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Tag Archives: Fiat
Chrysler Group today reported preliminary financial results for Q2 and the first half of 2014, including net income of $619 million for the quarter, up 22% from $507 million in the year-ago quarter. Chrysler net revenue for the Q2 was $20.5 billion, up 14% from a year ago. Continue reading
Chrysler Group today announced that it would invest $52 million in its engine plants in Trenton and Dundee, Michigan, to increase capacity of the four-cylinder Tigershark engine, creating 298 new positions at the Trenton plant. Continue reading
Chrysler Group today reported its 2013 Q1 results of $166 million in profits on revenue of $15.4 billion, off 6% from $16.4 billion one year ago. Continue reading
Chrysler Group announced today that it would invest $19.6 million in its Toledo Machining Plant in Perrysburg, Ohio to increase capacity of the torque converter it is making for the nine-speed transmission of the 2014 Jeep Grand Cherokee. Continue reading
Chinese automaker Guangzhou Automobile Group Company will build Jeep models in China, according to a revised joint venture signed in Michigan today with Fiat S.p.A. GAC already manufactures the Fiat Viaggio – aka Dodge Dart – and distributes the imported Fiat 500, Freemont and Bravo in China. Continue reading
Fiat will sell Jeep brand vehicles in India by late 2013 as part of a larger business plan to launch nine new or refreshed models under the Fiat and Jeep in the next few years. The first step will be the importation of the existing Jeep Wrangler and Jeep Grand Cherokee models, which will be arrive toward the end of 2013. Continue reading
Chrysler Group reported U.S. sales of 142,041 units, a 12% increase compared with sales in September 2011 (127,336) – the group’s best September since 2007 before the reckless practices of Wall Street collapsed the housing market and the economy. Of the Detroit Three automakers, Chrysler put in what was arguably the best performance of the month by nearly matching overall industry growth of 13%. Continue reading
CAW members at Chrysler have approved a new collective bargaining agreement, voting 90% for ratification, the Canadian union announced late yesterday. The number of Chrysler members actually casting ballots was not disclosed after ratification meetings held over the weekend in Windsor, Brampton and Etobicoke, Ontario.
It was the end of a difficult series of negotiations for the weakened union, as the three multinational automakers – Chrysler, Ford and GM – presented a united front and asked for the end of all defined benefit pensions, cuts in current wages, which ranged from C$34-$41, dropping the “30 years and out” retirement provision, and elimination of most work rules. The Detroit Three argued that an overvalued Canadian dollar, unhealthy financial markets, and increasing imports from Asia and Europe, required the drastic givebacks. When the deal was finally done, a partial victory emerged for both sides, and it was arguably the best the union could do against job-exporting automakers without bringing the factories tumbling down on its own union members. Continue reading
Chrysler negotiators might be holding out to see if the CAW can get the controversial contracts ratified. A step in that direction occurred today as CAW in-plant leadership at Ford unanimously endorsed the new, four-year collective bargaining deal that extends U.S. style two tier wages. The union will be holding a series of ratification meetings over the weekend, where members at Ford will vote on the tentative deal. Continue reading
The crisis in the Eurozone continued unabated as new car sales dropped 9% in August year-over-year after declining by 7.8% in July. As a result, in the 27 countries that comprise the EU, sales dropped to 688,000 vehicles. Year-to-date sales are down to 8.3 million units, the lowest in decades and the fifth straight year of sales declines. Continue reading
The non-binding MoU states that both Fiat and Mazda will develop two “differentiated, distinctly styled, iconic and brand-specific light weight, roadsters featuring rear-wheel drive.” The Alfa Romeo and Mazda models will each be powered by specific proprietary engines unique to each brand. Continue reading
EU car sales dropped yet again in January by 7.1% compared to a year ago, a troubling trend since car sales have declined for four straight years in the moribund European Union. The latest sales data from ACEA, the trade group of EU automakers, confirm what individual car company financial results have been indicating – the European economy continues to contract, and at rates greater than automakers anticipated as recently as last quarter or the quarter before that.
In total, 968,769 new registrations were recorded in the 26-nation EU region during January, which had on average one more working day than January 2011. Particularly hard hit were France (-20.7% for the second largest market) and Italy (-16.9% for the third largest market), with large negative consequences at PSA Group (-14.9%), Renault Group (-25.2%) and Fiat Group (-16.2 %.)
Germany (-0.4% for the largest EU market) and the United Kingdom (0% or flat for the fourth largest market) remained stable, with beneficial results for the biggest automaker in Europe, VW Group with its commanding 24% market share. Continue reading
Former President George W. Bush received large ovations as he addressed the National Automobile Dealers Association Convention yesterday in Las Vegas. Bush’s message on the controversial government bailouts of the U.S. auto industry was simple “I’d do it again,” he told standing-room-only crowd of mostly affluent auto dealers. Continue reading
Chrysler Group earned a profit of $183 million for the full year 2011, up from a net loss of $652 million a year ago. The positive, if small, result came as the Italian owned company paid back a $551 million in debt to taxpayers. Chrysler’s net revenue for the year was $55.0 billion, up 31% from a year ago. Fourth quarter net revenue increased 41% to $15.1 billion, the best quarter since it emerged from a controversial taxpayer financed bankruptcy in 2009. Continue reading