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Stellantis says its 2021 performance has been better than expected

MILAN — Stellantis softened up investors ahead of its electrification strategy event on Thursday by flagging that 2021 got off to a better-than-expected start despite a chip shortage that has hit automakers worldwide. Stellantis, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, faces an investor community keen to hear how it plans to come up with a range of electrified vehicles (EVs) to rival Tesla. At its "EV Day 2021" kicking off at 1230 GMT, Stellantis will disclose significant investments in electrification technology and connected software as it aims to be an industry frontrunner, it said in a statement. In April, Chief Executive Carlos Tavares said it would offer low-emission versions — either battery or hybrid electric — of almost all of its European models by 2025, and they should make up 70% of European sales and 35% of U.S. sales by 2030. Stellantis, the world's fourth-biggest automaker, has 14 brands in its stable, including Jeep, Ram, Opel, Fiat, Peugeot and Maserati.   Stellantis EV Day coverage: Dodge will launch the 'world's first electric muscle car' in 2024 Fully electric Ram 1500 will begin production in 2024 Jeep will have 4xe plug-in hybrid models across the lineup by 2025 Stellantis teases mystery electric Chrysler concept Stellantis previews 4 electric platforms: Here's how they'll be used Fiat says all Abarth models to be electric from 2024 Opel Manta E will be the electric revival of the classic German coupe Stellantis says its 2021 performance has been better than expected   At a similar EV strategy event last week, French rival Renault announced that 90% of its main brand models would be all-electric by 2030, whereas previously it had included hybrids in its target. Germany's Volkswagen, the world's second-biggest automaker after Toyota, expects all-electric vehicles to make up 55% of its total sales in Europe by 2030, and more than 70% of sales at its Volkswagen brand. Stellantis said its margins on adjusted operating profits in the first half of 2021 were expected to exceed an annual target of between 5.5% and 7.5%, despite production losses due to a global shortage of semiconductor supplies. Stellantis shares listed in Milan were down 2.6% at 0920 GMT, underperforming the broader European car index. Bestinver analyst Marco Opipari said Thursday's news was positive but that the stock was suffering from profit taking as it had moved up about 20% since the end of April.

Stellantis won't race to split electric vehicles from fossil fuel cars

MILAN - Stellantis is not considering splitting its electric vehicle (EV) business from its legacy combustion engine operation, its finance chief said on Thursday, as the carmaker presented above-expectation revenue data for the first quarter. Chief Financial Officer Richard Palmer told analysts he did not see huge benefits in the kind of separations pursued by rivals such as France's Renault and U.S. Ford. "We need to manage the company and the assets we have through this transition," he said. "There are benefits to having the cash flow being generated by the internal combustion business for the investments we need to make." Palmer said the group, formed by a merger last year of Fiat Chrysler and Peugeot maker PSA, was not averse to considering adjusting its structure "but we aren't anticipating any big changes." Palmer's comments came after the world's fourth largest carmaker said its net revenue rose 12% to 41.5 billion euros ($44.1 billion) in the January-March period, as strong pricing and the type of vehicles sold helped offset the impact of the semiconductor shortage on volumes. That topped analyst expectations of 36.9 billion euros, according to a Reuters poll. Milan-listed shares were up 0.5% by 1415 GMT, in line with Italy's blue-chip index. The impact of the chip crunch was evident in the decline in shipment figures which fell 12% in the quarter to 1.374 million vehicles. It was a similar story for Germany's BMW which posted higher revenues on Thursday and a decline in car sales. Riding the Recovery Stellantis, whose brands also include Citroen, Jeep and Maserati, confirmed its 2022 forecasts for a double-digit adjusted operating income margin, after 11.8% last year, and a positive cash-flow despite supply and inflationary headwinds. Morgan Stanley analysts said after the results that Stellantis had better management than many peers and benefited from its significant exposure to a stronger U.S. economy and a European recovery from the COVID-19 pandemic. They also said it was less affected by a slowing Chinese economy. Palmer said it was important for the group to maintain double-digit margins and keep delivering positive cash flows. "A 12% increase in revenue with a 12% decrease in volumes indicates a very strong performance on price and mix, which augurs well for our margin performance," he said. He said semiconductor supply problems were expected to ease this year with continued improvements in 2023.

UAW papers reveal release dates for new Dodge, Jeep and Ram models

Documents published by the United Auto Workers union reveal key information about some of the products Dodge, Jeep and Ram will release during the early 2020s. All three brands will try to capitalize on the growing demand for trucks and SUVs in the United States. The agreement between the UAW and Fiat Chrysler Automobiles (FCA) outlines what the period between 2019 and 2023 will look like from an employee's vantage point. The $4.5 billion factory the automaker is building in Detroit will begin manufacturing a three-row Jeep model in 2020, and it will add the next-generation Grand Cherokee to its roster the following year, according to CarScoops. The new Grand Cherokee will also roll out of the Jefferson North facility that makes the current model scheduled to retire shortly before its successor arrives. The Dodge Durango will continue to be built there, and the UAW papers mention a mild-hybrid variant of the SUV due out before the end of 2020. Two body-on-frame Jeep models tentatively scheduled to revive the heritage-laced Wagoneer and Grand Wagoneer nameplates will break cover in 2021. They will be built alongside Ram pickups at the Warren Truck plant, and odds are the three models will share several components under the sheetmetal. Adding the two Jeep models is expected to create 1,400 jobs, FCA predicted. Speaking of Ram, the high-performance TRX model (pictured) aimed at the Ford F-150 Raptor's jugular is penciled in for a 2020 launch. The concept that previewed the model made its debut in 2016, so it's reasonable to assume it will have changed considerably by the time it reaches showrooms. It will be based on the newest variant of the 1500, not on the last-generation model still sold as the Classic. What won't change is the supercharged, 6.2-liter Hellcat V8 between its fenders. The plug-in hybrid Wrangler remains on track for a 2020 launch. The Cherokee will continue to come out of Belvedere Assembly in Illinois, but the UAW's documents mention "fresh models / features" off of its unibody platform. Whether that means new trim levels or additional body styles remains to be seen, but it sounds like something new and Cherokee-related is around the corner. The ancient Dodge Journey shares at least one thing with the beater you drove in high school: a four-speed automatic transmission. The gearbox is finally on its way out, according to the UAW, and the 2.4-liter four-cylinder engine that powers the entry-level model isn't long for this world, either.