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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 says no to all-electric future, says U.S. chief

The future internal combustion remains questionable as automakers push for electrification. But not for Maserati, according to a report from Motor Trend on an investor call discussing first-quarter earnings. According to the outlet, FCA CEO Michael Manley and Maserati North America's head honcho, Al Gardner, made it known on the call that Maserati does not have any plans to say goodbye to good 'ol gasoline power. Rather, the company is planning to embrace electrification in different ways, such as hybridization. "This is a brand that needs combustion engines. It needs that raw emotion," Gardner told reporters at the conference. He also noted it's important for the company to get "back to its roots," citing the company's start with race cars before offering consumer vehicles. Maserati's electrification will begin as part of its model line overhaul leading up to 2022 that is also supposed to help reverse Maserati's slumping sales. Gardner noted that a new sports car will mark the start of the revamp, and we expect it will be a production version of the hotly anticipated and very sexy Alfieri Concept car. We may even see the car at Geneva next year. After that will be a new crossover smaller than the Levante, along with hybrid and plug-in hybrid variants with a few select electric vehicles. Maserati won't be the only automaker embracing electrification, as Jaguar, Volkswagen and Porsche are all pushing toward the new powertrain technology. Unlike Maserati, some of these brands are going all-in on electric cars. Volkswagen will release its last new internal combustion engine in 2026. Volvo's Polestar brand will only have pure EVs after the Polestar 1 sports car.

Veneno Roadster, One:1, One-77, LaFerrari, P1, Veyron headline 25-car Bonham's auction

Bonhams is holding a no-reserve auction in fall 2019 that includes some of the most valuable and sought-after supercars of the past decade. The lot of 25 beautiful collector items includes a Lamborghini Veneno Roadster, a Koenigsegg One:1, an Aston Martin One-77, a Ferrari LaFerrari, a McLaren P1, and a Bugatti Veyron. The collection, which was seized from a corrupt politician from Equatorial Guinea, is valued at roughly $13 million. If selling off future classics that are still in their infancy as collector items seems strange, it's because this is not a straightforward situation. These cars will be sold off by the State of Geneva, not a person. The collection was previously owned by the vice president of Equatorial Guinea, Teodoro Obiang, but the cars were seized when he was placed under investigation for money laundering and unfair management of public interests. These 25 cars, which were located in Geneva, were first sequestered in fall 2016. A trial court ordered them sold off, and the money earned from the sales would be invested in social programs that benefit Equatorial Guinea. And so, Equatorial Guinea is about to see an influx of cash, as every vehicle is valued in the hundreds of thousands, if not millions, of dollars. The rarest might be the Koenigsegg One:1. One of only six remaining, it has 371 miles on the dial, and is valued at roughly $1.8 million. The Lamborghini Veneno Roadster, one of nine in the world, is a close second. It has 202 miles logged, and is valued at about $5.1 million. The Aston Martin One-77 is another rare bird. It is example No. 35 of 77, holds a 7.3-liter V12 engine, and is valued at about $1.4 million. A McLaren P1, Ferrari LaFerrari, and Bugatti Veyron 16.4 round out the top of the list. The remaining cars are not fully detailed, but they include examples from Mercedes-Maybach, Bentley, Maserati and Porsche. The auction will take place on Sunday, Sept. 29, at the Bonmont Golf & Country Club near Lake Geneva. For more photos and information, visit Bonhams.