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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

Ferrari's stock price falls off a cliff

The stock price skidded. The stock price stalled. Use whatever automotive analogy you want. It was a bad day for Ferrari on the New York Stock Exchange. Warning that sales growth would slow because of the economic slump in China, Ferrari NV watched its stock price slump accordingly. Shares of the company were down more than 13 percent in afternoon trading, falling to $34.64. Sprung from the Fiat Chrysler Automobiles less than four months ago, Ferrari's stock has lost a third of its value since its October initial public offering and is nearly half the price of its $62 high set days after the IPO. In a conference call with investors, chairman Sergio Marchionne said the company expected to ship approximately 7,900 vehicles this year. Marchionne said the company would be "fine" over the long term as long as it maintains a decades-long philosophy of maintaining strong demand. That means Ferrari won't follow some of its sports-car competitors who have broadened their vehicle portfolio's with the addition of SUVs. Marchionne bristled at such a suggestion. "You have to shoot me first," he told Bloomberg. But never say never? Previously, Ferrari had restricted its output to 7,000 vehicles per year. The company is already past that number, and Marchionne foresees the possibility that it could rise to approximately 9,000 by 2019. In a regulatory filing, Ferrari said, "we believe we can grow in a controlled manner while preserving the exclusivity of our brand by continuing to explore controlled growth in emerging markets to capitalize on the substantial wealth creation and the growing affluent populations in those markets." For now, those markets won't include China. Shipments there decreased 22 percent in 2015, even as worldwide output increased. Related Video:

This electric Ferrari 308 GTS would do Magnum PI proud

We've seen Lancias, Alfas, Maseratis, and assorted F1 cars over the years packing Ferrari engine. But seeing a Ferrari running under different power is something else entirely – let alone one packing a fully electric powertrain. Yet that's what one company in Southern California has done with this 1978 Ferrari 308 GTS, swapping out its V8 engine for an array of electric motors and battery packs. Rather than tearing apart a perfectly good Italian sports car, Eric Hutchison of San Diego-based Electric GT found the Magnum PI-spec Prancing Horse for salvage after it had burned out from an unfortunate fuel leak. One man's loss being another's gain, he bought it for $10,000 and, together with his friend Michael Bream at EV West, set about converting it to electric power. The cavallo elettrico produces an impressive 465 horsepower and 330 pound-feet of torque. With three AC51 HPEVS electric motors and 48 batteries installed, the cavallo elettrico produces an impressive 465 horsepower and 330 pound-feet of torque. That's a heck of a lot more than the 2.9-liter V8 in the original 308 ever produced: before later versions introduced fuel injection and four-valve cylinder heads, the 308 packed about 200 horsepower and 181 lb-ft. Not one of the most powerful models ever to leave the factory in Maranello, in other words. To handle the extra muscle, Hutchison, Bream, and company fitted a new clutch, flywheel, pressure plate, and (perhaps the oddest part) a Porsche transaxle, mounted upside down. Though most EVs do away with a conventional transmission, Hutchison points to the original (though ultimately unfulfilled) Tesla Roadster plans and the Formula E setup as evidence of the combo's ideal blend of efficiency and performance. "The massive torque transferring through the transmission engages the driver in a clutch-dropping, gear-pounding Ferrari experience," he said. To offset the added weight of the four dozen 3.3-volt lithium-ion batteries, they stripped out anything they could, and found new homes for many of the jettisoned components through fora like Ferrari Chat, whose members enthusiastically followed the conversion process. The result is a vehicle just 150 pounds heavier than stock that can travel 100 miles on a single charge. That's more than most OEM EVs can go these days, and (arguably) in better style, too. We've been following the project's development for nearly two years now, and took it for a spin on Translogic.