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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

Chrysler extends fuel tank warranties on LX cars, NHTSA ends probe

The National Highway Traffic Safety Administration has ended its investigation of 153,817, 5.7-liter and 6.1-liter Hemi V8-powered 2006 Chrysler 300, Dodge Charger and Dodge Magnum models after reports of stalling. Chrysler has responded by granting a lifetime warranty on the fuel tanks for these vehicles.
NHTSA received 299 reports of engines stalling while the models were stopped or driving at low speeds, and began an investigation. The government agency found that the control valve shutoff float in the V8s' 19-gallon fuel tank could malfunction if the fuel had too high of an ethanol content. In many cases, the valve would break in the open position, allowing the tank to be overfilled, which would then cause the cars to stall. However, there were no accidents reported, and the vehicles could be restarted immediately.
There will not be a recall on these vehicles because, "the condition represents a low risk to motor vehicle safety and is adequately addressed by Chrysler's extended warranty," NHTSA said to The Detroit News.

Google-Chrysler autonomous project will include ride-sharing

Google's new Waymo automobile-technology division might have just gotten "way mo" interesting, if you'll excuse the pun. Google, which this spring said it would work with Fiat Chrysler Automobiles on the development of a self-driving Chrysler minivan prototype, is adding a ride-sharing component to the project, Bloomberg News says, citing people familiar with the process. Representatives with both Fiat Chrysler and Google parent Alphabet Inc. declined to comment to Bloomberg. The ride-sharing service, which would compete with fellow San Francisco Bay Area-based companies such as Uber and Lyft, may debut as soon as the end of next year. Uber continues to move forward with its own self-driving efforts, launching self-driving tests (with engineers behind the wheel) in Pittsburgh in September and announcing this week that it would start tests in San Francisco. Those efforts may be delayed, however, as the state of California requires special permitting for testing out self-driving technology, and while the state has granted those permits to automakers such as General Motors, Tesla and Ford, it hasn't for Uber. Google and Chrysler said earlier this year that it would develop about 100 autonomous-driving Pacifica prototypes, but the ride-sharing service would require more of those vehicles to be built. Google's auto-technology operations, now called Waymo, have been headed by former Hyundai executive John Krafcik since September 2015. The division has reportedly brought in more executive-level personnel to speed things along. Meanwhile, Chrysler is slated to unveil an all-electric prototype version of the Pacifica at Las Vegas's annual CES show next month. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.