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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 recalls 28k sedans for unintended acceleration

The Basics: Maserati is recalling 28,235 examples of the 2014-2016 Quattroporte and Ghibli sedans built between February 1, 2013, and November 30, 2015. The Problem: The anchor securing the driver's side floor mat could come loose, allowing the mat to get jammed underneath the accelerator. Injuries/Deaths: The investigation stemmed from four reported incidents of the accelerator getting stuck, but no accidents or injuries were reported to have resulted. The fix: Maserati dealers will replace the floor mat and possibly the accelerator pedal cover as well, starting at the end of April 2016. If you own one: Expect to hear from the manufacturer to arrange an appointment with your local dealer. In the meantime, watch out that the floor mat doesn't get stuck under the pedals. Related Video: RECALL Subject : Floor Mat Interference with Accelerator Pedal Report Receipt Date: MAR 01, 2016 NHTSA Campaign Number: 16V122000 Component(s): VEHICLE SPEED CONTROL Potential Number of Units Affected: 28,235 Manufacturer: Maserati North America, Inc. SUMMARY: Maserati North America, Inc. (Maserati) is recalling certain model year 2014-2016 Quattroporte and Ghibli vehicles manufactured February 1, 2013, to November 30, 2015. In the affected vehicles, the driver-side floor mat anchor may break allowing the floor mat to move and get trapped between the accelerator pedal and the vehicle carpet. CONSEQUENCE: If the floor mat moves and becomes trapped between the accelerator and the vehicle carpet, it may result in very high vehicle speeds, which could cause a crash, serious injury or death. REMEDY: Maserati will notify owners, and dealers will replace the driver-side floor mat and possibly the accelerator pedal cover, free of charge. The recall is expected to begin April 29, 2016. Owners may contact Maserati customer service at 1-201-816-2600. Maserati's number for this recall is 301. Note: These vehicles are equipped with a brake override system. In the event a pedal is trapped, pushing on the brake pedal will brake the vehicle and enable the driver to slow and stop and turn off the vehicle. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

2023 Maserati MC20 Cielo First Drive Review: Fine-tuned from the top down

CATANIA, Sicily — “We wanted to give the Cielo the same behavior and character as the MC20 but with the sharp edges made a little smoother,” explained Federico Landini, the man in charge of the MC20Â’s development. Cielo is the name Maserati chose for the convertible MC20 — it means “sky” in Italian and sounds less generic than Spider, Spyder or another arachnid-inspired label. This new version of MaseratiÂ’s first supercar in over a decade slots in the range as a softer, more touring-oriented alternative to the coupe. While the two MC20s look a lot alike, Maserati ensured the Cielo has its own personality. Same heart, different bones Like the MC20 coupe, the Cielo is powered by MaseratiÂ’s excellent 3.0-liter Nettuno V6 engine, which is twin-turbocharged to develop 621 horsepower at 7,500 rpm and 538 pound-feet of torque from 3,000 to 5,500 rpm. While 600+ horsepower is par for the course in this segment, achieving that number with six cylinders is rather unusual. The engine develops 207 horsepower per liter of displacement. If every engine offered this level of power density, weÂ’d have a 414-horsepower Volkswagen Golf GTI to play with. This engine also powers variants of the Grecale SUV, though the MC20 models use a dry-sump lubrication system. Landini told me Maserati felt confident sending a V6 into a ring dominated by rivals with eight or more cylinders because it fitted the engine with both direct and indirect fuel injection systems. This innovative technology — which traces its roots to Formula One racing — adds pre-chambers inside the cylinder head and a second set of spark plugs to the 90-degree V6 to provide a 100-horsepower boost. Mid-mounted, the Nettuno spins the CieloÂ’s rear wheels via an eight-speed automatic transmission linked to a pair of steering-wheel-mounted shift paddles. Maserati quotes a 0-62-mph time of a little under 3 seconds and a top speed of approximately 199 mph, so the coupe is slightly quicker and faster. Giving up two or three tenths of a second to highway speeds and forfeiting a few miles per hour at the top end is a fair trade for unlimited headroom. Going topless also makes the Cielo about 143 pounds heavier than the coupe: it tips the scale at roughly 3,400 pounds, which remains reasonably light.