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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

Vin Diesel and Dodge finally make the partnership official

Thanks to The Fast and the Furious franchise, actor Vin Diesel is nearly synonymous with muscle cars, in particular those from Dodge and SRT. The partnership is finally official, with Diesel appearing in a number of new ads for the automaker. Three new spots, titled "Rally Cry," "Monsters," and "Shepherd," showcase Dodge's entire product line, including the nearly forgotten Journey crossover. We can only assume it's taken the Viper's place in the automaker's lineup, as the soon departed coupe is nowhere to be seen. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Another missing element is the recently revealed Dodge Demon. Presumably, Dodge felt three months of teasers and a good bit of New York Auto Show coverage were sufficient advertisement for the car. Plus, we can't count on the Demon to go around a corner the same way that some of the cars in this ad do. It's hard to turn with two wheels in the air. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Advertisement or not, it's always great to hear a soundtrack of big, V8 muscle. Plus, this only further feeds into Vin Diesel v. The Rock, as the latter has been promoting Ford products for the past few years. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

FCA recalling Chrysler and Dodge minivans, Dodge Nitro SUVs for faulty airbag covers

Fiat Chrysler Automobiles said on Friday it would recall about 925,239 of its older model vehicles in the United States to replace airbag covers on their steering wheels after 14 potentially related injuries. The recall is limited to 2007-2011 Dodge Nitro SUVs, 2008-2010 Chrysler Town & Country and Dodge Grand Caravan minivans, the Italian-American automaker said. The move follows an FCA investigation that found these vehicles were equipped with certain clips that may loosen and disengage over time, and in case of a driver-side airbag deployment the clips could act as projectiles. Fiat Chrysler said none of the potential injuries involved occupants of front-passenger or rear seats and that the airbags were not supplied by Takata. Reporting by Sanjana Shivdas in Bengaluru; Editing by Amy Caren Daniel. Related Video:   Recalls Chrysler Dodge Minivan/Van SUV