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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.

Fiat Chrysler to get $105M fine from NHTSA for recall woes

The National Highway Traffic Safety Administration is about to send a powerful message to automakers doing business in the United States, assuming reports of an upcoming $105 million fine against Fiat Chrysler Automobiles comes to fruition. In addition to the record-setting monetary fine, according to The Wall Street Journal, FCA will have to accept an independent auditor that will monitor the company's recall and safety processes and will be forced to buy back certain recalled vehicles. In other cases, such as with Jeep Grand Cherokee and Liberty models with gas tanks that could potentially catch fire in certain types of accidents, FCA will offer financial encouragement for owners to get their recall work done or to trade those older vehicles in on new cars, according to the report. FCA could reportedly reduce its fines if it meets certain conditions, though those remain unclear at this time. These actions against FCA are being taken after NHTSA began a probe into the automaker over almost two dozen separate instances where the government claims FCA failed to follow proper procedures for recalls and safety defects. Included in those safety lapses are more than 11 million vehicles currently in customer hands. These penalties and fines are separate from the investigation over security problems with Chrysler's Uconnect system that allowed hackers to obtain remote access into key vehicle systems in 1.4 million vehicles. Related Video: Image Credit: Marco Bertorello/AFP/Getty Earnings/Financials Government/Legal Recalls Chrysler Dodge Fiat Jeep RAM Safety fiat chrysler automobiles fine

FCA recalls 894k total vehicles worldwide in two campaigns

FCA is recalling a total of 893,698 vehicles worldwide in two campaigns to fix problems with inadvertent airbag deployment, failure of the anti-lock brakes, and stability control systems in the Jeep Grand Cherokee, Liberty, Dodge Journey, and Fiat Freemont. 559,703 of these vehicles are in the US. The larger recall affects 284,089 examples of the 2003 Jeep Liberty and 2004 Jeep Grand Cherokee, and there are also 13,411 of them in Canada, 6,277 in Mexico, and 48,212 outside the NAFTA region. Because of "electrical noise beyond the tolerance of the airbag electronic control module", part of that component can fail, according to the National Highway Traffic Safety Administration. This can cause the front and side airbags to deploy and the seatbelt pre-tensioners to activate inadvertently. FCA US has seven reports of alleged injuries from this problem. To fix the situation, the Jeeps need their Occupant Restraint Control modules replaced, as well as the front- and side-impact sensors. According to the NHTSA, the replacement parts won't be available until early 2016. Still, FCA US will advise owners about the problem in a letter by the end of December and will send a second notification when the components are ready. The second campaign affects 275,614 examples of the 2012-2015 Dodge Journey in the US; plus 78,148 of them in Canada, 36,471 in Mexico, and 151,476 left-hand drive units outside of NAFTA where it's sold as the Fiat Freemont. On these vehicles, water intrusion can disable the anti-lock brakes and electronic stability control, although a warning light often illuminates when this issue occurs, and the problem doesn't affect regular braking. There are also no reports of injuries or accidents. To fix the issue, dealers will seal the ABS wiring harness and will replace any already affected components as necessary, like the ABS module or the headlamp and dashboard wiring harness. Statement: Occupant Restraint Control Modules October 30, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 284,089 older-model SUVs in the U.S. to replace their Occupant Restraint Control (ORC) modules and front and/or side-impact sensors, as required. Within this vehicle population, FCA US became aware of seven injuries caused by inadvertent air-bag deployments and advised NHTSA accordingly. The affected vehicles are not equipped with Takata Corp. air-bags. The Company is unaware of any related accidents.