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Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.

Feds investigating FCA sales fraud focusing on strange code word

The US government is currently investigating Fiat Chrysler Automobiles (FCA) over the possibility of sales fraud, and according to The Wall Street Journal, the investigation has revealed a strange phrase about a nonexistent "unnatural acts department." People knowledgeable about the term told The Wall Street Journal that this phrase was a "rallying cry." Basically, if it looked like the company, region, or dealer wasn't going to hit sales targets, this was a sign that some outside-the-box sales solutions were needed. People told the news outlet those solutions could include selling cars at a loss or having the dealer buy a fleet of customer test-drive cars. However, this could also be evidence of some less savory ways to boost sales. In addition to the investigation, the company is already facing at least one lawsuit from a dealer group that alleges it would bribe dealers to pad monthly sales figures. FCA had an incentive to maintain sales numbers as well, considering that it was claiming a long streak of increasing sales. Under scrutiny recently, the company changed its sales reporting practices and numbers for previous years. Under the old reporting methods, it was possible for dealers to sell cars, report the sales, and then cancel or "unwind" the sales later. This wouldn't count as a lost sale, but the car also couldn't be recorded as another sale later. As a result, an unscrupulous dealer could have hypothetically used it to "sell" a car one month and "unwind" it the next. If FCA knew about this, it's also possible the company could have pushed dealers to use the system for false sales, something the Feds theorize may be related to the "unnatural acts department" phrase. It's still entirely possible this "unnatural acts department" was just a corporate term for thinking of creative ways to meet sales goals. And selling cars at a loss is definitely unnatural for businesses that are trying to make money. Whatever the phrase truly meant to dealers, it certainly is bizarre. Related Video: News Source: The Wall Street JournalImage Credit: GIUSEPPE CACACE/AFP/Getty Images Government/Legal Chrysler Fiat FCA fiat chrysler automobiles fca us investigation

2024 Chrysler Pacifica Review: Plug-In Hybrid is still the one to get

Pros: Unique plug-in hybrid; versatile Stow ‘n Go seats; great entertainment features; good looks Cons: No cheaper base trim; top trims and Hybrid are really expensive; less-comfy second-row Stow ‘n Go seats Wow, does time fly by. The 2024 Chrysler Pacifica represents the eighth(!) model year since ChryslerÂ’s iconic minivan lineup was reborn under a single newish name with handsome styling, state-of-the-art features and a plug-in hybrid powertrain that provided unrivaled fuel economy for a three-row family vehicle. Turns out Chrysler did a pretty bang-up job all those years ago, because for 2024, the Pacifica remains a fully competitive and appealing minivan that doesnÂ’t seem long in the tooth. True, the revolutionary Pacifica Plug-In Hybrid makes a more compelling case for itself since no competitor matches it. Even the excellent, hybrid-only Toyota Sienna doesnÂ’t offer the all-electric range of the Plug-In Pacifica. The superior fuel economy offered by both, however, is the key reason why they are our top minivan choices. We ultimately give the nod to the Toyota due to interior versatility and the Plug-InÂ’s hefty price increase last year (2024 pricing was not available at the time of this writing, but since when do cars get less expensive year to year?). As for the standard, V6-only Pacifica, it still stands out from the pack with its user-friendly technology (for those up front and in back), attractive interior style, well-mannered driving dynamics, and unique Stow ‘n Go second-row seats you canÂ’t get in the hybrid. ThereÂ’s a lot to like, but then the same can be said of the Sienna, Kia Carnival and Honda Odyssey. The Pacifica may not be long in the tooth, but its competition has caught up or surpassed it in some respects, so cross-shopping is a must. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2024? The Pacifica Hybrid has been officially renamed the Pacifica Plug-In Hybrid, but itÂ’s always been a plug-in hybrid, so thereÂ’s nothing functionally new about it. Its trim levels do get reduced by one, with a new Select trim level joining the carry-over Pinnacle. Speaking of that trim level, it gets a new exclusive “Sepia” interior color, with quilted leather seats accented with “Light Diesel stitching and Sydney Gray piping.” Fancy.