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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.

Singapore car salesman jailed for gambling away $280k Maserati deposit

Kenny Rogers' country classic The Gambler is right about two things: you gotta know when to hold'em and know when to fold'em. A former Maserati salesman in Singapore is learning that lesson about when to step away from the table, after being sentenced to 33 months in prison for allegedly gambling away a customer's deposit of 350,000 Singapore dollars ($280,800).
According to Asia One, Allan Tan Buan Yuen was selling a Maserati in 2011. He told the customer that the car would take six months to arrive and cost 650,000 Singapore dollars ($522,000). While that may sound high, cars in the Asian country are notoriously expensive.
Yuen asked for a deposit of 150,000 Singapore dollars ($120,400), but instead of handing the money to the dealer, he placed the funds in his own account. Apparently, the customer didn't notice, and over the next few months Yuen received an additional 200,000 Singapore dollars ($160,400) towards the car from him. Clearly, this ruse couldn't last forever, though. When the buyer eventually inquired about his Maserati months later, Yuen admitted that he had already gambled away the entire fortune.

2019 Maserati Levante Trofeo / GTS First Drive Review | Yes, you want the Ferrari V8

CARMEL-BY-THE-SEA, Calif. — The wine glasses are rapidly draining. It's getting late, and Maserati design chief Klaus Busse appears to be fighting a cold. Yet he can't resist sketching something on a menu to illustrate his point. The A6GCS quickly takes shape. One of the most celebrated Maseratis ever, Busse uses this beacon to reconcile the Italian marque's transition to crossovers. It's how he explains and rationalizes the Levante, a stylish SUV aimed directly at the Porsche Cayenne, BMW X6 and Mercedes GLE Coupe. The A6GCS, a rare, Pininfarina-built sports car, lives on in today's Maseratis, he argues. This includes the Levante, a handsome crossover aimed at suburban cruisers bored with the notion of German luxury. Can a brand with rich sporting heritage reconcile with evolving market trends? It must, even if the connection to a mythical 1950s racer is a bit tenuous. But a pair of Ferrari-powered V8 twins, the Levante GTS and Levante Trofeo, make that progression easier. Prodigious outputs of 550 and 590 horsepower help. They are the top-shelf Levantes. You buy them when the powerful twin-turbo V6 Levante and Levante S simply won't do. You're talking six-figure prices, decadent interiors and more than a bit of bling. Well-heeled professionals drive the Levante, which starts at $75,980 and packs 345 hp, or pony up $11,000 for the Levante S and its 424 horses. The V8 starts at $119,980 for the GTS, and the Trofeo comes in at a lofty $169,980. These buyers haven't just made it, they're likely set for life. "We're not in the boy racer clientele," Busse says. "There's a certain level of accomplishment that you feel in driving a Maserati." That's probably true. But should the Trofeo be associated with generational wealth? I'm pondering this as I pull a hard right, kick up some dirt and pull onto the Pacific Coast Highway. The ocean laps to my left as the eight cylinders unlimber and I find myself reaching 60 miles per hour with little effort. The quoted time is 3.7 seconds, which feels dead on. I cue up Corsa, the sportiest of the Levante's drive modes, one that's only available on the Trofeo. The road is winding. I fall into a rhythm as I make my way up the coast toward Big Sur. The car's selling point is the engine, but the Skyhook suspension with electronically controlled damping keeps this 4,784-pound SUV reasonably tied down and poised. The cabin is quiet, as expected for the segment, allowing for easy conversation.