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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

Dodge Journey and Fiat Freemont engine-cover recall affects 350k CUVs

FCA is recalling 349,731 examples of the 2011-2015 Dodge Journey and Fiat Freemont worldwide to better secure their engine covers. Of these affected vehicles, there are 144,416 in the US, 43,679 in Canada, 46,231 in Mexico, and 115,405 elsewhere. About 10 percent of them are also still at dealers, according to the automaker. Only models with the 2.4-liter four-cylinder engine are affected by this campaign. According to the company, the engine covers on these vehicles can be dislodged, and this can pose a fire risk if the loose part comes in contact with hot exhaust components. Warning signs of this happening include a noise under the hood, burning smell or a light on the instrument panel. The problem was discovered after three incidents on rough roads in Chile, and there was one minor injury there. According to FCA US spokesperson Eric Mayne to Autoblog, there have been eight occurrences of this issue reported in the US, but these were all related to "heat damage." There have been no reported injuries here. To fix the problem, dealers will install new engine-cover retainers on the affected models. These repairs will begin in August. As always for recall repairs, owners won't be charged. Statement: Engine Cover July 22, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 144,416 crossover utility vehicles (CUVs) in the U.S. to better secure their engine covers. Engine covers in certain vehicles may become dislodged. If they come in contact with exhaust components, it may pose a fire risk. This condition was discovered during an FCA US investigation of three incidents in Chile. In each case, the vehicle had been driven extensively on unpaved or uneven surfaces. The Company is aware of a single related injury, described as minor. Affected are 2011-2015 Dodge Journey and Fiat Freemont CUVs equipped with 2.4-liter, four-cylinder engines. FCA US will install upgraded engine-cover retainers in these vehicles. The remedy will be available when customer notification begins next month; service will be performed free of charge. Vehicles equipped with six-cylinder engines are not affected. Additional Journey and Freemont populations also are subject to this campaign. They comprise an estimated 43,679 vehicles in Canada; 46,231 in Mexico; and 115,405 outside the NAFTA region. Of the 349,731 total vehicles subject to this campaign, approximately 10 percent remain in dealer hands.

Only in Japan: Dodge van one-make racing series is a thing

Japan seems willing to embrace a level of automotive insanity that many other places lack. Whether it's 1,200-horsepower Nissan GT-Rs blasting through tight, tree-lined mountain roads or advertisements with dances for the Toyota Prius Plug-in, the country definitely has a unique way of expressing a love for autos. The D-Van Grand Prix might be one of our favorite examples yet of crazy Japanese car culture, because the annual, one-make race at the Ebisu Circuit is exclusively for heavily customized Dodge vans. Like many great things, this wonderfully crazy idea came from a little rule breaking. D-Van Grand Prix organizer Takuro Abe was at a track event for a motorcycle racing school, and vans were used to haul the bikes around. During lunch someone came up with the idea for a race. Ignoring that the big machines weren't actually allowed on the circuit, the drivers headed out. The popularity has just grown since then. These days, the racing vans absolutely aren't the stock machines from the event's inspiration. In addition to stripped interiors and track rubber that you might expect, the list of mods for them is a mile long. For every possible advantage, the racers fit them with things like Brembo brakes, cross-drilled rotors, heavy-duty transmissions, and much more. Seeing vans lumbering around the track is very weird at first, but the racers take the competition very seriously. These folks even employ all sorts of little tricks to coax the most from the machines. This is a fascinating motorsports story, but be sure to turn on the subtitles to understand the interviews with the competitors.