Tag Archive | "Chrysler"

Chrysler’s Profits Up 32% to $611 Million in Q3


DETROIT – Chrysler Group LLC’s net profits rose 32 percent to $611 million in the third quarter, the Auburn Hills company announced Wednesday, reported MLive.

That comes on top line growth of 18 percent to $20.7 billion for net revenues. The revenue growth was driven by higher vehicle shipments, in particular the all-new Jeep Cherokee and Chrysler 200 models, the company said.

The company’s worldwide vehicle shipments in the quarter totaled 711,000 vehicles, a rise of 18 percent.

For the first nine months of 2014, Chrysler Group LLC reported adjusted net income of $1.7 billion, up from $1.2 billion in the first nine months of 2013. Its net revenue in the period grew to $60.1 billion, compared with $50.9 billion in the first nine months of 2013.

Last week, Chrysler Group’s parent company, Fiat Chrysler Automobiles, reported operating profit growth of 7 percent to $1.15 billion in the third quarter. FCA’s net revenue was up 14 percent to $29.5 billion in the period.

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Chrysler Recalls More Than 900,000 Vehicles Globally in Two Actions


Chrysler Group on Thursday announced two global recalls of more than 900,000 cars and SUVs combined for problems that could cause fires, reported Reuters.

Chrysler, a unit of Fiat Chrysler Automobiles, is recalling about 470,000 cars and SUVs globally from model years 2011 through 2014 and equipped with a 3.6 liter engine and a 160 amp alternator, according to the company and documents filed with the U.S. National Highway Traffic Safety Administration.

The alternator may suddenly fail, possibly causing a stall or fire and increasing the risk of a crash, according to the NHTSA documents.

The second recall covers about 437,000 Jeep Wrangler SUVs globally from model years 2011 through 2013 because of a fire risk, according to the NHTSA documents. They said water in the exterior heated power mirror electrical connector could cause an electrical short.

Chrysler said it was unaware of any injuries resulting from either problem. The automaker said one accident might have stemmed from the first problem, but had no reports of fire. It was not aware of any accidents from the second problem.

The repair for the first recall is still under development, according to the NHTSA documents. Chrysler plans to begin notifying owners of the recall on Nov. 28, according to the NHTSA documents.

Models affected in this recall include the Chrysler 300 sedan, Dodge Challenger and Charger cars, and Dodge Durango and Jeep Grand Cherokee SUVs. An estimated 434,581 of the recalled vehicles are in the United States, 16,080 in Canada, 2,335 in Mexico and 17,000 outside North America, Chrysler said.

The repair for the Wrangler recall, which should begin on Dec. 5, includes moving the exterior mirror power feed to a separate connector and adding a water shield, according to the NHTSA documents.

In that recall, an estimated 313,236 of the SUVs are in the United States, 39,627 in Canada, 5,685 in Mexico and 78,369 outside of North America, Chrysler said.

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Chrysler Recalls 184,000 SUVs to Replace Airbag Part


DETROIT, MI – Chrysler Group LLC announced Tuesday it is recalling 184,215 SUVs, including 126,772 in the U.S., to replace a part in the vehicles’ airbag systems, reported Michigan Live.

The occupant restraint control modules in certain model-year 2014 Dodge Durango and Jeep Grand Cherokee SUVs could have an electrical short-circuit, causing air bag warning lights to come on and signaling that the airbag system could be disabled.

Chrysler said it is not aware of injuries or accidents related to the defect.

The company that supplied the part to Chrysler notified the Auburn Hills automaker of the issue, Chrysler said.

While not all 2014 Dodge Durango and Jeep Grand Cherokee SUVs are affected, customers who own the vehicles are to be advised by Chrysler when they can schedule service to get the part replaced.

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Fiat, Chrysler CEO Sergio Marchionne ‘Done’ After 2018


Sergio Marchionne, CEO of Fiat SpA and Chrysler Group LLC, plans to step down at the end of 2018 after completing a five-year turnaround plan for the new Fiat Chrysler Automobiles NV, reported The Detroit News.

