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Stellantis reports surprising 2020 results, is 'off to a flying start'

MILAN — Low global car inventories and cost cuts should boost Stellantis's profit margins this year, though a shortage of semiconductors and investments in electric vehicles could weigh on results, the newly-formed automaker said on Wednesday. The forecast came as Stellantis, created by the January merger of Peugeot-maker PSA and Fiat Chrysler (FCA), reported better-than-expected results for 2020 that sent its shares up around 3% in morning trading. "Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies (from the merger)," Chief Executive Carlos Tavares said in a statement. Stellantis is the world's fourth largest carmaker, with 14 brands including Fiat, Peugeot, Opel, Jeep, Ram and Maserati. It said 2021 results should be helped by three new high-margin Jeep vehicles in North America and a strong pricing environment there. The U.S. market has driven profits for years at FCA and starts off as the strongest part of Stellantis. The group's guidance assumes no more significant lockdowns caused by the global COVID-19 pandemic, which shuttered auto plants around the world last spring. Stellantis should also get a lift as its starts to implement a plan aimed at delivering over 5 billion euros a year in savings, without closing any plants. Tavares has also pledged not to cut jobs. But a pandemic-related global shortage of semiconductors, used for everything from maximizing engine fuel economy to driver-assistance features, could hurt business. Auto industry executives have said the shortage should ease by the second half of 2021. Stellantis said its "electrification offensive" could also weigh on results this year. Automakers are racing to develop electric vehicles to meet tighter CO2 emissions targets in Europe and this week Volvo joined a growing number of carmakers aiming for a fully-electric line-up by 2030. Stellantis plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025, broadly in line with plans at top rivals such as Volkswagen and Renault-Nissan, although Stellantis has further to go to meet that goal. The carmaker is targeting an adjusted operating profit margin of 5.5%-7.5% this year. That compares with a 5.3% aggregated margin last year: 4.3% at FCA and 7.1% at PSA excluding a controlling stake in parts maker Faurecia, which is set to be spun-off from Stellantis shortly.

Junkyard Gem: 2007 Dodge Caliber SXT with 5-speed manual transmission

When DaimlerChrysler unleashed the Caliber as a Neon replacement for the 2007 model year, the American car-buying world was put on notice that cute transportation appliances would be kicked to the side by the hobnailed boots of a new generation of angry, brutish, truck-influenced transportation appliances. The Caliber sold well enough at first, but eventually blurred into the fleet-car background noise and got shoved aside by the Alfa-derived Dart after 2012. Since I'm always on the lookout for super-rare three-pedal cars while I'm poking around in junkyards, I check out discarded Calibers in the hope of spying such a machine. This work paid off when I spotted this first-model-year '07 in a Northern California yard last month. In fact, the 5-speed manual transmission came as standard equipment on the non-R/T Calibers in 2007, but nearly every Caliber buyer opted to get the continuously variable automatic instead. That odd-looking horizontal shifter rod reminds me of the one in the early-1970s Honda 600. One reason I check out junkyard Calibers is that I'm trying to find a Boston Acoustics "MusicGate" speaker box, an optional rig that went on the inside of the hatch, to use in my next car-parts boombox project. I haven't managed to find one yet, but I'm not giving up. This car is a luxurious SXT, the trim level that squeezed between the bare-bones SE and the high-zoot R/T. When you bought the SXT, you got the pimp-grade Chill Zone™ (a beverage compartment with internal air-conditioner ducts) as standard equipment. Now this rare Caliber sits among the discarded PT Cruisers and Avengers of the yard's Chrysler section, on the flight path of the big C-5s heading into Travis Air Force Base. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Dodge's marketers tried hard to make the Caliber look tough, even murderous, the kind of car that would use an old Polara bumper jack to beat cuddly cartoon characters to death in a spray of flying teeth and blood-spattered fur. If all Calibers had come with manual transmissions, perhaps this macho image would have stuck better than it did. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Silly little fairy!

FCA to invest $4.5B for new Detroit plant, expanded production at current facilities

We expected some shifts in manufacturing plans as Fiat Chrysler plans to begin electrifying its Jeep brand, but this news bodes well for Michigan. FCA announced today that it would spend $4.5 billion to expand production in the state, including building a new assembly plant in Detroit and increasing capacity at five other facilities in the state. The plan, which FCA says will create nearly 6,500 new jobs, will help to meet increasing demand for Ram and Jeep products, and to electrify Jeep models. $1.6 billion will be set aside to transform the Mack Avenue Engine Complex into a site to build the next generation of Jeep Grand Cherokee, as well as an unspecified, new three-row Jeep model. FCA says this part of the plan will create 3,850 new jobs. FCA is increasing its investment in the Warren Truck plant to $1.5 billion in order to continue building the Ram 1500 Classic, as well as the new Jeep Wagoneer and Grand Wagoneer, creating 1,400 new jobs. FCA says that the new Ram 1500 Heavy Duty will still be built in Saltillo, Mexico. At FCA's Jefferson North facility, the automaker will invest $900 million to upgrade the plant. This site will continue to build the Dodge Durango, as well help build the next Jeep Grand Cherokee. FCA expects this to create 1,100 new jobs. As Jeep plans to electrify models in its SUV lineup, each of the above plants will produce plug-in hybrid versions of the Jeep models produced there, "with flexibility to build fully battery-electric models in the future," the company said in its announcement. "Three years ago, FCA set a course to grow our profitability based on the strength of the Jeep and Ram brands by realigning our U.S. manufacturing operations," said FCA CEO Mike Manley, referring in part to earlier investments in Illinois, Ohio and Michigan. "Today's announcement represents the next step in that strategy," Manley continued. "It allows Jeep to enter two white space segments that offer significant margin opportunities and will enable new electrified Jeep products, including at least four plug-in hybrid vehicles and the flexibility to produce fully battery-electric vehicles." Other investments include $119 million to move production of the 3.0-, 3.2- and 3.6-liter Pentastar engines from Mack I to the Dundee Engine Plant, and $400 million for increased capacity and 80 new jobs at the Sterling and Warren stamping plants. This comes at a time when FCA's U.S.