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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

Daily driving a Dodge Challenger SRT Hellcat

I took delivery of my 2015 Dodge Challenger SRT Hellcat at Ron Carter Dodge in League City. Bobby Pate and the entire Ron Carter team made the buying experience painless. Thanks, guys! It was worth the nine-month wait to get a new Challenger Hellcat at sticker price. My Hellcat is Phantom Black Tri-coat Pearl with a black interior. The car has the six-speed manual transmission and UConnect. Yes, I know the eight-speed automatic is faster, but the manual transmission provides a level of enjoyment that must be experienced to be appreciated. My original intention was to write daily about my experiences with the Hellcat, but I have been having too much fun with the car. The first 100 miles required incredible self-control to keep the car under 55 mph and engine speed under 3500 rpm. The difference in the driving experience after 500 miles was – and I am only exaggerating a little – life altering!The Red Key To paraphrase Morpheus in The Matrix, "You take the black key, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red key, you stay in wonderland, and I show you how deep the rabbit hole goes." The black key is in a place where it will stay until the red key is snatched from my cold, dead hand. The red key is the only key. The red key is "The Key." All 707 horsepower are available with the red key. You can lower the horsepower to only 500 using the SRT pages, I have heard, but why? I have driven the Hellcat in bumper-to-bumper Houston traffic in red-key mode. I have driven the Hellcat in the pouring rain in red-key mode. I have driven the Hellcat to the mall, to the grocery store, to the movies, and to Killen's Steakhouse in Pearland for a 100% Japanese Wagyu steak from the Kagoshima Prefecture. (It was a birthday present from my son. My money goes into the gas tank of my Hellcat.) Just for fun, I used the SRT Pages to put the car in valet mode. For those of you who do not know, valet mode limits the horsepower to: oh, hell! Who cares? The car felt like the parking brake had not been disengaged. I have heard rumors that the Tremec six-speed transmission has a 1-4 skip-shift feature. My Hellcat has never been subjected to this travesty.Questions, questions, and more questions Q: How much over sticker did you have to pay? A: Zero Q: What kind of gas mileage do you get? A: ROTFL Q: How did you ever talk your significant other into letting you buy the Hellcat? A: I didn't ask.

FCA updates 700k-vehicle recall to replace ignition switches

FCA US is revising a previously announced recall of 702,578 minivans and SUVs; now specifying that owners replace their ignition switches, rather than just a component. The campaign affects the 2008-2010 Chrysler Town & Country, 2008-2010 Dodge Grand Caravan and 2009-2010 Dodge Journey. The National Highway Traffic Safety Administration initially opened an investigation last summer following complaints about the ignition switches in these models. FCA US (then Chrysler Group) responded with a recall of 695,957 examples of these vehicles because the key could appear to be in the "Run" position but not be fully engaged. If it slipped out, and there was an accident, then the airbags might not deploy. The company had initially planned to install a new detent ring to fix the problem. According to the timeline in a NHTSA document (available here as a PDF), the government agency and FCA US continued their research into the problem. The automaker found that the time needed to create a new ring design and updated software would be longer than replacing the whole ignition switch. The company worked with the supplier Marquardt to negotiate an accelerated schedule to manufacture the extra replacement parts. According to NHTSA, the investigation has now been closed because of FCA's recall. Company spokesperson Eric Mayne confirms to Autoblog via email, "No additional vehicles are affected and all affected customers have already been made aware their vehicles are subject to recall." FCA US sent out an initial notification advising owners of the problem in September 2014. The company will now send out a second letter in April and will replace the parts in two phases. Repairs for affected models from the 2008 and 2009 model years will begin in April, and 2010 examples will start being fixed in August. RECALL Subject : Ignition Switch may Turn Off , 1 INVESTIGATION(S) Report Receipt Date: JUN 26, 2014 NHTSA Campaign Number: 14V373000 Component(s): AIR BAGS , ELECTRICAL SYSTEM Potential Number of Units Affected: 702,578 All Products Associated with this Recall Vehicle Make Model Model Year(s) CHRYSLER TOWN AND COUNTRY 2008-2010 DODGE GRAND CARAVAN 2008-2010 DODGE JOURNEY 2009-2010 Details Manufacturer: Chrysler Group LLC SUMMARY: This defect can affect the safe operation of the airbag system. Until this recall is performed, customers should remove all items from their key rings, leaving only the ignition key.