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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

How the Ram Multifunction Tailgate compares to Ford, GMC, Honda

Ram just announced its Multifunction Tailgate — a descriptive if not very creative name. It's an asymmetrical barn-door arrangement, which can both fold down like a conventional tailgate or swing open like a gate. There's a new bed step, but unlike Ford or GM, the step isn't part of the tailgate itself. Rather, it kicks out from under the bumper (as opposed to out from under the driver's side of the rear bumper in its previous incarnation). So let's just focus on the tailgate functionality. A video of the Ram Multifunction Tailgate in action is above. For one, either of the swinging tailgate sections can be opened independently. They open to a full 88 degrees. In conventional flip-down mode, the tailgate works just like a normal one, too, with a 2,000-pound rating. The bottom line is that while it gives a variety of types of access to the load area, it doesn't "do" anything else. It's a $995 option on any Ram 1500. Its closest analogue is the Honda Ridgeline, which works basically the same way, but on that truck the tailgate swings as one piece. And the Honda's load rating isn't as hefty as the Ram's tailgate: 300 pounds. As Honda says, that's sufficient to hold the weight of the part of an ATV hanging out of the bed, or something similar, but it's a lighter-duty unit (and a lighter-duty truck) than the Ram's overall. Let's also get Ford's one-trick tailgate out of the way before comparing to the more analogous, and complicated, GM MultiPro. A bit of trivia: Ford's optional Tailgate Step is actually designed and supplied by Multimatic, better known as the outfit that builds the Ford GT and produces the DSSV spool-valve shocks. This step has been available for years. It pulls out of the top edge of the tailgate when the tailgate is lowered, deploying a single step. A separate handle pulls out from beside the step and flips up, giving a handhold. While it was initially (and infamously) mocked by competitors, with load floor heights as high as they are it's better than toting around a stepstool. It's currently a $375 standalone option. Now we get to the GMC MultiPro tailgate, the most complicated and multi-functioned around. It's essentially a tailgate within a tailgate, with a fold-out stopper that deploys from the inner tailgate. This gives it several functions depending on the position of all the parts. It can still be used like a normal tailgate, dropping down at the push of a button or using the key fob.

Stellantis ready to kill brands and fix U.S. problems, CEO Tavares says

  MILAN — Stellantis is taking steps to fix weak margins and high inventory at its U.S. operations and will not hesitate to axe underperforming brands in its sprawling portfolio, its chief executive Carlos Tavares said on Thursday. The warning for lossmaking brands is a turnaround for Tavares, who has maintained since Stellantis was created in 2021 from the merger of Italian-American automaker Fiat Chrysler and France's PSA that all of its 14 brands including Maserati, Fiat, Peugeot and Jeep have a future. "If they don't make money, we'll shut them down," Carlos Tavares told reporters after the world's No. 4 automaker delivered worse-than-expected first-half results, sending its shares down as much as 10%. "We cannot afford to have brands that do not make money." The automaker now also considers China's Leapmotor as its 15th brand, after it agreed to a broad cooperation with the group. Stellantis does not release figures for individual brands, except for Maserati which reported an 82 million euro adjusted operating loss in the first half. Some analysts say Maserati could possibly be a target for a sale by Stellantis, while other brands such as Lancia or DS might be at risk of being scrapped given their marginal contribution to the group's overall sales. Stellantis' Milan-listed shares were down as much as 12.5% on Thursday, hitting their lowest since August 2023. That brings the loss for the year so far to 22%, making them the worst performer among the major European automakers. Few automotive brands have been killed off since General Motors ditched the unprofitable Saturn and Pontiac during a U.S. government-led bankruptcy in the global financial crisis in 2008. Tavares is under pressure to revive flagging margins and sales and cut inventory in the United States as Stellantis bets on the launch of 20 new models this year which it hopes will boost profitability. Recent poor results from global carmakers have heightened worries about a weakening outlook for sales across major markets such as the U.S., whilst they also juggle an expensive transition to electric vehicles and growing competition from cheaper Chinese rivals. Japan's Nissan Motor saw first-quarter profit almost completely wiped out on Thursday and slashed its annual outlook, as deep discounting in the United States shredded its margins. Tavares said he would be working through the summer with his U.S. team on how to improve performance and cut inventory.