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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.

For his last act, Marchionne will outline an EV/hybrid roadmap this week

MILAN/LONDON — Fiat Chrysler (FCA) boss Sergio Marchionne is expected to outline new plans for electric and hybrid cars in a strategy presentation on Friday, aiming to ensure the world's seventh-largest carmaker remains in the race in the absence of a merger. The 65-year-old will present FCA's strategy to 2022, his final contribution to the company he turned around and multiplied in value through 14 years of canny dealmaking. After failing to secure a tie-up he said was necessary to manage the costs of producing cleaner vehicles, Marchionne needs to show the group can keep churning out profits on its own, even as emissions rules tighten, SUV competition intensifies and worries around his succession abound. Marchionne had long refused to jump on the electrification bandwagon, saying he would only do so if selling battery-powered cars could be done at a profit. He even urged customers not to buy FCA's Fiat 500e, its only battery-powered model, because he was losing money on each sold. But Tesla's success and the need to comply with tougher emissions rules have forced Marchionne to commit to what he calls "most painful" spending. "FCA is way behind rivals in terms of hybrid and electric vehicles and they need to hit the accelerator to convince investors they can close that gap," said Andrea Pastorelli, a fund manager at 8a+ Investimenti. Germany's Volkswagen, Daimler, BMW and U.S. rivals GM and Ford have committed to spending billions of euros each in coming years to try produce profitable cars powered by cleaner fuels. FCA needs to present a clear roadmap, just like Volvo Cars, which ditched diesel from its best-selling XC60 SUV, launched a new electric brand and pledged to shift all brands to hybrid by 2019, a banking source close to FCA said, noting: "The tech divide determines winners and losers in the industry." Marchionne has already said half of the wider FCA fleet will incorporate some elements of electrification by 2022, while luxury marque Maserati will spearhead FCA's electrification drive by making all new models due after 2019 electric. But its plans remain vaguer and less advanced than most big rivals and some investors wonder about the capital required to make vehicles compliant, and what share of spending can go to electrification given FCA's numerous demands.

The Jeep Grand Cherokee Trackhawk is the all-wheel-drive Hellcat you've been waiting for

If the Jeep Grand Cherokee SRT was the venerable SUV cranked to 10, the new Trackhawk goes to 11. Actually, make that 707, because the Grand Cherokee Trackhawk is a Hellcat by another name. Under the hood is the same 707-horsepower supercharged V8 from the sinister corporate cousins Charger and Challenger. The torque rating drops just a bit to 645 pound feet, versus the 650 of the Hellcats, but we don't think many people will be too upset. Especially since Jeep claims the Trackhawk is capable of a 3.5-second 0-60 mph run and a quarter-mile time of 11.6 seconds. The former is right in line with the Challenger Hellcat. View 24 Photos The Grand Cherokee Trackhawk also offers a unique difference to the Hellcats, and its not the SUV body style. The Trackhawk is all-wheel-drive. Power goes from the supercharged V8 to an 8-speed automatic and a single-speed transfer case. There's also an electronic limited slip differential at the back. Jeep beefed up the transfer case with a wider chain that features forged sprockets. The rear drive shaft and half shafts have been strengthened to handle the extra power. Power is split 40/60 front and rear in the default automatic setting, and becomes more rear biased in more aggressive driving modes. In the sportiest "Track" mode, power is split 30/70. In the least aggressive "Snow" mode, power is split 50/50. The sportier drive modes also firm up suspension and decreases shift times. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Helping manage all the power is a high-performance suspension with adaptive Bilstein shocks. The suspension lowers the SUV a full inch compared with normal Grand Cherokees. Wheels are 20 inches in diameter and 10 inches wide wrapped in 295-millimeter wide tires, either all-seasons or optional three-seasons. An optional forged set of wheels is available, too, which Jeep says will save 12 pounds of weight. The wheels are stopped by Brembo six-piston calipers and 15.75-inch rotors up front, and four-piston calipers and 13.73-inch rotors out back. Jeep says the front brakes are the largest ever fitted to one of its vehicles. Visually, you'll be hard-pressed to tell a Grand Cherokee Trackhawk from the current SRT variant. The bumpers and fender flares are roughly the same. But a tell-tale sign is the lack of fog lights.