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Chrysler posts financial results, loses $197 million in first quarter

Chrysler just released its first financial report since emerging from bankruptcy last year. The company announced that while it's still operating at a net loss of around $197 million, it somehow managed to create $1.5 billion in cash during the first three months of 2010. That cash, along with an additional $7.4 billion from past cash reserves, went toward putting a dent in the company's remaining debt.

The smallest of the Big Three also managed to increase its market share one percent compared to the last three months of 2009. What's more, it produced a whopping 56 percent more vehicles in North America from January to March than it did during the same period last year, despite seeing sales decline by 5.3 percent. That bump in production is largely thanks to the fact that Chrysler idled many of its plants through 2009.

The company says that despite the loss, it's still on track to meet its goals and return to profitability by the end of this year. That's due to the fact that revenue increased by around $300 million from the fourth quarter of 2009 to the first quarter of 2010 and that the company is continuing to reduce its debt. At the same time, a rash of new models, including the long awaited 2011 Jeep Grand Cherokee will be hitting the market soon.


[Source: Chrysler via Freep]

Why It's Not Coming Here: VW Amarok priced at $35k in Europe

One of the last details concerning the Volkswagen Amarok, its price in euros, has been filled in: €26,203, or $35,260 U.S. in the ever misleading straight-up conversion from euros to dollars. Subtracting the 19 percent duty folded into that price in Germany, you're still left spending €21,224, or $28,555 U.S. That's what you call "Holy smokes!"

If we want to make the admittedly difficult attempt to put some context around that without diving into European taxes and price structures, let's take the Golf. The most basic two-door version is €16,650, or $22,399 U.S. Subtract that 19 percent duty and you're at €13,487, which is $18,144. That matches up quite nicely with the U.S. price for the base two-door model: $17,620.

Back to that bog-standard Amarok – at $28,555, you're just a grand short of a Ford F-150 XL Super Cab, which decimates the 122-horsepower Amarok in everything but gas mileage. By the time you get to the Amarok in Highline trim, you're up to 163 hp and you've added four-wheel-drive, but you've also got a €37,169 ($50,022 U.S.) bill before taxes and fees. And that, ladies and gentlemen, is why there will be zero VW Amaroks sold in these fifty states. For the rest of you, start saving.


[Source: PickupTrucks.com]

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DetNews: Toyota recalling Lexus GX to address rollover concern [*UPDATED*]

The moment Lexus GX owners have been waiting for since Consumer Reports first blacklisted the SUV last week has finally arrived – Toyota has recalled the vehicle. According to The Detroit News, the Japanese manufacturer will announce the move later this afternoon, and the recall is expected to cover around 5,000 vehicles currently on the road. As expected, Lexus dealers will install new traction control software to correct potentially dangerous handling characteristics.

Last week, Consumer Reports branded the Lexus GX with its infamous "Do Not Buy" rating after the vehicle failed a standard test. During hard downhill braking, the traction control would allow the vehicle's rear-end to step out much farther than normal. On a public road, CR says, that could lead to a rollover.

The GX recall joins a flurry of others that have cropped up over the past few months. From stuck accelerators to rusting frames and corroding spare tire carrier cables, Toyota has had to deal with one problem after another. At least this time the company acted swiftly enough to comply with department of transportation regulations. The carmaker recently agreed to pay a $16.4 million fine for failing to recall 2.3 million vehicles in a timely enough fashion.

*UPDATED: Official Toyota press release added after the jump. 9,400 Lexus GX 460 units recalled.

[Source: The Detroit News]

Zagato teases Alfa Romeo TZ3 Corsa ahead of Villa d'Este

A couple of weeks ago, we reported that Zagato was planning to unveil a new Alfa Romeo at the upcoming Concorso d'Eleganza Villa d'Este. Now the stoic Italian carrozzeria has released the first teaser image (above) and initial details of what it has in store for us.

The TZ3 Corsa follows in the footsteps of the original Alfa TZ and TZ2, drawing on some 90 years of collaboration between the two companies and commemorating Alfa's centenary. It's based on a carbon fiber tubular chassis overlaid with a lightweight aluminum body. But instead of a show car like the Pininfarina 2uettottanta and the Bertone Pandion that bowed in Geneva, the TZ3 Corsa is a full-on competition machine, commissioned by an unidentified German gentleman racer.

The overhead view looks strikingly similar to the 8C Competizione upon which it's based, and Zagato has released a handful of images of its historic Alfa racers to mark the occasion. The most prestigious of open-air auto shows takes place this year from April 23-25, so stay tuned for more details.