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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.

Australian consumer activists destroy a Dodge Journey with a tank

An Australian couple held an event where they crushed their unreliable and frustrating Dodge Journey with a retired army tank. According to Drive, Kate and Joe Masters owned an infuriating 2010 Dodge Journey that they claim was plagued by mechanical and electrical issues. After numerous failed attempts on their part to get the issues fixed by Fiat Chrysler and Dodge Australia, the couple decided that they'd had enough. Working with Queensland consumer advocate Ashton Wood, the Masters held an event where they smashed the Dodge with a sledgehammer and fired arrows at it. Finally, they rolled out a retired Centurion Mk.V tank and proceeded to crush the doomed Dodge monster truck-style. Fiat Chrysler issued a statement refuting many of the Masters' claims about both its vehicle and the steps taken to remedy the situation. The company claims that the vehicle was serviced outside of its dealer network and that the Masters did not work through established consumer complaint channels established by the Queensland Civil and Administrative Tribunal and the Australian Competition and Consumer Commission. "We had attempted to work proactively with this customer, offering free service work and free genuine parts after their warranty had expired," FCA said in a statement. "While Dodge Australia was keen to resolve this issue, we weren't in the position to issue the demanded refund of $43,000 for a vehicle purchased in 2011, that was driven for more than 100,000 kilometers (62,137 miles) and that has no known manufacturing defects, nor had any evidence provided by the owners to substantiate these claims. Queensland senator Glenn Lazarus, who was involved with the tank event, stated that Australian motorists need better consumer protections against automotive dealerships and manufacturers. "Countries around the world have successfully implemented lemon laws to provide consumers with protection and I believe it's about time we did the same in Australia," he said. Destroying cars in a public act of frustration is nothing new. In China, a Lamborghini Gallardo owner smashed his luxury ride with a sledgehammer after he felt he wasn't given a premium experience at the dealership. Related Video: News Source: Drive.com Auto News Government/Legal Weird Car News Dodge SUV Military Videos viral video dodge journey tank queensland crushed publicity stunt

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.