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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

Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

Maserati GranTurismo EV reappears in spy photos

Maserati made it clear that it was working on a new electric sports car last year, and that it would be a successor to the GranTurismo sports coupe. The car has reappeared in these spy photos, and they give us a better look at the car than the official teaser images. The camouflage also appears to feature an additional name. Let's first talk about the name. In addition to the regular Maserati name, the camouflage now has another word: "Folgore." Translated from Italian, it means "lightning" or "thunderbolt." Maserati brought up this name a couple years ago when it started talking about its future electric vehicles, and it first referenced an electric version of the MC20 mid-engine sports car. So this confirms this prototype is electric, and that it will probably be known as the GranTurismo Folgore. As for the looks, the Folgore actually looks a whole lot like the internal-combustion car it will replace. That's no bad thing, though, since the old coupe is still a looker. The front fascia has the most obvious changes with a grille that's more of a simple oval shape, still bearing a large Maserati trident. The headlights are more vertical now, which helps tie it to the MC20. Looking at the rest of the car, the proportions are still very classic with a long nose and short deck, despite not needing that front-end space for an engine. The fenders are still voluptuous, and the rear lights are similarly shaped to the old car, though much slimmer. We're expecting to see the GranTurismo Folgore revealed this year, which is slightly later than Maserati initially planned. The MC20 Folgore powertrain previewed a couple years ago featured three electric motors, one at the front and two at the rear, and it would likely be carried over to the GranTurismo. Power was estimated at more than the combustion MC20's 620 horsepower. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.