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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.

The Chrysler brand could be axed under Stellantis management

MILAN — While running NissanÂ’s North American operations from 2009 to 2011, Carlos Tavares had a reputation for closely watching costs with little tolerance for vehicles or ventures that didnÂ’t make money. Experts say that means Tavares, currently the head of PSA Group, is likely to follow that blueprint when he becomes leader of a merged PSA and Fiat Chrysler Automobiles. The low-performing Chrysler brand might get the axe as could slow-selling cars, SUVs or trucks that lack potential. Already the companies are talking about consolidating vehicle platforms — the underpinnings and powertrains — to save billions in engineering and manufacturing costs. That could mean job losses in Italy, Germany and Michigan as PSA Peugeot technology is integrated into North American and Italian vehicles. “You canÂ’t be cost efficient if you keep the entire scale of both companies,” said Karl Brauer, executive analyst for the iSeeCars.com auto website. “WeÂ’ve seen this show before, and weÂ’re going to see it again where they economize these platforms across continents, across multiple markets.” Shareholders of both companies are to meet Monday to vote on the merger to form the worldÂ’s fourth-largest automaker, to be called Stellantis. The deal received EU regulatory approval just before Christmas. Tavares, who for years has wanted to sell PSA vehicles in the U.S., wonÂ’t take full control of the merged companies until the end of January at the earliest. He likely will target Europe for consolidation first, because thatÂ’s where Fiat vehicles overlap extensively with PSAÂ’s, said IHS Markit Principal Auto Analyst Stephanie Brinley. Europe has been a money-loser for FCA, and factories in Italy are operating way below capacity — a concern for unions, given FiatÂ’s role as the largest private sector employer in the country. “We are at a crossroads,Â’Â’ said Michele De Palma of the FIOM CGIL metalworkersÂ’ union. “Either there is a relaunch, or there is a slow agonizing closure of industry, in particular the auto industry, in Italy.” ItalyÂ’s hopes lie with the luxury Maserati and sporty Alfa Romeo brands, but De Palma said investments are needed to bring hybrid and electric technology up to speed. FiatÂ’s Italian capacity stands at 1.5 million vehicles, but only a few hundred thousand are being produced each year. Most factories were on rolling short-term layoffs due to lack of demand, even before the pandemic.

Ram Rebel TRX concept is a Hellcat-powered Raptor-fighter

Ford has proven that fast off-road trucks are awesome. Dodge has proven that ridiculously powerful supercharged V8s are awesome. Combining the two would theoretically be even more awesome. The Ram Rebel TRX, which was unveiled at the Texas State Fair, proves that theory. As you may have guessed from the intro, the Rebel TRX uses a supercharged V8. A version of the supercharged 6.2-liter V8 from the Hellcat twins (and, we suspect, the Jeep Grand Cherokee Trackhawk). Because of some new calibrations to make the engine more suited for off-road driving, it doesn't make the full 707 horsepower of the Charger and Challenger. But the TRX engine still cranks out 575 horsepower, which is a full 125 more than the new SVT Raptor. That's enough to propel the mega-sized truck to 100 mph in its off road terrain mode. Power is transferred through an 8-speed automatic transmission to all four wheels. At the back, the Rebel TRX has an electronic locking differential. The TRX also gets an updated version of the Ram's 4x4 Performance Control System featuring Normal, Wet/Snow, Off-road and - best of all - Baja modes. The latter mode is the one that will do triple digits through the desert. Of course a sweet powertrain needs chassis and tire upgrades to round out the package, and the Rebel TRX has plenty of improvements. The standard Ram 1500 frame is unchanged, but bolted to it are custom front control arms, internal bypass shocks at each corner and new springs. The changes bring suspension travel to a full 13 inches all around. It also provides enough space to fit massive 37 x 13.5-inch tires. Ram also added six-piston calipers with 15-inch discs at the front and 14-inch discs at the back. Finally, Ram gave all this heavy duty equipment a big, burly wrapper. The body is a full six-inches wider than the standard 1500 with large composite fenders to cover the aforementioned tires. The truck also has a vented and scooped hood based on the Ram HD. This was necessary to help cool the engine and provide vertical clearance for the supercharger. A large sport bar was added to the back and has provisions for carrying a pair of spare tires, plus an LED light bar on top. The truck also has a big steel skid plate up front, and a sweet integrated side-exit exhaust behind the doors. Inside, the truck gets plenty of leather, suede and carbon fiber. The front seats also have racing harnesses attached to a harness bar that spans the B-pillars.