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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.

451 Ram trucks take world record for longest parade of pickups

If you've been wondering what the world record was for the longest parade of pickup trucks, wonder no more, because Ram has just set a new one. A staggering parade of 451 Ram trucks gathered on Saturday in Arlington, TX, breaking the previous record that stood at 438, and driving a route of 3.2 miles. The endeavor was held to coincide with the 50th Academy of Country Music Awards, held at AT&T Stadium – home of the Dallas Cowboys – in Arlington this weekend. Ram truck owners came from across seven states and as far away as Canada to participate in the event, which was certified by Guinness World Records. As part of the celebration, participants were treated to a car-crushing demonstration by the Raminator monster truck and appearances by country musicians Kix Brooks, Thomas Rhett and Easton Corbin, with a special performance by Midnight Social out of Austin. Ram Trucks Makes History April 18 Setting New GUINNESS WORLD RECORDS™ Title for Largest Parade of Pickup Trucks - 451Ram truck owners from seven U.S. states and Canada help set new world record, Saturday, April 18, 2015 - Ram Truck 'Round-up' held in conjunction with 50th Academy of Country Music Awards weekend in Arlington, Texas, April 17-19 - ACM Awards to be broadcast for the first time ever LIVE from AT&T Stadium in Arlington this Sunday, April 19 on CBS April 18, 2015 , Arlington, TX - Ram truck owners from seven U.S states and Canada helped the Ram Truck brand set a new GUINNESS WORLD RECORDS™ title for the largest parade of pickup trucks, Saturday, April 18, in Arlington, Texas. 451 Ram trucks participated in the "Ram Truck Round-up," breaking the previous world record of 438 trucks. Ram, the "Official Truck" of the Academy of Country Music Awards, invited its customers to help break the GUINNESS WORLD RECORDS in honor the 50th anniversary of the ACM Awards, which will be broadcast live for the first time ever from AT&T Stadium in Arlington, Texas, Sunday, April 19, at 8 p.m. live Eastern time/8 p.m. delayed Pacific time on CBS Television Network. "Our hard-working Ram truck owners are passionate and loyal, and today they proved once again that everything is always bigger in Texas," said Robert Hegbloom, President and Chief Executive Officer, Ram Truck Brand, FCA – North America.

Tesla Model 3: Finding perspective

The reveal of the Tesla Model 3 this week was one of the biggest automotive events of the year. The car attracted 180,000 pre-orders in just 24 hours, gave the company's stock a jolt, and set Tesla on a more ambitious growth path for the rest of the decade. It's a staggering feat considering the Model 3 is one car, from one company that's just 13 years old. It begs the question: Is all of this attention warranted? Barclays analyst Brian Johnson urged investors to "take a deep breath," and be mindful that the Model 3 won't likely arrive in "significant volume" until possibly 2019. Though Tesla promises the car will launch in 2017, Johnson points to the slow rollouts of the Model S sedan and Model X crossover as cautionary notes. The potential extended wait didn't temper the enthusiasm of Tesla's faithful, and many put down deposits before they had even seen the car. Johnson compared the hype to a "Black Friday atmosphere," saying the social media buzz went from "insane mode to ludicrous mode," in a riff on Tesla's driving features. Still, the Barclays analyst was admittedly "curmudgeonly" when it came to Tesla's stock price. In comparison, Morgan Stanley called Tesla's shares undervalued, and expects the Model 3 to be the start of cataclysmic changes in the industry. "We have said for some time that, despite its many worthy accomplishments, Tesla had not yet truly disrupted the auto industry," according to a report led by Adam Jonas. "We are now getting a feeling that this may be starting to change." The Model 3 offers a range of 215 miles on a single charge, can sprint to 60 miles per hour in less than six seconds, and has room for five. It will also be capable of charging on Tesla's supercharging network and features the company's autonomous technology. With a starting price of $35,000 before incentives, it's arguably the most futuristic car that's attainable for a wide swatch of American buyers, though the Chevy Bolt EV is comparable (200-plus-mile range, $37,500 MSRP before incentives) in many ways. The Model 3's attainability is what partially drove the hype. It was like Elon was whispering: Y ou can own the future. The question is now: Can Tesla deliver? If it does, this early fanfare will be richly deserved. News & Analysis News: Top Gear appears to be in turmoil as Chris Evans works four hours a day. Analysis: Is this a soap opera or a car show?