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Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.

Fiat gets into the classics game with 'Reloaded by Creators' program

Classic vehicles help modern buyers make new connections to a carmaker's modern offerings. That's why in little more than a month we've seen Jaguar announce a continuation run of the D-Type, Porsche get a show at the Petersen Museum in Los Angeles, Land Rover plan to restore a Series I, and Jay Leno celebrate the 1942 Dodge Carryall. Fiat Chrysler already has a heritage division, but the vintage department takes a new step into its history with the "Reloaded by Creators" service. Said to be inspired by retail programs at museums, Reloaded by Creators will see FCA Heritage source and buy noteworthy classics from the Abarth, Alfa Romeo, Fiat, and Lancia brands, restore them to original spec, then sell them to collectors. When Roberto Giolito, head of FCA Heritage, broke the news at Retromobile in Paris, he also revealed the first five offerings: three "ultimate classics" in the Alfa Spider IV serie (1991), Lancia Fulvia Coupe Montecarlo (1973), Spidereuropa Pininfarina (1981), and two custom cars in the Alfa Romeo SZ (1989) and Lancia Appia Coupe (1959). The ultimate classics represent the last of their kind to be built, not necessarily according to model year, but with respect to design and engineering - no major model changes followed. The Lancia Fulvia Coupe ceased production in 1976; the limited edition 1973 Montecarlo model celebrated the car's victory in the 1972 Montecarlo Rally and still wears the original license plates. The 1981 Spidereuropa Pininfarina comes from the beginning of the end of production; after building the Fiat 124 Sport Spider for US-only sale from 1975 to 1983, Pininfarina resumed manufacture in Europe in 1982 and bestowed the new name. The Alfa Spider went out of production in 1993, the 1991 Series IV example for sale here has been in FCA's collection since it was built, used for technical testing. As for the custom cars, Lancia built a variant of its third-generation Appia as a coachbuilt chassis. Pininfarina bodied the 1959 model for sale here, and Fiat showed it first in Paris. Fiat used the funky, Zagato-designed, thermoplastic-composite-bodied, 1989 Alfa Romeo SZ for testing at the carmaker's Balocco circuit. Only around 1,000 SZ models emerged from the factory during a two-year production run. Each vehicle will come with a certificate of authenticity and be guaranteed by FCA, plus be featured on the FCA Heritage site.

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