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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 patents smarter minivan folding seats

It's frightening to think of how quickly the mice would have overtaken us if we hadn't stayed one step ahead of them with better mousetraps. We'll never have to worry about that in our relentlessly re-engineered world, though. Case in point: Chrysler has been granted a patent by the US Patent and Trademark Office for an improved design of the already wondrous Stow 'n' Go seating found in the automaker's Town and Country and Dodge Grand Caravan minivans.
Introduced in 2005, the Stow 'n' Go was improved in 2008, and based on the drawings of this third-generation improvement, the new design appears to allow stowage of the second row of seats without having to move the front-row seats forward as much. It look like it also involves fewer operations and moving parts, with a portion of the seatback being incorporated into the flat floor when the seats are stowed, as opposed to having a completely separate cover.
It's possible that the innovation may appear on the next-generation minivans expected in 2015, but Chrysler isn't commenting on the patent.

Fiat brand chief reassigned then resigns amid flagging sales

Jason Stoicevich was replaced as head of the Fiat brand in North America just the other day. He was immediately reassigned to another job within Fiat Chrysler Automobiles. But according to Automotive News, Stoicevich quit the new job – and the company altogether – the very next day. The development comes amidst flagging sales for the Fiat brand in America. The introduction of the awkward-looking 500L multi-purpose vehicle has been largely regarded as a sales disaster in the US. Despite having just introduced the new 500X into the growing crossover market, and an overall upward trend across FCA group sales, the Fiat brand's figures have been dropping all year. While the Italian brand's volume has fluctuated from month to month compared to last year's sales, the number of cars its dealers sells on an average day has been firmly in decline. Fiat's downward trend reflects a general tendency in the market towards larger vehicles at the expense of smaller ones. However, the powers that be in Auburn Hills evidently felt that a change of leadership was in order, so it placed Dodge chief Tim Kuniskis in charge of all the company's mass-market passenger-car brands – namely Dodge, Chrysler, and Fiat – and moved Stoicevich to running the group's fleet and small-business operations. Stoicevich remained in charge of the company's California Business Center, but it seems as though he was as dissatisfied with the switch as his superiors were with the performance of the brand over which he presided, and so he apparently elected to step down and leave the company.