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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.

Chrysler Recalls Over 566,000 Trucks, SUVs

Fiat Chrysler is recalling more than 566,000 trucks and SUVs in two recalls for malfunctioning fuel heaters that can cause fires and a software glitch can disable the electronic stability control. The recalls bring the newly merged company's total for the year to 6.4 million vehicles worldwide and 5.1 million in the U.S. as it continues to struggle with reliability problems. It was not immediately clear whether those totals were annual records. On Tuesday, its longtime quality chief abruptly left after Fiat Chrysler performed poorly in Consumer Reports magazine's annual reliability rankings. The largest of two recalls announced Wednesday covers almost 382,000 Ram 2500 and 3500 pickups and Ram 4500 and 5500 chassis cabs from 2010 through 2014. In trucks with 6.7-Liter Cummins diesel engines, corrosion on a fuel heater terminal could cause overheating, fuel leaks and fires. Chrysler is not aware of any fires or injuries. Owners could be warned by an odor of diesel fuel. Customers will be notified by letters starting in December. Dealers will install upgraded terminals and fuel heater housings could be replaced. The second recall covers more than 184,000 Jeep Grand Cherokee and Dodge Durango SUVs from 2014. A debris cover over a circuit board in the steering column control module can disrupt communications and disable the stability control. The problem was discovered when dealers started getting reports from customers that electronic stability control warning lights were coming on. Fiat Chrysler says it knows of no crashes or injuries caused by the problem. Technicians will upgrade software to fix the SUVs, and customers will be notified in December. Fiat Chrysler has issued 33 global recalls and 27 in the U.S. so far this year. Doug Betts, its longtime quality chief, left the company to pursue other options after Consumer Reports' survey-based rankings this year showed four FiatChrysler brands at the bottom of its list. Dodge, Ram, Jeep and Fiat performed worst of 28 brands ranked by the magazine. Company spokesman Eric Mayne said Fiat Chrysler's recalls average fewer than 200,000 vehicles each, below the industry average of 301,000. That means the company is responding quickly to problems, he said, adding that eight of its 27 U.S. recalls were announced before the company received any consumer complaints. Chrysler is not alone with a high number of recalls so far this year.

Has Dodge stepped in it again with Scat Pack lawsuit?

Lawsuits are an unfortunate part of doing business in just about any industry, so the latest complaint filed by a California-based aftermarket firm against Chrysler would seem to be nothing more than business as usual. But this isn't the first time the two companies have sparred over this particular issue.
According to a report from Automotive News, the dispute revolves around the Scat Pack name that Chrysler first offered on the Charger, Coronet, Dart and Super Bee starting in 1968. Scat Enterprises, a manufacturer of crankshafts and other components for Dodges and other vehicles, sued Chrysler for using its name. A few years later the Scat Pack disappeared from the Dodge catalog.
Fast forward to August 2013 when Chrysler applied to register the Scat Pack name anew. The US Patent and Trademark Office turned down Chrysler's application, but the automaker proceeded anyway, unveiling new Scat Packs for the Challenger, Charger and Dart at last year's SEMA show.