Fiat Chrysler topped Wall Street earnings forecasts in its latest quarter thanks to the strong performance of its Jeep lineup here in North America. The region accounted for nearly 90 percent of the firm’s quarterly profit. Forecasters were looking for earnings of 21 cents a share and FCA rang up 33 cents. Net profit also rose sharply. But stock pickers in Europe expressed concern over rising debt levels at FCA, and its shares moved lower despite the good earnings news.
Ford will present its quarterly results on Thursday.
Despite its diesel emissions scandal, VW pulled ahead of Toyota in global deliveries in the first quarter, with the Japanese automaker being hampered by parts shortages that slowed production. Toyota sales declined 2.3 percent while VW sales rose 0.8 percent during the period.
I want to call your attention to a great column by Angus MacKenzie in the June “Motor Trend” on BMW’s take on future cars. It is also a look ahead to what we all may be driving some 30 years down the road, and it’s a lot different from what you drove to work this morning.
The issue of unions coming to VW’s plant in Tennessee is far from over. The company will appeal a decision by the National Labor Relations board that said a union vote can be taken among just a portion of the workers at the plant. VW said union/non-union vote should only be taken among all of its roughly 1,400 hourly employees. A group of maintenance workers at the Chattanooga plant voted overwhelmingly for representation by the United Auto Workers Union.
A bit of an anniversary this month. For it was in April of 1901 that New York became the first state to issue license plates. At the time, there were fewer than 15,000 cars on what passed for roads in the entire country.