The Norman Transcript

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July 31, 2013

Chrysler’s 2Q net income up

(Continued)

DETROIT —

Chrysler took a $151 million charge in the second quarter for the recall of 1.56 million older model Jeep Libertys and Grand Cherokees. Dealers are installing trailer hitches on vehicles made between 2002 and 2007 to mitigate the risk of a fire after a rear-end crash. Dealers are also inspecting another 1.2 million Grand Cherokees from the 1999 to 2004 model years to make sure their hitches are on safely.

Marchionne said Chrysler doesn’t expect to have to pay out any more for that recall, even though the government’s investigation continues. Chrysler initially defied the order to recall the vehicles but reached a compromise with the government in mid-June.

“Chrysler Group is poised for a very strong performance in the second half of the year,” he said.

Fiat, which owns 58.5 percent of Chrysler, said Tuesday its second- quarter profit more than quadrupled to $188 million because of Chrysler’s performance. Without Chrysler, Fiat would have lost $327 million as its European sales dropped 5 percent.

Marchionne, who is also Fiat’s CEO, wants to merge the two companies. But Chrysler’s other owner, a trust that pays medical bills for retired United Auto Workers union members, is in a court dispute with Fiat over the cost of its stake.

Marchionne said Tuesday that the two sides have had “fruitful discussions” but aren’t close to an agreement on the value of the trust’s shares. A judge will likely decide the issue this summer.

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