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Stellantis reports surprising 2020 results, is 'off to a flying start'

MILAN — Low global car inventories and cost cuts should boost Stellantis's profit margins this year, though a shortage of semiconductors and investments in electric vehicles could weigh on results, the newly-formed automaker said on Wednesday. The forecast came as Stellantis, created by the January merger of Peugeot-maker PSA and Fiat Chrysler (FCA), reported better-than-expected results for 2020 that sent its shares up around 3% in morning trading. "Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies (from the merger)," Chief Executive Carlos Tavares said in a statement. Stellantis is the world's fourth largest carmaker, with 14 brands including Fiat, Peugeot, Opel, Jeep, Ram and Maserati. It said 2021 results should be helped by three new high-margin Jeep vehicles in North America and a strong pricing environment there. The U.S. market has driven profits for years at FCA and starts off as the strongest part of Stellantis. The group's guidance assumes no more significant lockdowns caused by the global COVID-19 pandemic, which shuttered auto plants around the world last spring. Stellantis should also get a lift as its starts to implement a plan aimed at delivering over 5 billion euros a year in savings, without closing any plants. Tavares has also pledged not to cut jobs. But a pandemic-related global shortage of semiconductors, used for everything from maximizing engine fuel economy to driver-assistance features, could hurt business. Auto industry executives have said the shortage should ease by the second half of 2021. Stellantis said its "electrification offensive" could also weigh on results this year. Automakers are racing to develop electric vehicles to meet tighter CO2 emissions targets in Europe and this week Volvo joined a growing number of carmakers aiming for a fully-electric line-up by 2030. Stellantis plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025, broadly in line with plans at top rivals such as Volkswagen and Renault-Nissan, although Stellantis has further to go to meet that goal. The carmaker is targeting an adjusted operating profit margin of 5.5%-7.5% this year. That compares with a 5.3% aggregated margin last year: 4.3% at FCA and 7.1% at PSA excluding a controlling stake in parts maker Faurecia, which is set to be spun-off from Stellantis shortly.

GMC Hummer EV SUV first drive, RIP Camaro, Ferrari Roma Spider | Autoblog Podcast # 773

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They start off with one of the week's biggest official news items — the impending death of the sixth-gen Chevrolet Camaro. On the subject of powerful American cars, they pivot to a teaser from Stellantis execs that there are big things ahead for its Dodge Charger SRT Daytona Banshee concept. From there, they look at Ferrari's new topless Roma and then get into Ford's multi-billion-dollar electric vehicle pivot. Speaking of expensive EVs, Joel just got back from driving the new GMC Hummer SUV. He also had the new F-150 Lightning Pro in his driveway, and that's followed by Greg's update on Autoblog's long-term Toyota Sienna.  Autoblog Podcast # 773 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News Chevrolet Camaro production will officially end after 2024 model year Dodge CEO teases more to come from Charger SRT Daytona Banshee Ferrari Roma Spider returns a front-engined soft top to the lineup Ford Model e losing billions as it says EV unit should be seen as startup What we're driving Ford F-150 Lightning Pro 2024 GMC Hummer EV SUV 2023 Toyota Sienna Platinum AWD Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: How to activate Crab Walk on the GMC Hummer EV

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.