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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.

Stellantis wants to outfit cars with AI software to drive revenue

MILAN — Carmaker Stellantis announced a strategy Tuesday to embed AI-enabled software in 34 million vehicles across its 14 brands, hoping the tech upgrade will help it bring in 20 billion euros ($22.6 billion) in annual revenue by 2030. CEO Carlos Tavares heralded the move as part of a strategy that would transform the car company into a “sustainable mobility tech company,” with business growth coming from features and services tied to the internet. That includes using voice commands to activate navigation, make payments and order products online. The company is expanding existing partnerships with BMW on partially automated driving, iPhone manufacturer Foxconn on customized cockpits and Waymo to push their autonomous driving work into light commercial vehicle delivery fleets. StellantisÂ’ embrace of artificial intelligence and expansion of software-enabled vehicles is part of a broad transformation in the auto industry, with a race toward more fully electric and hybrid propulsion systems, more autonomous driving features and increased connectivity in automobiles. Ford and General Motors also are banking on dramatically increased revenue from similar online subscription services. But the automakers face immense competition for monthly consumer spending from movie and music streaming services, news outlets, Amazon Prime and others. Stellantis, which was formed from the combination of PSA Peugeot and FCA Fiat Chrysler, said the software would seamlessly integrate into customers' lives, with the capability of live updates providing upgraded services over time. New products will include the possibility to subscribe to automated driving features, purchase usage-based car insurance or even increase the power of the vehicle with a tune-up to add horsepower. As a baseline, Stellantis generates 400 million euros in revenue on software-generated services installed in 12 million vehicles. To meet the targets, Stellantis will expand its software engineering team of 1,000 to 4,500 in North America, Asia and Europe. More than 1,000 of the expanded team will be retrained in house. Stellantis also announced a new partnership with Foxconn to develop semiconductors to cover 80% of the companyÂ’s needs and simplify the supply chain. The first microchips from the partnership are targeted to be installed in vehicles in 2024.

These are the cars being discontinued for 2024 and beyond

While we get new and updated car models every year, its inevitable that we'll need to say goodbye to some nameplates as well. This time around, it feels like we have confirmation or reports of an unusually large number of vehicles being discontinued in 2024 and the coming years.  We shouldn't be surprised. A large number of automakers are approaching their various target dates for electrification of their fleets. As such, some beloved internal combustion cars are going away, sometimes with appropriate fanfare like special editions. Others are slinking away quietly, killed by slowing sales and changing consumer trends. Of course, the end of production doesn't necessarily mean permanent death. Some of these models could be resurrected in later years ... and probably as an EV. With that in mind, here are the vehicles that are being discontinued in 2024 and beyond.   Alfa Romeo Giulia Quadrifoglio and Stelvio Quadrifoglio Alfa Romeo ended the production of its combustion-only Quadrifoglio models in April 2024 as the Italian automaker moves toward an electrified future. This isn't the end of the Quadrifoglio entirely, though, with Larry Dominique, Alfa Romeo senior vice president and head of North America, writing, "I look forward to presenting the next chapter in the four-leaf clover’s journey."   Chevrolet Camaro GM is ending production of the Chevy Camaro after 2024, but is sending it off in style with a CollectorÂ’s Edition. WouldnÂ’t it be cool, though, if Chevy brought it back as an EV?   Chevrolet Malibu Rumors of its demise have been around for a while, but now itÂ’s official. GM will end production of the Chevy Malibu in November of 2024. The assembly line in Kansas will be retooled to build the replacement for the Chevy Bolt.   Dodge Durango The three-row Durango is slated to be replaced by the Stealth nameplate after 2024. The Durango name could make a comeback later, according to rumors, on a body-on frame SUV based on the Jeep WagoneerÂ’s platform.   Ford Edge This is the last year for the Edge in the U.S., with the final unit rolling off the assembly line in April. On sale since 2007, the Edge topped 100,000 sales in all but three full years of production.   Ford Escape Newly refreshed for the 2023 model year, FordÂ’s popular Escape compact SUV is reportedly taking its leave in 2025 in order to usher in — you guessed it — an EV in its place.