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Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

Ram teases a new way to get off the beaten path

File this under "What do we have here?" The Ram Trucks Twitter account posted a 15-second video teasing... well, we have no idea what it is, but it's coming this month. The word "Hiking" appears twice in the video of two hikers coming to a fork in a dirt road, where a sign reads, "Caution, unpaved trail ahead." After that, we're only told that "Life's more fun off the beaten path. An exciting new way to get there is coming soon!" Now you know what we know. But if you happen to know more, feel free to give us some clues in Comments. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Ram Trucks via Twitter, World Car Fans RAM Truck Videos

UPDATE: 8 Ram 1500s stolen, 2 recovered in Warren factory heist

UPDATE: Police and FCA report that the correct number of stolen Ram trucks was eight. Two of them were later recovered — a red truck that apparently ran out of gas, and a white truck that was discovered behind an abandoned building in Detroit. Neither of those trucks showed damage from breaking through the factory gate. Police are now investigating the raid as a possible inside job by current or former employees. "We do believe there was a good possibility that there was inside information given to the persons responsible for the thefts," Warren Police Commissioner Bill Dwyer told the Detroit Free Press. "That would include possibly a former or current employee. Obviously they knew where they were going, what they were looking for, what area to cut the fence and get into the lot where vehicles were parked. This was not a random, all-of-a-sudden thought or idea. It was well-planned for probably several weeks." Previous story appears below: Thursday morning, a group of thieves broke into the grounds of Fiat-Chrysler's truck assembly plant in Warren, Mich., where the Ram 1500 is built, and stole roughly 10 brand-new trucks, according to the Detroit Free Press. The newspaper reports that the thieves drove to up a fence in a pickup truck and cut through to get on the property. They then gathered up trucks and drove right out through the main gates. With a starting price of just over $33,000 for a base Ram 1500, the thieves got away with at least $300,000 worth of trucks. The trucks have yet to be found, and it might still be a while. Warren Police Department Commissioner Bill Dwyer told Detroit Free Press that they haven't received any tips on the vehicles. "We have absolutely nothing," said Dwyer. "Why aren't they calling me? We can't do an investigation if they're not working with us." They're still waiting on FCA to give them a list of the trucks' VINs and colors, as well as an exact number instead of the current estimate of 9 to 11. It's not clear if the keys were in the trucks, but an FCA spokesperson told the Free Press, "The company will be assessing security measures at the location and implementing any necessary changes to prevent future incidents." Dwyer said that the heist "was well-planned," and that the vehicles have probably been taken to a pre-arranged location such as a warehouse. It was likely part of an order for stolen trucks, but it's not clear if a crime ring or syndicate is involved.