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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.

Jay Leno rides high in Fab Fours Legend

Jeep showcased some pretty awesome concepts at its Easter Safari in Moab a few days ago, but few if any of them were quite as extreme as what's rolled in to Jay Leno's Garage for this latest video installment. It's called the Legend, and it was made by aftermarket bumper manufacturer Fab Fours to demonstrate its capabilities. It's obviously based on the Jeep Wrangler, but it's riding high on 50-inch tires with a jacked-up monster truck suspension, giant fenders, a chopped-down red-tinted greenhouse and something its creators call a "grumper" that integrates the bumper into the grille. Or vice versa. Though most of the oily bits have carried over from the production model, it's hardly what you'd call "practical," but it's sure to turn a lot of heads... even one as massive as Jay's. Related Video:

2019 Jeep Cherokee First Drive Review | Still the most truck-like crossover SUV

The history of the SUV has been one of ever-increasing refinement, and that arc bends towards carlike forms. It's a trend that even the hardiest of nameplates has succumbed to, including the venerable Cherokee, which for 2014, moved from the solid-axle brick of yore to the shark-nosed, independently suspended crossover of modern-day. That wasn't necessarily a bad thing. We found it to be quite a competitive machine at the time, and one that was plenty capable. But time marches on, and five model years later, Jeep has updated the Cherokee. The polarizing shark nose has been toned down, with all the headlight elements integrated into single units on either side. The hatchback has been revised and now sports a cutout for the license plate. Besides improving the looks at the back, Jeep says it allowed them to expand the rear cargo area to 25.8 cubic feet, an increase of 1.2 cubes, because moving the license plate space allowed them to pull the latch assembly farther out. It should be noted, though, that the Cherokee still doesn't have as much cargo capacity as the new 27.2-cubic-foot Compass. Besides the cosmetic changes, the new Cherokee gets a new engine, a 2.0-liter turbocharged four-cylinder good for 270 horsepower and 295 pound-feet of torque that shares commonality with the Jeep Wrangler and Alfa Romeo Giulia engines. However, it lacks the mild hybrid technology of the Wrangler because of space issues, and it has a cylinder head with two camshafts rather than the Alfa's single-overhead cam design. In addition to the new 2.0-liter turbocharged engine, the Cherokee's old naturally aspirated engines, a 2.4-liter four-cylinder (180 hp, 170 lb-ft) and a 3.2-liter V6 (271 hp, 239 lb-ft), carryover unchanged except for the addition of standard engine start-stop functionality. The question is, can mild changes to the Cherokee keep it competitive in a segment where several rivals have been completely redesigned? In terms of capability, the answer is a resounding, "yes," particularly for the Trailhawk, which in turbocharged guise, has even shorter gearing for its low-range four-wheel-drive setting than before at 51.2:1. Like the previous model, the Trailhawk includes different front and rear bumpers for improved clearance and approach and departure angles. It features a set of skid plates and gets a steel oil pan for protection from obstacles, and the rear axle can be locked for additional traction.