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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

Man hits 153 mph on I-75 in Dodge Magnum

A man driving in Michigan took his 2005 Dodge Magnum practically to the limit in the wee hours of the morning on May 19 when the Michigan State Police caught him on radar going 153 miles per hour on Interstate 75 near Detroit. The 21-year-old driver was spotted around 3:00 AM, according to The Detroit News. Michigan State Police First Lieutenant Michael Shaw told Autoblog that officers initially saw the man on radar doing 79 mph in a 70-mph-zone, and they started following him. He eventually clocked 153 mph. However, First Lt. Shaw was clear that there was never a pursuit. "Speeding isn't necessarily a reason to put the public at risk," he said. The situation ended rather abruptly, though. The driver pulled off the interstate and behind a building. He remained in the vehicle, and police arrived and arrested him. According to First Lt. Shaw, the man was driving home from work and alcohol wasn't a factor. The Magnum has been impounded, and the driver was charged with reckless driving. Unfortunately, First Lt. Shaw said that he didn't know what engine was in the wagon, but as enthusiasts, we're curious. After all, the 2005 Magnum RT was governed to 130 mph and the SRT8 wasn't unleashed until 2006, which means either the wagon must've been derestricted to hit such high speeds or that police have the year wrong. We'll let you know if we figure that one out...

Will GM leave Europe? | Autoblog Podcast #504

On this week's podcast, Greg Migliore joins David Gluckman to discuss the possibility of GM selling off its Opel division to France's PSA (also known as Peugeot and Citroen). They also recap what they've all been driving lately, and the episode wraps up with Spend My Money buying advice to help you, our dear listeners. And, thankfully, no dad jokes this week. The rundown is below. Remember, if you have a car-related question you'd like us to answer or you want buying advice of your very own, send a message or a voice memo to podcast at autoblog dot com. (If you record audio of a question with your phone and get it to us, you could hear your very own voice on the podcast. Neat, right?) And if you have other questions or comments, please send those too. Autoblog Podcast #504 Topics and stories we mention Dodge Durango Infiniti QX30 GM's version of Brexit could mean selling Opel Used cars! Rundown Intro - 00:00 What we're driving - 01:36 GM and Opel - 25:47 Spend My Money - 39:00 Total Duration: 54:46 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show on iTunes Podcasts Dodge GM Infiniti infiniti qx30