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Peugeot maker PSA posts record profits ahead of FCA merger

PARIS — Peugeot maker PSA Group said its profitability reached a record high in 2019 but the French carmaker forecast falling industry sales in Europe this year as it pursues its merger with Fiat Chrysler, which is strong in North America. PSA has trimmed costs in areas such as the procurement of components as it has integrated its acquisition of Opel and Vauxhall, boosting operating margins to 8.5% last year. The group, which also produces cars under the Citroen and DS brands, offset a slump in vehicle sales by selling pricier SUV models, with launches including the Citroen C5 Aircross helping to lift revenues by a higher-than-expected 1% to $81.2 billion (74.7 billion euros). That helped it stand out in a car market where some rivals including France's Renault have struggled with sliding revenues and profits, amid a broader downturn in demand. PSA's group net profit increased 13.2% to a record 3.2 billion euros, and the company increased its dividend against 2019 results to 1.23 euros per share, up 58% from 2018 levels. The carmaker was "once again very solid", analysts at brokerage Oddo-BHF said in a note, adding the results confirmed the company's "best-in-class status." However PSA forecast a 3% contraction in Europe's car market this year, by far its biggest market. The tie-up with Fiat Chrysler will help it gain exposure to that group's strong presence in North America with brands like Jeep. The two companies struck a deal in December to create the world's No.4 carmaker, to better cope with market turmoil and the cost of making less-polluting vehicles. Fiat also posted more upbeat results than most rivals this year. CORONAVIRUS WEIGHS PSA boss Carlos Tavares told a news conference that the two groups were both in good shape and well placed to face market challenges together. He said he did not expect any major regulatory hurdles to the merger, adding it had so far submitted 14 approval requests to competition authorities out of the 24 it needs. There are no immediate plans to change anything in the large portfolio of brands within the combined group, he added. However the companies still face problems this year, including the coronavirus outbreak which has paralyzed production in China and hits carmakers' supply chain. PSA said the coronavirus impact was still difficult to assess. It factories in Wuhan, at the epicenter of the outbreak, are due to reopen in the second week of March.

Fiat reveals updated 500 overseas

See that Fiat 500 up above and in the rather large accompanying gallery? Look closer. It's new, or at least pretty comprehensively refreshed. The biggest updates that Fiat has grafted into its diminutive 500 hatchback are under the skin and inside its interior. Perhaps the most notable update is the inclusion of a proper infotainment system with a five-inch display, in this case, the well-received Uconnect tech borrowed from its corporate siblings under the Chrysler umbrella. In Europe, the refreshed Fiat 500 will launch with a 0.9-liter TwinAir engine with either 85 or 105 horsepower. A 1.2-liter engine with 69 horsepower will also be on offer, and an ultra-low emissions version of that engine will join a 1.3-liter 16v Multijet II turbocharged diesel unit that grunts out 95 horsepower sometime after, in certain markets. On the outside, the most notable updates are redesigned lighting clusters front and rear, but there are detail enhancements elsewhere, including to the hood and a new beltline that appears to sweep upward as it moves forward. We suggest you see for yourself in our high-res image gallery above, and if you want all the details, to read through the press release below. Keep in mind, this is all for Europe, so we'll just have to wait and see how many of these updates we get Stateside. NEW FIAT 500 REVEALED - New FIAT 500 unveiled with new exterior and interior style - Highlights include revised front designed with new headlamps, grills, chrome brightwork and LED daytime running lights - Rear enhancements include innovative new 'empty' light clusters - Interior revisions include new Uconnect™ infotainment systems, enhanced comfort and numerous detail improvements - Engine range enhanced for more efficiency and eco-friendliness - High standard safety specification includes seven airbags and a full suite of active safety systems - On Sale in September priced from GBP10,890 In Brief July 4 has always been a red-letter date for the FIAT 500. A symbol of mass motorisation in Italy, of which almost 3.8 million were sold, the original FIAT 500 was introduced on this day in 1957. Exactly fifty years later, on July 4 2007, FIAT chose to celebrate that heritage by introducing the New FIAT 500, a car which embodied the same spirit and personality as the original and which has also enjoyed phenomenal success all over the world.

Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.