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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

2021 Ram 1500 TRX vs. 2020 Ford F-150 Raptor | How they compare on paper

Now that the 2021 Ram 1500 TRX has debuted, it’s time to pit the off-road truck against its only true competitor: the Ford F-150 Raptor. Ford has left us in a weird spot with the Raptor, though. ItÂ’s currently in-between models, as the regular 2021 F-150 is out, but the 2021 Raptor hasnÂ’t been announced yet. Since the F-150 is moving into a totally new generation for 2021, the Raptor is bound to be much different a year (or even months) from now than it is today. Regardless, the Raptor as it stands today is still a worthy adversary for RamÂ’s new super truck. The TRX is much more expensive than the Raptor at its base level, but you can spec out a Raptor that comes close to the TRXÂ’s base price. That said, a TRX can crest $90,000. Neither of these trucks are cheap. So, letÂ’s get to the all-important specs and figures. The chart is below. WeÂ’ll note that Ford offers the Raptor in SuperCab and SuperCrew forms, but the TRX is only offered in Crew Cab size. For comparisonÂ’s sake, weÂ’ve chosen to provide figures for the SuperCrew that closely aligns with the Ram Crew Cab.   Powertrain ItÂ’s fairly obvious who has the advantage here. FCA just keeps spreading the Hellcat love around, and Ram is the latest brand to get a taste. The TRX has a whopping 252 horsepower and 140 pound-foot advantage over the Raptor. ItÂ’s also far quicker to 60 mph than the Ford. Nothing in the truck realm can touch the TRX in a straight line. Plus, the supercharged V8 produces much better noises than the F-150 Raptor and its boosted V6 is capable of.  Fuel economy for the TRX isnÂ’t out yet, but expect it to be even more horrendous than the RaptorÂ’s. If efficiency is even remotely important to you, neither of these trucks should be on your shortlist.  Both these trucks come with four-wheel-drive standard, and they both have a number of drive modes that alter the powertrainÂ’s characteristics depending on the terrain. Baja mode transforms the trucks into the desert runners that they both are at heart, but theyÂ’re plenty capable of crawling around rocks, too. We wonÂ’t know for certain which is best at specific tasks until we can get them both on (or off) equal ground. Suspension / off-roading capability The specs are freakishly similar when we compare ground clearance, approach/departure angles and water fording, but these two trucks use different strategies to get there.

Stellantis lays off salaried workers, cites uncertainty in EV transition

DETROIT — Jeep maker Stellantis is laying off about 400 white-collar workers in the U.S. as it deals with the transition from combustion engines to electric vehicles. The company formed in the 2021 merger between PSA Peugeot and Fiat Chrysler said the workers are mainly in engineering, technology and software at the headquarters and technical center in Auburn Hills, Michigan, north of Detroit. Affected workers were notified starting Friday morning. “As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,” the company said in a prepared statement Friday. The cuts, effective March 31, amount to about 2% of Stellantis' U.S. workforce in engineering, technology and software, the statement said. Workers will get a separation package and transition help, the company said. “While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive,” the statement said. CEO Carlos Tavares repeatedly has said that electric vehicles cost 40% more to make than those that run on gasoline, and that the company will have to cut costs to make EVs affordable for the middle class. He has said the company is continually looking for ways to be more efficient. U.S. electric vehicle sales grew 47% last year to a record 1.19 million as EV market share rose from 5.8% in 2022 to 7.6%. But sales growth slowed toward the end of the year. In December, they rose 34%. Stellantis plans to launch 18 new electric vehicles this year, eight of those in North America, increasing its global EV offerings by 60%. But Tavares told reporters during earnings calls last month that “the job is not done” until prices on electric vehicles come down to the level of combustion engines — something that Chinese manufacturers are already able to achieve through lower labor costs. “The Chinese offensive is possibly the biggest risk that companies like Tesla and ourselves are facing right now,Â’Â’ Tavares told reporters. “We have to work very, very hard to make sure that we bring out consumers better offerings than the Chinese.