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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

Ferrari 612 Scaglietti gets the shooting brake treatment

As much as we love shooting brakes, since they're basically two-door wagons, the world clearly isn't willing to buy them. Most remain concepts or just designs. But someone took up Dutch coachbuilder Vandenbrink on its design for a Ferrari 612 Scaglietti shooting brake. The company finished the car this year, and the results are impressive. The shooting brake's roof fits the existing roofline of the Ferrari well, and the car's signature wide haunches haven't been hidden. The hatchback also looks like Ferrari included it from the beginning, making the car look like a precursor to the FF and GTC4Lusso. The skylights in the roof are also fascinating, and they surely make the rear seats less claustrophobic. Vandenbrink's choice of the 612 Scaglietti is a good one, too, even if it was partly dictated by the fact the company penned this design over a decade ago. It's a classic grand touring car designed to be fast but comfortable. Its large size, particularly its prominent prow, suits a long-roof design, too. The one part we slightly question are the rear pillars, which even with some creases to break them up, look a bit large and out of place. This is currently the only example of the 612 shooting brake, but Vandenbrink is happy to build additional cars on request. The company says it will work with buyers every step of the way to make sure their example is customized exactly as they wish, from the paint to the equipment. Vandenbrink even suggests it could make one geared toward horse riding or falconry. There's no price for the vehicle, though, which is probably due to the fact that each one will be custom ordered and the cost will vary. And this is undoubtedly a car you can't afford if you have to ask the price. Vandenbrink is also happy to create one of a few other sports cars, such as a roadster version of the 599 GTB Fiorano. All you have to do is ask and bring tons of money.

Totaled Ferrari Dino sculpture sold for $250k

How much would you pay for a Dino? Although this sub-brand was supposed to offer lower-cost alternatives to more expensive Ferraris, a 246 GTS model with "chairs and flares" can fetch big bucks. The later, more angular 308 GT4 is less desirable, but the one above just sold for $250,000. Oh, and it's a complete wreck - an absolute write-off, as you can see. So how did it fetch a quarter million when it wouldn't be worth that much in pristine condition? Because this is art.
"Objet trouvé", to be specific, the French term for a common object elevated to a work of art. That's the way it ended up displayed by celebrated French artist Bertrand Lavier and the Galerie Yvon Lambert at the Foire Internationale d'Art Contemporain (FIAC) art fair at the Grand Palais in Paris last week, where an unnamed Turkish collector paid the landmark price. Let's hope he's not planning on restoring it, because it's apparently worth more totaled.