2014 Chrysler 300 Base on 2040-cars

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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

Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

2022 Chrysler 300 gains a little, loses a little

Like an old player who will do anything to keep playing the game, the Chrysler 300 returns in 2022 to limp through another round in the sales arena. No one will be surprised to find out Chrysler doesn't have much in mind for the sedan that still stands out for being unlike segment competitors. The Touring, Touring L, and S trims carry over, and they all stick with Uconnect 4C on an 8.4-inch touchscreen, not the upgraded Uconnect 5 infotainment introduced this year that even the fleet-only 2022 Voyager gets. They are also fitted with the new air filtration system going into every Chrysler product, which removes 95% of particulates from the air. Otherwise, the entry-level model goes untouched. The Touring L gets the $995 Sport Appearance Package as standard equipment next year, which gussies the four-door up with a performance front fascia in body color with Black Noise badges, black pockets in the headlights, LED fog lamps, black LED taillights, black chrome moldings and 20-inch Black Noise wheels instead of the standard 18-inchers in polished aluminum.  Next year's 300S makes the Popular Equipment Group standard equipment, an option that costs $3,495 on the 2021 model. This includes navigation, a dual-pane sunroof, and nine-speaker Alpine audio with a 506-watt amplifier, surround sound and a sub in the trunk.   The $1,995 Comfort Group hold steady on the options list next year, its 15 features increased with the addition of a new alarm system.  Chrysler's trimmed other options that were available on the current model year before the order books closed this month. Amethyst and Canyon Sunset exterior colors are gone, so too is the Driver Convenience Group and its universal garage door opener. Mopar Insiders says the only interior choices next year will be Black, and Black with Linen, which would mean the retirement of Black Smoke and Radar Red. Production for the 2021 models will continue until December at the latest. The 2022 sedans are expected on dealer lots early next year. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.