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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

2021 L.A. Auto Show roundup | All the reveals, reviews, pictures

The L.A. Auto Show took place this week for the first time since the onset of the pandemic. It was a show packed with news and reveals, which hasn't really been the case with other shows we've seen this year, and Autoblog was on the floor covering every minute of it. Well, Riswick and Stocksdale were, anyway. The rest of us were sitting at home in our sweatpants, but hey, we'll take credit anyway. Let's get to it. Hyundai Seven Concept This is the Hyundai Seven Concept, and it’s meant to act as a preview for an incoming electric SUV for the Ioniq brand. It leans more toward the concept side of the spectrum than a production car, but expect the final SUV to take design cues from the Seven Concept. Kia Concept EV9 The Hyundai Seven counterpart isn't the only big, bold electric SUV at L.A. this year. Kia has its own take, and it's a modernized version of the traditional boxy utility vehicle called the Concept EV9. It also previews one of the next production electric cars for the brand, which should look right at home next to things like the Telluride. 2023 Kia Sportage HEV As promised, the 2023 Kia Sportage HEV has been revealed. The hybrid powertrain makes the compact SUV the most powerful version available, and it goes on sale next year. The engine is a turbocharged 1.6-liter four-cylinder paired with a 44-kW electric motor. Total output is 226 horsepower. The company didn't give a torque number, but it should basically be the same as the Sorento HEV that has the same basic powertrain: 258 pound-feet. Those numbers are a healthy step up from the 187 horsepower of the base 2.5-liter engine. 2022 Range Rover If you noticed how extra smooth and suave the new Range Rover looked during its recent reveal, Autoblog's James Riswick got a design tour that revealed some of the technological secrets to its success. "Less is more" is harder to achieve than it looks. Fisker Ocean Fisker has brought the new Ocean EV to the L.A. Auto Show, with a public preview at Manhattan Beach and a presence at the show itself. You can watch the public show reveal above, and see more shots from the show floor below. Fisker says the Ocean will start at $37,499 before incentives. That entry model would be the Sport trim with a single, 275-horsepower motor driving the front wheels and 250 miles of estimated range. It also has a 0-60 time of 6.9 seconds. 2023 Toyota bZ4X This is the 2023 Toyota bZ4X, due to hit U.S.

How fracking is causing Chrysler minivans to sit on Detroit's riverfront

It's fascinating the way that one change to a complex system can have all sorts of unintended consequences. For instance, there are hundreds of new Chrysler Town and County and Dodge Grand Caravan minivans built in Windsor, Ontario, sitting in lots on the Detroit waterfront because of the energy boom in the Bakken oil field in the northern US and parts of Canada.
The huge amount of crude oil coming from these sites mostly use freight trains for transport, and that supply boom has resulted in a shortage of railcars to carry other goods. According to The Windsor Star, North American crude oil transport by train has gone from 9,500 carloads in 2008 to 434,032 carloads in 2013. Making matters worse, some North American rail infrastructure is still damaged because of this year's harsh winter, and that's slowing things down even further.
Chrysler admits to The Star that it has had some delivery delays due to the freight train shortage. In the meantime, it's using more trucks to deliver its vehicles. Trucking is a far less economical solution, partially because a train can carry so many more units at one time, but alternatives are slim. The Windsor plant alone has a deal for 33 trucks to distribute the minivans around Canada and the Midwestern US.