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Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.

The Dodge Demon's massive torque wrinkles its massive tires

Horsepower doesn't mean a damn thing if a car can't properly put the power down. That's why Dodge has fitted the upcoming Demon with some of the stickiest road-legal rubber available. Those Demon-branded Nitto NT05R drag radials skirt by regulations with just the smallest of margins, and in order to maximize the potential of the 315/40R 18 size tires Dodge increased the car's torque multiplication with a higher stall speed for the torque converter and a 3.09 rear axle. The 12.6-inch-wide tires are fitted to 18x11-inch wheels at all four corners, and they're fatter than those 305-section front tires on the Camaro Z/28 that we raved about years ago. Dodge says the combination of soft, gooey rubber and the new gear ratio gives the Demon about a 15 percent larger tire contact patch, more than twice as much grip, and roughly an 18 percent increase in both converter torque and rear-axle torque multiplication. Simply put, the Dodge Demon moves. You can see the results in the teaser video above, which is titles "Multiplication" and shows the crazy wrinkling of the sidewall that results from putting that torque to the road. We wouldn't be surprised if the inner rim of the wheel needs some grip to keep the tire seated, something Chevy had to do on the last Z/28. There is something wonderful about Dodge's approach to performance cars. While the Ford Mustang and Chevrolet Camaro have moved on from their muscle car upbringings with proper track-focused models, Dodge has stayed true to its roots by developing a machine that's sole intent is traveling a quarter-mile quicker than anything else on the road. Twisty roads may be fun, but there is something wholly and deeply satisfying about going deep into the accelerator with a comical amount of power at your disposal. We can't wait. Related Video: New York Auto Show Dodge Coupe Performance dodge demon dodge hellcat dodge challenger srt demon drag strip

Stellantis expects to hit emissions target without Tesla's help

Franco-Italian carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla, its CEO said in an interview published on Tuesday. Stellantis was formed through the merger of France's PSA and Italy's FCA, which spent about 2 billion euros ($2.40 billion) to buy European and U.S. CO2 credits from electric vehicle maker Tesla over the 2019-2021 period. "With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year," Stellantis boss Carlos Tavares said in the interview with French weekly Le Point. "Thus, we will not need to call on European CO2 credits and FCA will no longer have to pool with Tesla or anyone." California-based Tesla earns credits for exceeding emissions and fuel economy standards and sells them to other automakers that fall short. European regulations require all car manufacturers to reduce CO2 emissions for private vehicles to an average of 95 grams per kilometer this year. A Stellantis spokesman said the company is in discussions with Tesla about the financial implications of the decision to stop the pooling agreement. "As a result of the combination of Groupe PSA and FCA, Stellantis will be in a position to achieve CO2 targets in Europe for 2021 without open passenger car pooling arrangements with other automakers," he added. Tesla's sales of environmental credits to rival automakers helped it to announce slightly better than expected first-quarter revenue this week. The next tightening of European regulations will soon be the subject of proposals from the European Commission. The 2030 target could be lowered to less than 43 grams/km. Related Video: Government/Legal Green Alfa Romeo Chrysler Dodge Fiat Jeep Maserati RAM Tesla Citroen Peugeot Emissions Stellantis