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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

Polaris Slingshot, Tesla cryptocurrency and an electric Jeep concept | Autoblog Podcast #664

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski. They kick things off by talking about the 2020 Polaris Slingshot, which Jeremy got a chance to sample before the weather turned cold. Then, they pivot to news, starting with the fact that Peugeot's previously rumored return to American is very likely dead, but Stellantis plans to keep FCA's North American brands alive, at least for now. That's followed by Jeep's announcement that it will bring an all-electric model to its annual Easter Jeep Safari in Moab, Utah. They get into the idea of cryptocurrency transactions in car shopping, followed by some grim news at Harley-Davidson, which is attempting a new pivot.  Autoblog Podcast #664 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving: 2020 Polaris Slingshot   News Stellantis dealers plead that letting Chrysler die is not an option Jeep will bring an electric Wrangler to Moab this spring Buy a car with bitcoin? Some car dealers have been years ahead of Tesla Harley kickstarts 5-year turnaround plan after surprise quarterly loss Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: Auto News Earnings/Financials Green Podcasts Chrysler Jeep Automakers Green Driving Transportation Alternatives Convertible Motorcycle Road Tests

Marchionne backs off merger plans, could retire after 2018

FCA boss Sergio Marchionne is stepping back from plans to attempt a major auto industry merger like the oft-speculated deal with General Motors last year. According to Bloomberg, Marchionne now wants to grow his automaker through 2018, and then the 63-year-old could retire around the end of that year. Marchionne claims he received merger proposals last year, but he couldn't find an attractive enough partnership. "We went back to concentrate on the 2018 plan which would boost Fiat Chrysler's value and its position in a deal," he said to Bloomberg. He still believes that a big merger is possible, but "it will be someone else's duty," he said after previously hinting about possibly staying at FCA until 2020. Marchionne was clear that any chance for the GM merger was likely over. "I met Mary Barra less than a month ago in Washington," he told Bloomberg. "I don't think I will have another coffee with her. It won't happen again in the future." Now, the boss intends to spend the rest of his time at FCA building the automaker through its five-year plan, and his goal is to grow global deliveries to seven million units a year by 2018. To make that happen, the automaker will invest around $52 billion over that time to improve its brands' product slate. Marchionne began backtracking from the possible GM merger late in 2015 after it became clear that The General's board wasn't interested. Earlier in the year, he seemed more aggressive about the prospect by suggesting a hostile takeover with a bizarre metaphor about giving the company a hug. Related Video: News Source: BloombergImage Credit: Richard Drew / AP Photo Chrysler Fiat GM Sergio Marchionne FCA fca us