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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

Fort Worth Police investigating officer for using pepper spray on bikers

A Fort Worth Police officer was placed on administrative duties after video surfaced showing him allegedly spraying pepper spray at a group of passing motorcyclists during a traffic stop over the weekend. An officer with the FWPD pulled over one of the group's chase vehicles, a red Dodge Ram, that was escorting riders in case of a crash or mechanical troubles. The video, shot from one of the motorcyclists' helmet cams, caught the FWPD officer exiting his vehicle and, before approaching the truck, spraying something into traffic at the group of riders. WFAA News 8 spoke with the men responsible for the video, Jack Kinney and Chase Stone, via Skype from Longview, TX, on March 13. "It's the last thing I would expect to see," Kinney told the station. "His intent was to hit the bikers for sure, there's no doubt about it," said Stone. "His intent was to send somebody down, if not to cause a major accident with that spray". As the video went viral, receiving more than 200,000 views in 15 hours, people shared videos showing the group of motorcyclists riding in an irresponsible manner through traffic right before the alleged pepper spray incident. Fort Worth Police say they received numerous calls about the pack of riders from motorists on surrounding highways, with complaints ranging from weaving in and out of lanes to popping wheelies through traffic at high speed. News 8 asked Kinney and Stone if it was possible that the officer felt threatened. "If you're worried about safety, why would you pepper spray a large group of bikers like that?" asked Kinney. The Dallas Morning News identified the officer as W. Figueroa. Worth Police released an official statement about the incident late on the afternoon of March 13. They stated that the officer in question, a six-year FWPD veteran, had been relieved of his patrol duties and placed on desk duty pending the investigation. FWPD Corporal Tracey Knight also made a statement indicating that pepper-spraying drivers in oncoming traffic is not a department-sanctioned tactic. News Source: WFAA News 8, The Dallas Morning News Government/Legal Dodge RAM Safety Truck Motorcycle Police/Emergency Videos Sedan road rage bikers

NHTSA closes investigation on 4.7M FCA power modules, no recall

FCA US hasn't had the best time with recalls as of late. Not only did the company recently agree to greater safety oversight and paid $105 million to the government, that came just days after hacking fears prompted a 1.4-million model recall campaign. However, a recent decision to close an investigation by the National Highway Traffic Safety Administration means that the automaker doesn't have to worry about another major recall possibly affecting 4.7 million vehicles, according to the agency's report (as a PDF). Last September, the Center for Auto Safety petitioned NHTSA to investigate an alleged problem with the totally integrated power module (TIPM) on these FCA US models. The group claimed that a fault with the component could cause a variety of maladies, including stalls, not starting, catching fire, unintended acceleration, and airbag non-deployment. At the time, it also submitted 70 cases where this had reportedly happened. According to NHTSA, "no valid evidence was presented in support of claims related to airbag non-deployment, unintended acceleration, or fire resulting from TIPM faults and these claims were found to be wholly without merit based on review of the field data and design of the relevant systems and components." The agency did find signs of an issue with the fuel pump relay in some Jeep Grand Cherokees and Dodge Durangos, but FCA US issued recalls for the problem in September 2014 and February 2015. Without anything else to go on, the Feds don't think it's worth investigating this topic any more.