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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

Haas F1 names Esteban Gutierrez second driver

The 2016 Formula 1 grid is nearly complete with the announcement that Esteban Gutierrez will join the Haas F1 Team. To make the most of the signing the Mexican's appointment was announced during the Mexican Grand Prix weekend, and if the crowds at the grand prix are anything to go by then Haas can count on an instant and large fan base as of right now. The 24-year-old Gutierrez will drive alongside Romain Grosjean, who was announced at the end of September at Haas' US base in Kannapolis, North Carolina. Gutierrez spent a little more than two years as a test and reserve driver for Sauber, plus another two years as a Sauber race driver in 2013 and 2014 before being let go at the end of last year and signing on as a Ferrari test and reserve driver. Haas' relationship to Ferrari and Gutierrez' local fans made him - politically, at least - a viable candidate. Manor is expected to be the only team that might have vacancies, but with recent upheavals there it's yet to be seen if they'll make the grid next season. The press release below has more information on the Haas F1 Team signing. Related Video: Haas F1 Team Names Gutierrez to 2016 Race Seat MEXICO CITY (Oct. 30, 2015) – In a press event inside the main lobby of the Soumaya Museum, Haas F1 Team founder and chairman Gene Haas named Mexican driver Esteban Gutierrez to a race seat with his team when it makes its 2016 debut in the FIA Formula One World Championship. Gutierrez will race alongside driver Romain Grosjean, who was previously announced by Haas on Sept. 29 in a press conference at the team's U.S. headquarters in Kannapolis, North Carolina. Haas F1 Team is the first America-led Formula One team in 30 years. The 24-year-old Gutierrez is currently the third driver at Scuderia Ferrari, the technical partner of Haas F1 Team. Gutierrez joined Scuderia Ferrari in 2015 after spending the 2013-2014 seasons with the Ferrari-powered Sauber F1 Team. "I got to know Esteban through our relationship with Ferrari, and after looking at the success he's had to earn his role there, it became clear he was an excellent choice for our race team," Haas said. "He's young and hungry, but not inexperienced. His two years running a full F1 schedule has given him some very good race experience, and having spent this season at Ferrari as their third driver allowed him to see firsthand the methodology that makes Ferrari such a power in Formula One. "We're very happy to have Esteban as a part of our race team.

Top Gear brings together LaFerrari, McLaren P1 and Porsche 918

Earlier this month, Top Gear released a brief video of the comparison test between three hybrid hypercars we'd all been waiting for: the Ferrari LaFerrari, McLaren P1 and Porsche 918 Spyder. The story was done by the print magazine and not by the television show, and the video they released was barely over half a minute long, reserving the full version for subscribers of the iPad edition. Now the British mag has put the full video on YouTube, and while it's still only a minute and a half long – three times the length of the previous teaser – it's packed with electrified exotic goodness. The test surely took some serious wrangling to put together, and though the metal (or carbon fiber, as the case may be) was apparently furnished mostly by private owners, to hear Top Gear tell it, the manufacturers – Ferrari, McLaren and Porsche – were eager and helpful in putting the showdown together. For the final conclusions, we're afraid you'll still have to buy the magazine, but for a rare chance to watch all these three world-beaters on the same road at the same time, you'll want to scope out this latest video clip. Related Video: News Source: Top Gear via YouTube Ferrari McLaren Porsche Hybrid Supercars Videos porsche 918 spyder mclaren p1 ferrari laferrari