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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.

FCA is setting a five-year strategy: Here's how the last one played out

We're slightly more than four years removed from Sergio Marchionne last five-year plan for FCA, a tell-all where the Italian-American automaker divulged its plans for the 2014 through 2018 model years. It was a grand affair, where Sergio told FCA investors that all was right in Auburn Hills, Alfa Romeo and Maserati were making comebacks, and the fifth-gen Dodge Viper received a mid-cycle refresh. You can read every last one of those past predictions right here. We're on our way to Europe to see Sergio's sequel, coming out Friday straight from FCA's Italian headquarters. (Bloomberg reports a plan to expand Jeep and Ram globally, combine Alfa Romeo and Maserati into a single division for an eventual spinoff, and downsizing Fiat and Chrysler. Also, EVs.) But before we arrive in Italy and find out exactly what Marchionne has planned for 2019 through 2023 as his last act as CEO, let's take a minute to tally up the results of his last term based on the same scoresheet we used in 2014. Now, we're only five months into 2018, so much of this — including vehicles like the Ram HD and Jeep Grand Wagoneer — could still debut this year. For those, we'll mark things TBD. We're not going to draw any conclusions or make any objectionable remarks. We're simply going to let the stats speak for themselves.

2.1 million vehicles recalled again over faulty airbags

Fiat Chrysler Automobiles, Honda and Toyota will recall 2.1 million vehicles to fix faulty airbag modules "after the manufacturers' original attempts to fix the defects proved ineffective in some vehicles." These vehicles had all previously been recalled, but the National Highway Traffic Safety Administration found that the airbags could still potentially malfunction. This recall will cover Acura MDX, Dodge Viper, Jeep Grand Cherokee, Honda Odyssey, Pontiac Vibe, Toyota Corolla, Toyota Matrix and Toyota Avalon models made in the early 2000s. NHTSA has reportedly received about 40 reports of airbag deployment in such vehicles, even though the vehicle had not been involved in a crash. Roughly one million of these same vehicles, all from Honda and Toyota, are also subject to recalls due to faulty Takata airbag modules, though this particular recall is for "an electronic component manufactured by TRW" that is separate from the actual airbags from Takata. According to NHTSA Administrator Mark Rosekind: "This is unfortunately a complicated issue for consumers, who may have to return to their dealer more than once. But this is an urgent safety issue, and all consumers with vehicles covered by the previous recalls should have that remedy installed. Even though it's a temporary solution until the new remedy is available, they and their families will be safer if they take the time to learn if their vehicle is covered and follow their manufacturers' instructions. A hassle is much better than a family tragedy." If you're the owner of an affected car, expect to hear more from the official automaker and government channels in short order. In the meantime, we'd suggest getting your car checked and fixed at your local dealer. The official statement and recall information can be found below. Previously Recalled Vehicle Remedies Not Working as Designed; NHTSA Announces Follow up Recall of 2.12 Million Cars and SUVs Saturday, January 31, 2015 Contact: Gordon Trowbridge, 202-366-9550, Public.Affairs@dot.gov WASHINGTON – U.S. Transportation Secretary Anthony Foxx announced today the recall of more than 2.12 million Acura, Dodge, Jeep, Honda, Pontiac, and Toyota vehicles for a defect that may cause airbags to deploy inadvertently. The recalls will provide vehicle owners with a new remedy after the manufacturers' original attempts to fix the defects proved ineffective in some vehicles.