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Peugeot maker PSA posts record profits ahead of FCA merger

PARIS — Peugeot maker PSA Group said its profitability reached a record high in 2019 but the French carmaker forecast falling industry sales in Europe this year as it pursues its merger with Fiat Chrysler, which is strong in North America. PSA has trimmed costs in areas such as the procurement of components as it has integrated its acquisition of Opel and Vauxhall, boosting operating margins to 8.5% last year. The group, which also produces cars under the Citroen and DS brands, offset a slump in vehicle sales by selling pricier SUV models, with launches including the Citroen C5 Aircross helping to lift revenues by a higher-than-expected 1% to $81.2 billion (74.7 billion euros). That helped it stand out in a car market where some rivals including France's Renault have struggled with sliding revenues and profits, amid a broader downturn in demand. PSA's group net profit increased 13.2% to a record 3.2 billion euros, and the company increased its dividend against 2019 results to 1.23 euros per share, up 58% from 2018 levels. The carmaker was "once again very solid", analysts at brokerage Oddo-BHF said in a note, adding the results confirmed the company's "best-in-class status." However PSA forecast a 3% contraction in Europe's car market this year, by far its biggest market. The tie-up with Fiat Chrysler will help it gain exposure to that group's strong presence in North America with brands like Jeep. The two companies struck a deal in December to create the world's No.4 carmaker, to better cope with market turmoil and the cost of making less-polluting vehicles. Fiat also posted more upbeat results than most rivals this year. CORONAVIRUS WEIGHS PSA boss Carlos Tavares told a news conference that the two groups were both in good shape and well placed to face market challenges together. He said he did not expect any major regulatory hurdles to the merger, adding it had so far submitted 14 approval requests to competition authorities out of the 24 it needs. There are no immediate plans to change anything in the large portfolio of brands within the combined group, he added. However the companies still face problems this year, including the coronavirus outbreak which has paralyzed production in China and hits carmakers' supply chain. PSA said the coronavirus impact was still difficult to assess. It factories in Wuhan, at the epicenter of the outbreak, are due to reopen in the second week of March.

LH, like new: 1994 Chrysler Concorde on eBay Motors has just 987 miles

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. The fortunes of Chrysler Corporation have been on a roller coaster going back decades. If we look to the recent past, one particularly dramatic renaissance occurred in the early-to-mid 1990s. That's when Chrysler emerged from more than a decade of peddling K-car-based products to field a dramatically styled modern new lineup. The headline vehicle for that turnaround was the company's trio of LH-platform cars, among them the Chrysler Concorde. To get a sense of exactly what that car was like, we can't imagine there's a better example than this 1994 Chrysler Concorde for sale right now on eBay Motors. The Concorde was introduced for 1993 alongside the Dodge Intrepid and the Eagle Vision (remember Eagle division?). The cars introduced a new "cab-forward" architecture that instantly made the big sedans' competitors look old. Impressed by the LH sedans' spacious interiors and competent handling, and enthralled with brash-talking, cigar-chomping Chrysler executive Bob Lutz, the automotive media heaped praise on the trio. The LH cars were Automobile Magazine's Automobile of the Year for 1993, and the Concorde ended up on Car and Driver's 10 Best lists in '93 and '94. This second-year Concorde, finished in period-appropriate two-tone exterior with contrasting-color lower cladding, is a time warp. Check out the blue cloth interior, the mesh alloy wheels, and the Infinity cassette stereo. Incredibly, this show car shows just 987 miles on the clock, and the condition certainly seems to support that odo reading. At this writing, the car is at $7,600 after just two bids. The reserve, however, has not been met. There are still a few more days to go in the auction, so it remains to be seen how the market values a top-flight Concorde. Will these Lutz-era Chryslers someday get their due? If so, the time to buy might be now. Check out the commercial below, to see how Chrysler pitched the '94 Concorde when it was new: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2022 Chrysler 300 and Dodge Challenger, Charger recalled for faulty TPMS sensors

Stellantis is recalling some of its longest-running models to address a tire pressure monitoring system (TPMS) sensor defect that may be erroneously indicating a low-pressure condition — 52,340 cars shipped with sensors built with batteries that may fail prematurely, triggering a TPMS light when there is no actual safety threat.  A TPMS light that remains constantly illuminated is not only annoying but it could also mask a real tire pressure loss, which is a safety hazard. Stellantis says the production range for potentially impacted models runs from September 7, 2021 to June 9, 2022, indicating it took some time for issues to crop up in the wild, so just because no issue has crept up yet, doesn't mean it won't later on.  Notices have begun circulating to dealers and should be sent to owners by early September. In the meantime, owners should verify any tire pressure warnings independently before driving their vehicles.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. How To Fix A Tire Leak | Autoblog Wrenched