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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

Chrysler withdraws from UK market

Ford factors big in the British market, as does GM's Vauxhall brand. But one automaker that will be missing from the UK from here on out will be Chrysler, as the latest reports coming in from the British Isles indicate that the American brand is closing up shop. For the past few years, Chrysler has been selling a combination of its own models as well as rebadged Lancias to British customers, but has been having a tough time making a go of it. After just a few short years of lackluster sales, Chrysler UK ceased selling the Delta, and according to Auto Express, is now withdrawing the 300C and Grand Voyager as well. That leaves just the Ypsilon, which will reportedly continue on an on-demand basis if customers ask for it, but even that will end by 2017. The withdrawal of the Chrysler brand from the British market mirrors that of Lancia, under whose name the same models are sold in continental Europe but which is now being confined strictly to Italy, where it will similarly continue to sell the Ypsilon. Of course that doesn't mean that FCA is withdrawing from the British market altogether. The Fiat, Abarth, Alfa Romeo and Jeep brands will continue being offered in the UK, as will Maserati and Ferrari. Just don't expect to see many wing-badged Chryslers on the high street anymore – not that you would have until now. Last year the Chrysler brand reportedly sold fewer than 2,000 units in the UK, compared to the 10,000+ examples of just the Fiat 500 it moves there every month. Related Video: Featured Gallery 2012 Chrysler Ypsilon News Source: Auto ExpressImage Credit: Chrysler Chrysler Lancia chrysler ypsilon

Chrysler mum on Toledo Wrangler production after meeting Ohio leaders

"Fiat Chrysler remains committed to producing vehicles in Toledo and anticipates employment to remain at current levels."
The future of the iconic Jeep Wrangler in Toledo, OH, remains uncertain after a meeting Thursday between Fiat Chrysler CEO Sergio Marchionne and Ohio government leaders.