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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

Race Recap: 2014 Spanish Grand Prix is boom and bust [spoilers]

The Spanish Grand Prix's 2.892-mile Circuit de Catalunya is considered a preview for the rest of the season, since it's a combination of long front straight and twisting middle sectors mimic sections from every other Formula One track to follow. After the long break following the flyaway races to open the season, teams and fans have also been looking forward to this race to see if anyone had a realistic hope of catching Mercedes AMG Petronas; Infiniti Red Bull Racing honcho Christian Horner boiled his team's outlook for the season down to the line, "We've got to [beat them in Spain] if we're going to make a championship of it."
If we take that as our starting point then the weekend began as a bust. Lewis Hamilton only just beat Mercedes teammate Nico Rosberg for pole, the Brit's final effort getting him 0.178 seconds clear of the German. Daniel Ricciardo, proving Red Bull is at least the best of the rest, took third but did so more than a second behind Hamilton. Valtteri Bottas of Williams lined up fourth, almost 1.5 second behind and Romain Grosjean delivered overdue good news for Lotus by taking fifth on the grid, more than 1.7 seconds behind pole. Kimi Räikkönen in sixth outqualified his Ferrari teammate Fernando Alonso in seventh, but he couldn't be happy about it because the Ferraris were nearly two seconds behind, and Jenson Button in eighth in the McLaren was more than two second behind. Felipe Massa put the second Williams in ninth, and Sebastian Vettel overcame a terrible start to the weekend to make it into Q3, then didn't set a time when his gearbox failed, then got dropped five places to 15th on the grid when the gearbox had to be changed.
When the lights went out, then came the boom...

Ferrari, Maseratis trashed in Chinese off-road adventure

Ready to cringe? A group of Chinese motorists drove the Sichuan-Tibet Highway in a fleet of Italian cars, fording streams and hopping rocky terrain as they went. Well, they attempted to drive it, anyway. Only five of the cars managed to survive the truly unnecessary ordeal. The trip was reportedly the idea of a wealthy Chinese businessman named Ni Haishan. Haishan was driving the red Ferrari F12, with his employees following in what appear to be 10 Maserati Ghibli sedans. The Maseratis were gifts to his employees, which makes the loss of six of them along the way only slightly easier to stomach. Even the cars that made it to the finish line in Lhasa, Tibet, arrived with some serious damage. The unsurprising fallout included several wheels and tires on the Ferrari, including one wheel that took the studs it was attached to with it. As you can see above, the "highway" route was not exactly suited to these particular cars. There is some precedent for a car from Maranello driving to Lhasa, however. In 2005, Ferrari sent two 612 Scagliettis on a tour of China called "Ferrari 15,000 Red Miles" with various journalists at the wheel. That journey started and ended in Shanghai and took the cars all over the vast country, including two crossings of the Gobi Desert, along the Great Wall, and on some of Marco Polo's route. Of course, it also involved a lot of planning, a huge support team, and at least a modicum of common sense. All of this was supposedly Haishan's way of showing the world that business is good for him and that customers should trust their money with him. We might conclude otherwise based on the results. If you absolutely have to run this road in something Italian and expensive, may we suggest a Maserati Levante next time? Related Video: Image Credit: news.163.com Auto News Ferrari Maserati Coupe Luxury Performance Sedan ferrari f12 berlinetta maserati ghibli