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Stellantis reports surprising 2020 results, is 'off to a flying start'

MILAN — Low global car inventories and cost cuts should boost Stellantis's profit margins this year, though a shortage of semiconductors and investments in electric vehicles could weigh on results, the newly-formed automaker said on Wednesday. The forecast came as Stellantis, created by the January merger of Peugeot-maker PSA and Fiat Chrysler (FCA), reported better-than-expected results for 2020 that sent its shares up around 3% in morning trading. "Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies (from the merger)," Chief Executive Carlos Tavares said in a statement. Stellantis is the world's fourth largest carmaker, with 14 brands including Fiat, Peugeot, Opel, Jeep, Ram and Maserati. It said 2021 results should be helped by three new high-margin Jeep vehicles in North America and a strong pricing environment there. The U.S. market has driven profits for years at FCA and starts off as the strongest part of Stellantis. The group's guidance assumes no more significant lockdowns caused by the global COVID-19 pandemic, which shuttered auto plants around the world last spring. Stellantis should also get a lift as its starts to implement a plan aimed at delivering over 5 billion euros a year in savings, without closing any plants. Tavares has also pledged not to cut jobs. But a pandemic-related global shortage of semiconductors, used for everything from maximizing engine fuel economy to driver-assistance features, could hurt business. Auto industry executives have said the shortage should ease by the second half of 2021. Stellantis said its "electrification offensive" could also weigh on results this year. Automakers are racing to develop electric vehicles to meet tighter CO2 emissions targets in Europe and this week Volvo joined a growing number of carmakers aiming for a fully-electric line-up by 2030. Stellantis plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025, broadly in line with plans at top rivals such as Volkswagen and Renault-Nissan, although Stellantis has further to go to meet that goal. The carmaker is targeting an adjusted operating profit margin of 5.5%-7.5% this year. That compares with a 5.3% aggregated margin last year: 4.3% at FCA and 7.1% at PSA excluding a controlling stake in parts maker Faurecia, which is set to be spun-off from Stellantis shortly.

Fiat Chrysler to get $105M fine from NHTSA for recall woes

The National Highway Traffic Safety Administration is about to send a powerful message to automakers doing business in the United States, assuming reports of an upcoming $105 million fine against Fiat Chrysler Automobiles comes to fruition. In addition to the record-setting monetary fine, according to The Wall Street Journal, FCA will have to accept an independent auditor that will monitor the company's recall and safety processes and will be forced to buy back certain recalled vehicles. In other cases, such as with Jeep Grand Cherokee and Liberty models with gas tanks that could potentially catch fire in certain types of accidents, FCA will offer financial encouragement for owners to get their recall work done or to trade those older vehicles in on new cars, according to the report. FCA could reportedly reduce its fines if it meets certain conditions, though those remain unclear at this time. These actions against FCA are being taken after NHTSA began a probe into the automaker over almost two dozen separate instances where the government claims FCA failed to follow proper procedures for recalls and safety defects. Included in those safety lapses are more than 11 million vehicles currently in customer hands. These penalties and fines are separate from the investigation over security problems with Chrysler's Uconnect system that allowed hackers to obtain remote access into key vehicle systems in 1.4 million vehicles. Related Video: Image Credit: Marco Bertorello/AFP/Getty Earnings/Financials Government/Legal Recalls Chrysler Dodge Fiat Jeep RAM Safety fiat chrysler automobiles fine

Chrysler Recalling 700k Vehicles For Ignition Switch Woes

General Motors isn't the only automaker with ignition switch problems. Chrysler is fighting it too and is now announcing a recall of 695,957 examples worldwide of the Chrysler Town & Country and Dodge Grand Caravan minivans from the 2008-2010 model years, plus the 2009-2010 Dodge Journey. According to a statement from Chrysler, the models have a bad wireless ignition node detent ring in the ignition switch, making it possible for drivers to appear to have the key in the "Run" position but for the spring not to fully engage. It can then slip back to the "Accessory" position and shut the car off. If this happens, the vehicle loses power steering, brake boost and the airbags. There is some disparity about the number of vehicles affected under this recall. In its statement, Chrysler claims that it covers 525,206 vehicles in the US, 102,892 in Canada, 25,591 in Mexico and 42,268 elsewhere. However, the recall announcement posted by The National Highway Traffic Safety Administration lists an estimated 438,109 vehicles in the US. Chrysler spokesperson Nick Cappa told Autoblog via email that the reasoning for the different figures "will become clear at a later date." To fix the problem, Chrysler will install a new detent ring in the vehicles. It will begin contacting owners soon, and obviously the repair will be free of charge. This isn't the first time this problem has cropped up in these models. Chrysler issued a recall for 248,437 vehicles in 2011 for certain 2010 model year examples. A few weeks ago, NHTSA also began investigating the 2008-2010 model years of the affected models for ignition switch problems. At this time, it's not clear whether that evaluation and this campaign are linked. Chrysler told Autoblog that it has no reports of injuries related to the problem. Scroll down to read the company's statement and the NHTSA recall report. Statement: Expansion of Wireless Ignition Node (WIN) safety recall July 1, 2014 , Auburn Hills, Mich. - Out of an abundance of caution, Chrysler Group is expanding a previous safety recall to install a more robust WIN module detent ring. A previous recall in 2010 included 196,000 Chrysler Town & Country, Dodge Grand Caravan and Dodge Journey vehicles built August 2, 2009 through June 17, 2010. The expansion includes an additional 695,957 vehicles manufactured January 29, 2007 through August 1, 2009.