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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

Jeep going bigger with new Grand Wagoneer, smaller with sub-Renegade?

The headlines are still rolling in for the new Renegade that Jeep unveiled at the Geneva Motor Show last week, but already reports are surfacing, citing sources within the company, about what Chrysler's iconic off-road brand will do next.
Speaking with Auto Express (whose reports we tend to take with a grain of salt or two), Jeep chief Mike Manley suggested that two courses of action are currently under consideration at Auburn Hills to develop two very different new models - one smaller and one larger than anything Jeep currently makes.
One plan would be to make an SUV or crossover even smaller than the new Renegade, although it isn't immediately clear what platform it would take. The Renegade (pictured above in Trailhawk spec) will be built in Italy alongside Fiat's upcoming 500X, but uses a heavily modified platform. We figure the smaller model, if approved, could base itself on the new Fiat Panda Cross.

FCA believes thieves aren't getting into Jeeps with laptops

Last week, we reported on an incident where thieves stole a 2010 Jeep Wrangler from an owner's driveway in Houston, TX with nothing but a laptop. While the security footage made it seem like the perpetrator hacked into the vehicle, we had a conversation with FCA's senior manager of security architecture Titus Melnyk who set the record straight. According to Melnyk, the thief in the video isn't using the laptop to get into the vehicle, but rather as a means of coding a blank key fob and then using that fob to get into the Jeep. According to Melnyk, the suspects have gained access to a key programming tool, which allows them to pair blank key fobs to FCA vehicles. With the key fob now coded, the suspects can get into the vehicle and drive away. The thieves, believes Melnyk, have acquired the programming tool through a dishonest dealership or locksmith. Since the suspects are using a process designed to be used (honestly) by dealers, FCA doesn't consider this to be hacking and believes that there are no security flaws in the vehicles. How are the thieves getting key fobs? While Melnyk believes it is possible to recode an existing key fob, he points out that it's much easier to purchase a blank key fob on Ebay for less than $25. FCA is working closely with the Houston Police Department to apprehend the suspects. Related Video: Jeep Technology SUV Videos viral video hacking thieves