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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.

Maserati to halt production for one week in November

When it comes to selling cars, exciting new product is king. This is a fact Maserati is learning the hard way as it struggles to hit aggressive internal sales targets set by its Fiat Chrysler Automobiles ownership. And now a report from Reuters indicates that Maserati will be forced to shutter its Grugliasco plant near Turin, Italy, for one full week in November. Rewind back to 2013 and things were looking really good at Maserati. The brand had rolled out a new version of its four-door flagship, the Quattroporte, a smaller and somewhat more accessible sedan one rung below in the form of the Ghibli, and a new line of twin-turbo engines in both six- and eight-cylinder guises. A sales spike seemed imminent. That's exactly what appeared in 2014, as Maserati topped our end-of-the-year sales chart with a monster 171-percent gain in the United States when compared to the year prior. Like we said, product is king. The first signs of trouble brewing at Maserati rose into our consciousness in January of 2015, as, here in the States, the Italian brand took a monster nosedive in sales. That month's 20-percent decline would prove no anomaly, as February's 43-percent decline would attest. For the next few months of 2015, sales remained basically flat as allegations of shady sales accounting practices hit the news. In September, the last month sales data is available, the brand saw a drop of nearly 34 percent. How does Maserati expect to fix its lagging sales? Exciting new product, naturally, this time in the form of the long-awaited, highly anticipated Levante crossover. While Maserati's history is full of grand-touring coupes and four-door sedans, CUVs are all the rage right now. In other words, as long as the Levante isn't terrible, it really ought to bring the brand's sales back to 2014 levels. Following the Levante, Maserati has promised a new coupe based on the design of the Alfieri Concept it showed off at the 2014 Geneva Motor Show, and that will surely bring another hefty dose foot traffic into showrooms as the next product wave. FCA is banking on turning Maserati from a niche player into a meaningful contributor to its sales chart. If that plan has any hope of turning into a reality, it's clearly going to take a lot more shiny new product to make it happen. Here's hoping the Levante is the next positive step in that direction. Related Video:

Watch Edo Competition pit a Ferrari FXX against a Maserati MC12 Corsa on the 'Ring

High-zoot supercar tour organizer Gran Turismo Events held its annual Nürburgring track day last month, and in addition to the amateur punters the gates were opened to two tuned supercars from Edo Competition: A Maserati MC12 Corsa and a Ferrari Enzo ZXX. The ZXX, in case you've forgotten, is the same love child of Edo Competition and Zahir Rana's ZR Exotics that belly flopped into the Atlantic during the 2011 Targa Newfoundland.
We get a trip around the Nordschleife with both cars during a no-doubt quick but not insane lap, on board with driver Patrick Simon in the 755-horsepower MC12 and 'Ring queen Sabine Schmitz following in the 840-hp ZXX.
That should be all the build-up you need when the action's in the video below.