Marchionne, 62, told Bloomberg Businessweek that he will “undoubtedly do something else” after the plan, outlined earlier this year, has run its course.

“I am not going to do any more turnarounds,” he told the weekly business magazine. “I’m done; let some of the young punks do it.”

When presenting the new five-year business plan on May 6, Marchionne said he would remain the CEO through at least 2018.

Since taking control of Fiat in 2004, Marchionne is credited with resurrecting the Italian automaker and orchestrating the complete acquisition and turnaround of Chrysler that led to the creation of Fiat Chrysler Automobiles, which is expected to come to fruition Sunday.

FCA was announced by Marchionne in January following Chrysler becoming a wholly-owned subsidiary of Fiat after a $4.35 billion deal with the United Auto Workers union trust fund that pays health care bills for retirees, which owned a minority stake in Chrysler following the auto bailout.

FCA common shares, as previously announced by Marchionne, are also expected to begin trading on the New York Stock Exchange and the Italian stock market on Monday.

Marchionne, known for his off-the-cuff comments, is the longest-serving CEO of any major European or American automaker.

An heir apparent is not obvious for Marchionne, who came to Fiat as an automotive outsider.

In May, Fiat Chairman John Elkann said a succession plan had been discussed, but was “not a topic” at the time.

Elkann, according to Bloomberg Businessweek, has previously mentioned executives who could eventually replace Marchionne: CNH Industrial CEO Richard Tobin; Jeep CEO and President Mike Manley; Alfredo Altavilla, Fiat’s COO for Europe, Africa and Middle East and head of business development; and Cledorvino Belini, head of Fiat in Brazil.

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Chrysler Reports U.S. Auto Sales Jump 19 Percent


Chrysler Group LLC on Wednesday reported its third straight month of double-digit gains in the U.S. market, selling 19 percent more vehicles in September than a year ago, an indication that industry strength continued as summer waned, reported Reuters.

A Reuters survey of nine industry analysts showed expectations of a 10 percent rise to about 1.25 million vehicles sold in September industrywide.

Chrysler was the first major automaker in the U.S. market to report sales. Most other automakers will release their results later Wednesday morning.

Sales of Chrysler’s Jeep brand shot up 47 percent, while Grand Cherokee dropped 14 percent, and Ram pickup truck sales rose 30 percent. Sales of the Chrysler brand rose 14 percent, the Dodge brand fell 9 percent and the Fiat brand rose 6 percent.

Chrysler is a unit of Fiat SpA, and in mid-October is expected to debut as the merged Fiat Chrysler Automobiles on the New York Stock Exchange.

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Chrysler Recalls 350,000 Vehicles on Ignition Switch Issues


Chrysler Group LLC, a unit of Fiat SpA, said it will recall about 350,000 vehicles from the 2008 model year because of a condition that may cause the ignition key to get stuck or inadvertently move, reported Reuters.

In some cases, the ignition switch could upon startup not stop at the “on” position and instead go to “accessory” or “off” positions, which could kill the engine and keep the front air bags from working, the company said.

A more likely occurrence in the affected vehicles, Chrysler said, is that the ignition key may not fully return to the “on” position from “start,” which could keep the windshield wipers and defroster from working. Air bags will continue to work if this situation occurs, the company said.

Chrysler said it knows of no injuries or deaths related to the issue in the recalled vehicles, and knows of one reported “minor” crash.

Affected vehicles are the 2008 model year Dodge Charger and Magnum, Chrysler 300 and Jeep’s Grand Cherokee and Commander.

The recall affects about 292,000 vehicles in the United States, 19,000 in Canada, 5,000 in Mexico and 33,300 outside North America.

It is similar to a previous recall of about 890,000 vehicles produced from January 2007 to June 2010 in which the ignition switch could slip from the “run” position to “accessory” position while driving. This shuts the engine and disables the air bags. No injuries were related to this recall, Chrysler said.

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