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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.

2021 and 2022 Maserati models recalled over fuel leak risk

Maserati is recalling a handful of 2021 and 2022 models to fix a problem that can cause a fuel leak. While the number of cars included in the campaign is relatively small, it covers every member of the company's lineup ranging from the entry-level Ghibli to the MC20 supercar. Documents published by the National Highway Traffic Safety Administration (NHTSA) explain that about 409 cars sold in the United States are fitted with a fuel line sensor housing that can crack and leak. It adds that this problem can reduce the engine's performance by not delivering enough fuel to the cylinders; alternatively, the leak can cause a fire, though the notice says that's only in "rare circumstances." There are 274 units of the 2021 and 2022 Levante, 88 examples of the 2021 Ghibli, 43 2021 Quattroporte sedans, and four 2022 MC20s affected. Maserati estimates that the Levante models included in the campaign were built between September 18, 2020, and October 4, 2021. For the Ghibli, the date range provided by the Italian firm is November 3, 2020, to June 7, 2021. Quattroporte models were built from October 28, 2020, to June 7, 2021, while the four MC20s were manufactured between July 12 and September 29, 2021. Maserati notes that it acted quickly: it found out about the problem on October 8, it opened an internal investigation into the part's supplier the following day, and it issued the voluntary recall on November 4, 2021. As of writing, there have been no accidents, injuries, or fatalities linked to the problem.  Maserati will replace the fuel line sensor housing in all affected cars free of charge. It will begin notifying owners on December 27, 2021. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Maserati Ghibli & Levante F Tributo View 14 Photos Recalls Maserati

Maserati to recall Quattroporte and Ghibli over shifter

On Thursday, documents on the National Highway Traffic Safety Administration's website revealed that Maserati is preparing to recall 13,092 2014 Quattroporte and Ghibli sedans because of a "counter-intuitive" gear shift lever. The shifter may lead drivers to believe the car is in park while it's actually in reverse, potentially causing the car to roll away. Fiat Chrysler Automobiles, Maserati's parent company, has recalled 1.1 million vehicles worldwide for this same issue. The affected vehicles span several model years and all share a ZF-designed eight-speed automatic transmission. The shifter design in these vehicles is similar to but not exactly like the one in the two Maseratis. Currently, 41 injuries have been attributed to this issue. There seems to be no indication of hardware failure for any of these incidents. In the United States, the 2012-14 Dodge Charger and Chrysler 300 and 2014-15 Jeep Grand Cherokee were named in this first recall. Actor Anton Yelchin's recent death, caused when he was crushed by his 2015 Jeep Grand Cherokee, may be related. As of the current model year, the Charger, 300, and Grand Cherokee have an updated shifter design. According to the documents, FCA is currently working on a software update that will remedy the issue. Because the solution must be tested and verified, the company doesn't expect it to be ready for another few months. Both recalls were brought about after a NHTSA investigation. In May, NHTSA suggested Maserati issue a recall and on June 1 the company agreed with the group's assessment, though Maserati did tell NHTSA that they have had no complaints of vehicles rolling away. We're currently waiting on comment from Maserati North America and will update the story when more information is available. Related Video: Recalls Maserati Luxury Sedan maserati ghibli