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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

Some Ram truck buyer is about to get the 3 millionth Cummins diesel engine

Dodge made a Cummins-built turbodiesel engine available in one of its trucks for the first time during the 1989 model year. Over three decades and a name change later, the company announced it ordered the 3 millionth engine from Cummins, and it's about to drop it in a truck. The 3 millionth engine is patiently waiting on a pallet until it's needed on the assembly line. Ram noted the oil-burning six will be installed in a 2019 3500 Longhorn Crew Cab Dually, a model built for both towing and cruising. While the firm knows who ordered the truck, it chose not to release the owner's name to maintain an element of surprise. The dealership that sold it is planning to host a celebration, so the buyer will only find out that he or she purchased a piece of Ram and Cummins history when arriving to pick it up. The Longhorn isn't the kind of truck you're likely to see on a construction site. Priced in the vicinity of $60,000, it's an upmarket variant of Ram's tow-it-all Heavy Duty pickup decked out with leather upholstery, an eight-way power-adjustable driver's seat, two rows of heated seats, and an 8.4-inch touchscreen for the infotainment system. The high-output Cummins 6.7-liter six adds $11,795 to its base price, meaning the truck receiving the 3 millionth engine costs around $75,000.  Cummins has made several different engines for Dodge- and Ram-branded trucks since 1988. It crossed the 200-horsepower mark for the first time in 1996, and built its first engine with over 500 pound-feet of torque in 2001. The current Cummins, the variant going into the milestone truck, is a mighty, 6.7-liter straight-six that serves 400 horsepower and 1,000 pound-feet of torque.  

Ram adds 875,000 pickups to tailgate recall now totaling 2.4 million

DETROIT — Fiat Chrysler is adding more than 875,000 Ram pickup trucks worldwide to a series of recalls to fix tailgates that can open while the trucks are being driven. The expansion covers certain Ram 1500, 2500 and 3500 pickups from the 2013 through 2018 model years that have power locking tailgates. Affected 2015 through 2017 trucks have 8-foot beds, and the affected 2013, 2014 and 2018 trucks have beds of other sizes and were built before April 1, 2018. Fiat Chrysler says it's not aware of any injuries or accidents caused by the problem. The company recalled about 1.1 million trucks in the U.S. in 2018 for the same problem, and added 410,000 in May of 2019, for a total of more than 2.4 million. Most of the recalled trucks are in the U.S. and Canada. A tailgate tab can fracture and cause the tailgates to unlatch, increasing the risk of cargo spilling onto the road. Dealers will repair the tailgate latch. Owners of the latest batch of recalled trucks will get letters starting around Oct. 18 notifying them to take their trucks to a dealer for service. Fiat Chrysler says the recall expansions came because of reviews of customer data as it monitors vehicles in the field. The company says that all loose cargo in the bed should be secured before driving.