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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

Jeep Begins Fixing 1.56 Million Recalled Grand Cherokee, Liberty SUVs

Chrysler is just now beginning the big job of fixing 1.56 million older Jeep SUVs seven months after a recall was announced, according to The Detroit News. Jeep Grand Cherokees sold between 1992 and 1998 and Jeep Liberty models sold between 2002 and 2007 are being recalled because the gas tank can leak in the event of a rear-end collision, leading to a fire. The National Highway Traffic Safety Administration originally requested the recall of 2.7 million vehicles. Chrysler initially disputed NHTSA's findings and seemed willing to go through a court battle until an 11th-hour deal reduced the number of vehicles involved in the recall. The remaining vehicle owners left out of the recall will receive a "customer service action" notification and may not get fixed. Chrysler says the vehicles are safe and need no repairs. Fixing the 1.56 million Jeeps will cost Chrysler $151 million. NHTSA cited 51 deaths causes by such tank fires. Chrysler plans to install protective trailer hitches to protect the gas tanks, but even the automaker admits the hitches will only provide incremental protection in a low-to-moderate speed rear-end crash. Related Gallery 2014 Jeep Cherokee Test Drive View 9 Photos Recalls Chrysler Jeep jeep liberty

Experience Jeep's 75th Anniversary at Easter Jeep Safari | AutoblogVR

It may not have been known as a Jeep just yet, but it was all the way back in 1941 that the very first Willys MB quarter-ton 4x4 rolled down the assembly line in Toledo, Ohio. That General Purpose American military machine would go on to become one of the most recognizable vehicles in the world. And the name Jeep, which was adopted for the off-roader by soldiers in World War II, has been famous ever since. In the 75 years since that first military Jeep was born, the brand has built a sterling reputation for off-road prowess. Jeep's range-topping vehicle, the Grand Cherokee, bears almost no resemblance to its military forebears. But that doesn't mean it's not ready to leave the pavement and get dirty. See what we mean in our latest Autoblog VR episode. That wasn't the only Jeep vehicle we took for a spin while celebrating the brand's 75th anniversary at the Easter Jeep Safari in Moab, Utah. Jeep fans have been salivating over the prospect of a pickup truck for years, and the company has finally confirmed that it's coming as a 2018 model. It will be built at Jeep's spiritual home in Toledo, Ohio, the same city that spawned the company's military roots. Even though Jeep's Crew Chief Concept isn't the actual pickup that will go into production, it's still an awesome ride, and we were happy our virtual-reality camera gear could capture it in its natural habitat. Each week, new episodes will launch on the AutoblogVR App. We'll preview them here on Autoblog, but for the full immersive experience, head over to the app, which you can download for free from the App store and Google Play. Be sure to try it with a cardboard viewer, too! Jeep Driving Truck SUV Off-Road Vehicles Videos VR Original Video virtual reality 360video