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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 to accelerate production of 2013 Ram and V6 engines

Chrysler is adding a third shift at its Warren Truck plant to meet demand for the new 2013 Ram pickup. And with tight supplies of its Pentastar V6, the company is also boosting output at its Mack Engine plant.
The expansions will add 1,250 jobs and are part of a $238 million investment by Chrysler in the Detroit area. Warren's third shift will begin work sometime in the spring, a Chrysler rep told Automotive News. Mack's increased Pentastar production a could include both 3.6 and 3.2-liter engines.
The company says it also plans to invest $40 million in its Trenton Engine plant to allow for production of a 3.2-liter V6 as well as the Tigershark inline-four for the upcoming Jeep Liberty replacement.

2014 Dodge Durango

Say what you want about the Dodge Durango, but ever since it came on the scene in 1998, it has occupied its own niche in the SUV market - not too small, not too big, tough, able, not always the best on the road and not always the best off-road. If it were a football player, it would be a tight-end that can block and catch. If it were a hamburger - a double burger with cheese and bacon, but not the Whopper.
As part of a mid-cycle upgrade for what was already a very capable SUV that Chrysler introduced in 2011, and built on the same platform as the Mercedes GL-Class and Jeep Grand Cherokee, the 2014 Durango has gotten some refinements worth noting that have cleaned up its tailoring and toned up its body and powerplant. The result is an SUV that shows itself to be a very good value in a category full of sticker prices that can run away faster than a kid who's been told he has to take ballroom dancing lessons.
Chrysler executives showing us the new Durango made a special point to reiterate that the Dodge brand is not going away, as has been rumored after the company took the Ram and Viper - the cream of the brand - out from under the Dodge umbrella. Turns out Dodge has been the brand attracting the most young people (who knew?) and has a younger average age buyer than Honda. The Dodge brand historically has also attracted buyers who aren't exactly Phi-Beta Cappa, which some companies worry about. Chrysler not so much. Dodge buyers tend to be more the working, high-school-educated, community-college-educated backbone of the work force in America. If they keep coming to Dodge, the Durango is a pretty good piece of hardware to save up for.