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Peugeot maker PSA posts record profits ahead of FCA merger

PARIS — Peugeot maker PSA Group said its profitability reached a record high in 2019 but the French carmaker forecast falling industry sales in Europe this year as it pursues its merger with Fiat Chrysler, which is strong in North America. PSA has trimmed costs in areas such as the procurement of components as it has integrated its acquisition of Opel and Vauxhall, boosting operating margins to 8.5% last year. The group, which also produces cars under the Citroen and DS brands, offset a slump in vehicle sales by selling pricier SUV models, with launches including the Citroen C5 Aircross helping to lift revenues by a higher-than-expected 1% to $81.2 billion (74.7 billion euros). That helped it stand out in a car market where some rivals including France's Renault have struggled with sliding revenues and profits, amid a broader downturn in demand. PSA's group net profit increased 13.2% to a record 3.2 billion euros, and the company increased its dividend against 2019 results to 1.23 euros per share, up 58% from 2018 levels. The carmaker was "once again very solid", analysts at brokerage Oddo-BHF said in a note, adding the results confirmed the company's "best-in-class status." However PSA forecast a 3% contraction in Europe's car market this year, by far its biggest market. The tie-up with Fiat Chrysler will help it gain exposure to that group's strong presence in North America with brands like Jeep. The two companies struck a deal in December to create the world's No.4 carmaker, to better cope with market turmoil and the cost of making less-polluting vehicles. Fiat also posted more upbeat results than most rivals this year. CORONAVIRUS WEIGHS PSA boss Carlos Tavares told a news conference that the two groups were both in good shape and well placed to face market challenges together. He said he did not expect any major regulatory hurdles to the merger, adding it had so far submitted 14 approval requests to competition authorities out of the 24 it needs. There are no immediate plans to change anything in the large portfolio of brands within the combined group, he added. However the companies still face problems this year, including the coronavirus outbreak which has paralyzed production in China and hits carmakers' supply chain. PSA said the coronavirus impact was still difficult to assess. It factories in Wuhan, at the epicenter of the outbreak, are due to reopen in the second week of March.

Are old airbags killers?

Takata airbags may not be the only ones with some very serious problems. A new report from TheDetroitBureau.com claims that the National Highway Traffic Safety Administration has opened its second investigation into bad airbag inflators, and this time, they aren't from Takata. The focus of this latest case is on the airbag inflators in some 500,000 older Chrysler Town and Country minivans and Kia Optima sedans, all of which come from ARC Automotive. While the Takata case looks at problems stemming from the engineering and production process, the ARC investigation focuses on the age of the inflators. As TDB explains, airbag inflators are essentially what the military refers to as shaped charges, sort of like Claymores (for fans of the Call of Duty series). In combat, they blow up in a specific direction, protecting those behind the explosion, although in the case of airbags, the explosion "[creates] a precise rush of hot gases" that inflate the bags. NHTSA's worry is that with the increased average age of today's vehicles, years and years of being bounced, jolted, and shaken about and exposed to often-radical temperature changes have altered the nature of the explosives in these vehicles, causing too big of an explosion. "It may be a reasonable assumption that as these things age they deteriorate." – Analyst George Peterson "It may be a reasonable assumption that as these things age they deteriorate," analyst George Peterson told TheDetroitBureau.com. NHTSA boss Mark Rosekind backed up aging angle. "Cars are lasting on the road a lot longer than ever before," Rosekind told TDB, adding that seals could start breaking down. "Is aging now an issue? That's part of the investigation going on." NHTSA has only identified two "incidents" so far, although according to Center for Auto Safety Director Clarence Ditlow, there's genuine concern that there could be additional unidentified cases. "Could we have missed more? That could be the case," Ditlow told TDB, citing the misidentified deaths in the Takata investigation. Ditlow was quick to point out that, even in older vehicles, airbags are much more likely to protect than harm. "No one is saying you should disable your airbags," the safety advocate told TDB. "You're far more likely to be helped than hurt by one if they go off." At least one automaker, meanwhile, has already been advised of the investigation by NHTSA and is checking its airbags.

Junkyard Gem: 2001 Plymouth Neon

Chrysler's Plymouth brand was created in 1928 (and named after a brand of twine favored by farmers), in order to compete against Ford and Chevrolet for entry-level car shoppers. Plymouth stayed in third place in the US-market new-car sales hit parade for most of the years through the early 1950s and remained a strong (if gradually shrinking) player for decades after that. By the 1990s, though, it was tough to distinguish Plymouths from Dodges and DaimlerChrysler announced in late 1999 that the Plymouth Division would be getting the axe. 2001 was the last model year for Plymouth, with just one kind of vehicle sold for that year: the Neon. Today's Junkyard Gem is one of those final Plymouths, found in a Denver self-service yard recently. In the years just before the DaimlerChrysler "merger of equals," Chrysler had attempted to make the Plymouth brand more interesting. An updated version of the old Plymouth ship emblem was created, a Plymouth-badged car on the Chrysler LH platform was planned, the PT Cruiser was going to be a Plymouth, and then there was the Prowler crypto-hot-rod. Those dreams of a revived Plymouth bit the dust once Herr Schrempp took over. The Prowler and Voyager became Chryslers, while the PT Cruiser never had even a single year of Plymouth badging. The only 2001 car sold as a Plymouth was the humble Neon. Since the very beginning of Neon production as a 1995 model, there never had been much difference between the Neons with Dodge badges and the ones with Plymouth badges, continuing the tradition of the Dodge/Plymouth Colt and Dodge Omni/Plymouth Horizon. Earlier generations of Plymouths (e.g., the Valiant) had been mechanically identical to their Dodge-badged siblings, but at least they looked different and had smaller price tags. In 2001, the MSRP of a base Dodge Neon was $12,715, or about $22,156 in 2023 dollars. The price of the base 2001 Plymouth Neon? $12,715. At least the Plymouth Division got two model years in which to sell the second-generation version of the Neon. The engine is the SOHC version of Chrysler's 2.0-liter straight-four, rated at 132 horsepower and 130 pound-feet. Sorry, 2001 Plymouth shoppers, your Neons didn't get the 150-horse version that Dodge Neon R/T and ACR models received that year. This car has some extra-cost goodies. There's this three-speed automatic transmission, which had a $600 cost ($1,036 in today's money). It has the $1,000 air conditioning option as well ($1,742 now).