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Stellantis reports surprising 2020 results, is 'off to a flying start'

MILAN — Low global car inventories and cost cuts should boost Stellantis's profit margins this year, though a shortage of semiconductors and investments in electric vehicles could weigh on results, the newly-formed automaker said on Wednesday. The forecast came as Stellantis, created by the January merger of Peugeot-maker PSA and Fiat Chrysler (FCA), reported better-than-expected results for 2020 that sent its shares up around 3% in morning trading. "Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies (from the merger)," Chief Executive Carlos Tavares said in a statement. Stellantis is the world's fourth largest carmaker, with 14 brands including Fiat, Peugeot, Opel, Jeep, Ram and Maserati. It said 2021 results should be helped by three new high-margin Jeep vehicles in North America and a strong pricing environment there. The U.S. market has driven profits for years at FCA and starts off as the strongest part of Stellantis. The group's guidance assumes no more significant lockdowns caused by the global COVID-19 pandemic, which shuttered auto plants around the world last spring. Stellantis should also get a lift as its starts to implement a plan aimed at delivering over 5 billion euros a year in savings, without closing any plants. Tavares has also pledged not to cut jobs. But a pandemic-related global shortage of semiconductors, used for everything from maximizing engine fuel economy to driver-assistance features, could hurt business. Auto industry executives have said the shortage should ease by the second half of 2021. Stellantis said its "electrification offensive" could also weigh on results this year. Automakers are racing to develop electric vehicles to meet tighter CO2 emissions targets in Europe and this week Volvo joined a growing number of carmakers aiming for a fully-electric line-up by 2030. Stellantis plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025, broadly in line with plans at top rivals such as Volkswagen and Renault-Nissan, although Stellantis has further to go to meet that goal. The carmaker is targeting an adjusted operating profit margin of 5.5%-7.5% this year. That compares with a 5.3% aggregated margin last year: 4.3% at FCA and 7.1% at PSA excluding a controlling stake in parts maker Faurecia, which is set to be spun-off from Stellantis shortly.

Jeep and Ram diesel owners get $3,075 in lawsuit settlement

Owners of certain Ram 1500 and Jeep Grand Cherokees equipped with diesel engines will get up to $3,075 in compensation for repairs under a settlement of a class-action lawsuit against Fiat Chrysler over illegal emissions-cheating software. The roughly $800 million settlement was first announced in January and approved by a federal judge in California last week, according to Consumer Reports. The affected vehicles are 2014 to 2016 Ram 1500 pickup trucks and Jeep Grand Cherokee SUVs equipped with 3.0-liter EcoDiesel V6 engines. FCA will update the emissions control software, provide an extended warranty covering up to 10 years or 120,000 miles, and provide cash compensation. Eligible owners will get as much as $3,075, while eligible lessees, former lease holders and former owners will get up to $990, and partial owners will get up to $2,460. FCA has established an EcoDiesel Settlement website where affected owners can find more information on how to submit and track a claim and sign up for updates. Customers with questions can also call 833-280-4748. Vehicle owners will have 21 months to submit a claim, with a deadline of Feb. 3, 2021, and two years to complete the repair and receive compensation for it. Former owners and lease holders must submit claims by Aug. 1, 2019. The EPA in early 2017 issued a notice of violation to FCA after Jeep and Ram installed eight emissions control devices on diesel vehicles. FCA's settlement includes $311 million in total civil penalties to U.S. and California regulators, up to $280 million to resolve claims from diesel owners, $105 million in extended warranties, $72.5 million in state civil penalties and $33.5 million in payments to California for excess emissions and to resolve consumer claims. Auto supplier Robert Bosch GmbH, which provided emissions control software, is paying $27.5 million to resolve claims, plus $103.5 million to settle claims with 47 states. The federal court also approved consent decrees between FCA, the EPA and the California Air Resources Board, plus agreements with all 50 stats and the U.S. Customs and Border Protection. In a statement, FCA said, "The settlements contain no findings of wrongdoing, nor admission of any wrongdoing, by FCA US" and added that the software fixes will have no affect on average fuel economy, performance or other characteristics of the vehicles.

2014 Jeep Cherokee: Long-term wrap-up [w/video]

Sorry, Sweet Brown. Your place in Autoblog history as the most highly demanded long-term car has come to an end. We just finished a one-year test of a 2014 Jeep Cherokee Trailhawk, and after 27,000 miles of hard use, one thing is very clear: this is one of the best all-rounders we've ever tested. The Jeep Cherokee isn't perfect, and our long-term tester proved that. But no compact crossover is. Still, the Trailhawk oozed personality where other small CUVs seem bland, and the Jeep felt more like a trusty companion than just another test car. For road trips, the requests weren't, "Can I have a long-term car this weekend?" They were specific: "I'd like the Cherokee, please." No matter the season, the driver, or the situation, the Jeep was always a sure fit. Fiat Chrysler bet big with this one. It had a global platform, a new engine, and one heck of a funny face. The end result was a CUV that we'd gladly welcome back into our fleet any day. View 51 Photos Our car carried a sticker price of $38,059, but that's without goodies like HID headlamps, a sunroof, or even full leather seats. Lots To Like Admittedly, we picked the Trailhawk trim for cosmetic reasons (more on it's off-road capability in a second). To this day, many of us still think the Cherokee is a homely little thing, but its inherent weirdness doesn't stand out as much when you add the black accents and big, knobby tires of the Trailhawk model. The butched-up look really works here, and we wouldn't have wanted the Jeep any other way. Of course, opting for Trailhawk package meant getting one of Jeep's more expensive Cherokees. Our car carried a sticker price of $38,059, but that's without goodies like HID headlamps (which we could have used – the halogens were pretty weak), a sunroof, or even full leather seats. This car genuinely felt premium, though. Right off the bat, the Cherokee received compliments for its comfortable, supportive seats, not to mention the high quality of interior materials and the general fit and finish. Specifically, the interior packaging won us over early on. We appreciated things like the higher-end stereo, smart layout of the center console, and ample storage, including a bin under the front passenger seat cushion. (That said, we also found that this bin becomes a catch-all for wrappers, french fries, and anything else that might get dropped on the seat.) The Uconnect infotainment system was a joy to use, never giving us any finicky problems or usability issues.