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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 banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.

Nine cars we wish were convertibles

The snow has melted, the sun is shining, and the days are getting longer. At the Autoblog Detroit office we feel like our winter hibernation is finally over. And with warmer temperatures come visions of opening up a convertible roof and cruising. You know, just turn up the bass and let the Alpine blast. There are plenty of droptops on sale in the US, and more on the way (like the 2016 Mazda MX-5 Miata). That said, we always want more. More! More! More! In that spirit, we cooked up a list of nine cars aren't currently sold as convertible, but ought to be. Check out our picks, below. Summer's just around the corner. Subaru BRZ / Scion FR-S In some parallel universe, this car actually happened. Toyota showed us a FT 86 Convertible concept at the Geneva Motor Show in 2013, and we immediately started licking our chops over the thought of a rear-wheel-drive convertible based on the Subaru BRZ and Scion FR-S twins. These days, the MX-5 Miata is our only option for affordable roadster fun. A competitor to the Mazda seems like a no-brainer to us, especially since we have naught but good to say about the BRZ/FR-S as-is. Unfortunately in our present timeline, this car is as likely for production as a BRZ STI. Which is to say, not very. Dang. Lexus RC F Unlike the FR-S, a convertible from Toyota's luxury division might actually see the light of day. The current IS convertible is about to be phased out, and the Lexus LF-C2 concept from the 2014 Los Angeles Auto Show is really a thinly veiled look at a possible RC convertible. A droptop RC would be plenty good, but let's reach for the starts. What we really want is to run topless in an RC F, complete with that powerful, loud, 5.0-liter V8 engine. Lexus says the RC F is a true competitor to the BMW M4. If that's true, it only makes sense for Lexus to mimic the Germans and offer its performance coupe in a folding hardtop form. Maybach Landaulet Maybach is bach back, recast as an upper crust trim level for Mercedes-Benz. The Mercedes-Maybach S600 is seriously awesome, and more luxurious than a trip to the spa. But why not go a step into the truly ridiculous levels of extravagence and bring back that open-top Landaulet? We think your local princess will love this idea, and with better S-Class bones underneath, Jeeves will have a pretty enjoyable ship to steer, too. Besides, with that slick new Mercedes design language, a Landaulet redux wouldn't be nearly as hideous as the old model, pictured here.