte Zegna edition for consumption around the world. That's about one-thirtieth of the number of cars Maserati produces each month at this point, and while the Modenese automaker doesn't break down its sales figures by model, the QP accounts for a large proportion of those numbers. Maserati also hasn't said just how much it will charge for the Zegna edition, but you can bet it'll be a handsome premium – more than some of those designer-edition hatchbacks get at any rate – yet it'll undoubtedly offload the entire run in short order. "ONE OF 100" THE MASERATI QUATTROPORTE ZEGNA LIMITED EDITION Wednesday, July 16, 2014 – After making its world debut at the 2013 Geneva Motor Show, Maserati has revealed an exclusive limited edition Maserati Quattroporte in collaboration with luxury Italian fashion house, Ermenegildo Zegna. Just 100 examples of the limited series will be built which feature colour schemes, materials and exclusive trims which link the histories of the two brands. To celebrate the launch of the Quattroporte Zegna Limited Edition, Maserati and Zegna are embarking on a tour of four international events starting in Shanghai in July 2014 before stopping in New York (Sept 2014), Dubai (Feb 2015) and Milan (Spring 2015). The events are designed to present the Quattroporte Zegna Limited Edition to an exclusive audience and to celebrate the partnership between the two Italian brands; both of whom are masters in Italian excellence. The exclusive event locations have been carefully selected to enhance the uniqueness of the alliance and represent the pinnacle of Italian elegance. Guests will be able to discover the car's premium finishes in detail and see the extraordinary result of the partnership. World famous Italian photographer, Fabrizio Ferri, will be in attendance at each of the four events capturing 100 unique images – 25 from each occasion.

NHTSA, IIHS, and 20 automakers to make auto braking standard by 2022

The National Highway Traffic Safety Administration, the Insurance Institute for Highway Safety and virtually every automaker in the US domestic market have announced a pact to make automatic emergency braking standard by 2022. Here's the full rundown of companies involved: BMW, Fiat Chrysler Automobiles, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Subaru, Tesla, Toyota, Volkswagen, and Volvo (not to mention the brands that fall under each automaker's respective umbrella). Like we reported yesterday, AEB will be as ubiquitous in the future as traction and stability control are today. But the thing to note here is that this is not a governmental mandate. It's truly an agreement between automakers and the government, a fact that NHTSA claims will lead to widespread adoption three years sooner than a formal rule. That fact in itself should prevent up to 28,000 crashes and 12,000 injuries. The agreement will come into effect in two waves. For the majority of vehicles on the road – those with gross vehicle weights below 8,500 pounds – AEB will need to be standard equipment by September 1, 2022. Vehicles between 8,501 and 10,000 pounds will have an extra three years to offer AEB. "It's an exciting time for vehicle safety. By proactively making emergency braking systems standard equipment on their vehicles, these 20 automakers will help prevent thousands of crashes and save lives," said Secretary of Transportation Anthony Foxx said in an official statement. "It's a win for safety and a win for consumers." Read on for the official press release from NHTSA. Related Video: U.S. DOT and IIHS announce historic commitment of 20 automakers to make automatic emergency braking standard on new vehicles McLEAN, Va. – The U.S. Department of Transportation's National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety announced today a historic commitment by 20 automakers representing more than 99 percent of the U.S. auto market to make automatic emergency braking a standard feature on virtually all new cars no later than NHTSA's 2022 reporting year, which begins Sept 1, 2022. Automakers making the commitment are Audi, BMW, FCA US LLC, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Maserati, Mazda, Mercedes-Benz, Mitsubishi Motors, Nissan, Porsche, Subaru, Tesla Motors Inc., Toyota, Volkswagen and Volvo Car USA.