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Fiat Chrysler posts record Q3 profit thanks to U.S. trucks and Jeep

MILAN — A rebound in car production in Fiat Chrysler on Wednesday reported record third-quarter earnings as production returned to nearly pre-pandemic levels. The Italian-American automaker, which is finalizing its full merger with French rival PSA Peugeot, reported a net profit in the three months ending Sept. 30 of $1.4 billion (1.2 billion euros). That compares with a loss of 179 million euros a year earlier. The carmaker reported adjusted earnings before tax and interest in North America of 2.5 billion euros. That offset deepening losses in Europe, Asia and at its Maserati luxury marquee. Latin America, the only other region to post a profit, saw it narrow by two-thirds to 46 million euros. “Our record results were driven by our teamÂ’s tremendous performance in North America,” CEO Mike Manley said in a statement. Overall, the carmaker said global earnings before tax and interest were a record 2.3 billion euros despite a 6% fall in revenues to 26 billion euros. Global shipments were down 3%, due largely to plant retooling in North American to produce the new Jeep Grand Wagoneer in the luxury SUV segment and the discontinuation of the Dodge Grand Caravan classic minivan. Fiat Chrysler announced earlier Wednesday that its merger with PSA Peugeot is on track to be finalized by the end of the first quarter of 2021, as planned. To meet regulatory concerns, the French carmaker is selling a small stake in a components maker to get below 40% ownership. The new automaker, to be called Stellantis, will be the fourth biggest producer in the world. Earnings/Financials Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Junkyard Gem: 1981 Dodge Challenger

The first Dodge Challenger was an E-Body sibling to the 1970-1974 Plymouth Barracuda, and it was a pure Chrysler product with either Slant-6 or V8 power. Then stuff happened and the Challenger name went away for a while, returning in 1978 on a rebadged Mitsubishi Galant Lambda. For 1981, the Challenger got an updated body, and that's what we've got here in a Denver-area self-service wrecking yard. Chrysler was selling lots of Mitsubishis by the early 1980s, including the Colt econobox, the Dodge Ram 50 pickup, and the Plymouth Arrow truck. The Challenger's Plymouth-badged sibling was the Sapporo. This one had a bunch of late-1990s receipts from Los Angeles-area shops, and a check of the VIN on the California smog-check database shows that it last passed the Golden State's emissions test in 1997. Did it drive to Colorado 20 years ago and then sit until a few months ago? There is no easy way to know. Early Mitsubishi-built Challengers could be had with a 1.6-liter four-cylinder engine, but in 1981 the only engine choice was the Astron 2.6 four-banger, rated at 105 horsepower. Members of the Astron 2.6 family powered everything from Dodge Aries-Ks to Mitsubishi Starions in North America, and production continued nearly into our current century for Chinese-market trucks. Not many miles on this car, and no rust. The Index of Effluency-winning team at the recent Colorado 24 Hours of Lemons race grabbed a few bits from this car for their somewhat related 1976 Plymouth Arrow, but otherwise it appears that this rare classic may go to the crusher more or less intact. It's a lightweight, rear-wheel-drive coupe with decent power (for its era) and a 5-speed manual transmission, but there's just not much of a following in Colorado for these cars. I see the occasional Sapporo or Challenger during my junkyard travels, but the numbers have declined in recent years. Soon they will all be gone. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Related Video: Featured Gallery Junked 1981 Dodge Challenger View 26 Photos Auto News Dodge Automotive History Coupe Performance

Stellantis and LG launch joint venture for North American battery plant

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world's No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan. Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines. Stellantis and LGES's joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided. The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later. Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030. The batteries produced under the deal will supply Stellantis' U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030. The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup. Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States. Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis' electrification process. It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells. Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. Related video: Green Plants/Manufacturing Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall Electric Hybrid EV batteries LG