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Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

FCA recalling 400k Jeep Wranglers, 40k Fiat 500s

The Basics: Fiat Chrysler Automobiles has issued two recall. The first is for 392,464 Jeep Wranglers in the US from the 2007-2010 model years for the steering wheel airbags. The second covers 39,217 examples of the naturally aspirated 2012-2016 Fiat 500 in connection with the clutch release mechanism. The Problem: In the Wranglers' steering wheel, excessive accumulation of dust and dirt from open-air driving off-road could compromise the clockspring in the steering-wheel assembly and prevent the airbag from deploying in the event of a crash. In the case of the Fiats, the clutch travel in a small percentage of vehicles equipped with manual transmissions "may exceed design parameters" and eventually damage components. Injuries/Deaths: No injuries or accidents been reported to result from either issue. The fix: Dealers will install new back covers and column shrouds in the Jeeps and upgrade the clutch release systems in the 500s. If you own one: Expect to hear from the manufacturer to arrange service. In the case of the Fiat recall particularly, FCA "urges customers to heed the instructions on their recall notices." Related Video: Statement: Clockspring May 18, 2016 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 392,464 older-model SUVs in the U.S. to replace their clockspring assemblies and related components. Located in a vehicle's steering wheel, a clockspring forms part of the circuit that helps control airbag function. An investigation by FCA US determined excessive exposure to dust and dirt – consistent with extensive off-road driving or driving with a vehicle's top and/or doors removed – may compromise the clockspring and eventually prevent driver-side airbag deployment in a crash. If this condition is present, the airbag warning-lamp will be illuminated. If such an event occurs, customers are advised to contact their dealers. The Company is unaware any potentially related injuries or accidents. Affected by this campaign are model-year 2007-2010 Jeep Wrangler SUVs. An additional 7,435 model-year 2011-2016 vehicles equipped with right-hand drive for special duty also are affected in the U.S. Vehicles affected outside the U.S. comprise an estimated 35,412 in Canada; 8,529 in Mexico and 62,580 outside the NAFTA region. Customers will be advised when they may schedule service, which includes installation of a new steering-wheel back cover and a steering-column shroud.

Consumer Reports no longer recommends Honda Civic

Consumer Reports annual Car Reliability Survey is out, and yes, there are some big surprises. First and foremost? The venerable publication no longer recommends the Honda Civic. In fact, aside from the walking-dead CR-Z and limited-release Clarity fuel-cell car, the Civic is the only Honda to miss out on CR's prestigious nod. At the opposite end there's a surprise as well – Toyota and Lexus remain the most reliable brands on the market, but Buick cracked the top three. That's up from seventh last year, and the first time for an American brand to stand on the Consumer Reports podium. Mazda's entire lineup earned Recommended checks as well. Consumer Reports dinged the Civic for its "infuriating" touch-screen radio, lack of driver lumbar adjustability, the limited selection of cars on dealer lots fitted with Honda's popular Sensing system, and the company's decision to offer LaneWatch instead of a full-tilt blind-spot monitoring system. Its score? A lowly 58. The Civic isn't the only surprise drop from CR's Recommended ranks. The Audi A3, Ford F-150, Subaru WRX/STI, and Volkswagen Jetta, GTI, and Passat all lost the Consumer Reports' checkmark. On the flipside, a number of popular vehicles graduated to the Recommended ranks, including the BMW X5, Chevrolet Camaro, Corvette, and Cruze, Hyundai Santa Fe, Porsche Macan, and Tesla Model S. Perhaps the biggest surprise is the hilariously recall-prone Ford Escape getting a Recommended check – considering the popularity of Ford's small crossover, this is likely a coup for the brand, as it puts the Escape on a level playing field with the Recommended Toyota RAV4, Honda CR-V, and Nissan Rogue. While Ford is probably happy to see CR promote the Escape, the list wasn't as kind for every brand. For example, of the entire Fiat Chrysler Automobiles catalog, the ancient Chrysler 300 was the only car to score a check – there wasn't a single Dodge, Fiat, Jeep, Maserati, or Ram on the list. That hurts. FCA isn't alone at the low end, either. GMC, Jaguar Land Rover, Mini, and Mitsubishi don't have a vehicle on CR's list between them, while brands like Mercedes-Benz, Volvo, Nissan, Lincoln, Infiniti, and Cadillac only have a few models each. You can check out Consumer Reports entire reliability roundup, even without a subscription, here.