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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 Classiche brings priceless crashed 250 GTO back to life [w/video]

When a car is worth millions of dollars, you don't simply write it off when it's damaged – you have it painstakingly repaired. But when that car's worth tens of millions, there's hardly any expense to be spared in its restoration. So after a rare Ferrari 250 GTO crashed a couple of years ago during a special event, its owner (presumably at the behest of his insurance company) sent the damaged specimen back to the factory for a full restoration to its original condition. The Ferrari in question, GTO No. 3445, is owned by American collector Christopher Cox, who was driving it during a special tour in France organized for the legendary sports racer's 50th anniversary when he collided with another car – fortunately not another one of the GTOs on the road – inflicting significant damage on the highly coveted collector's item. That was two-and-a-half years ago, and shortly after the accident, Cox entrusted it to the Ferrari Classiche division, which is responsible for restoring classic Prancing Horses and certifying their authenticity. Now the repairs and restoration are complete, right down to the Swedish blue and yellow livery it was originally give in April 1963 by Ulf Norinder and the number 112 he gave it for the 1964 Targa Florio. Spending over two years restoring a single automobile may seem like overkill to most, but considering the $52 million said to have been paid the last time a GTO traded hands, and the $30 million spent on the one before that, suddenly two years doesn't seem like that long after all. Watch the reconditioned car undergoing its final, post-restoration shakedown around the Fiorano circuit in the video below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Lady in Blue A stunning 250 GTO is restored by the Classiche department Maranello, 28 November 2014 – One of the stars of the tracks of the 1960s was a Ferrari 250 GTO which has just emerged from a two-year-plus renovation at the Ferrari Classiche department, ready to return to its owner in America. During its stay in Maranello, the car was restored to the original engine and bodywork configuration in which it was delivered to Bologna-based publisher Luciano Conti in 1962. The latter also drove it in its maiden race, the Bologna-Passo della Raticosa. The Volpi era. In June 1962, however, Chassis no. 3445 was sold to Count Giovanni Volpi di Misurata, a passionate racing driver, who competed under the S.S.S.

Do we finally know which hybrid hypercar is fastest?

In order to properly compare and contrast the performance characteristics of competitive automobiles, a number of variables have to be sorted out. For instance, to diminish the human component, the same driver must be used for each lap, that driver has to be capable of wringing the maximum level of performance from each vehicle, and they should all be checked and prepared to make sure they are within manufacturer specs before hitting the track. Speaking of which, the conditions at the track – and, of course, it goes without saying that the cars have to be tested at the same location, on the same day – have to be as similar as possible. Naturally, arranging all of these variables is difficult, if not impossible, and that's especially true when the contenders are the Ferrari LaFerrari, McLaren P1, and Porsche 918 Spyder. As range-topping models from well-established performance players, these three hybrid hypercars are often lumped into the same category. But which one is fastest? Well, that's been a tough nut to crack, in part because the manufacturers themselves haven't always been willing to play along when it comes time to test these machines head-to-head-to-head. And so, with all that (probably unnecessary) preamble out of the way, we present to you the video above, in which this particular vehicular pedestal is toppled. All three cars are owned by a man named Paul Bailey, they were tested on the same day at the Silverstone circuit in England, and each had British Touring Car driver Mat Jackson at the helm. We're not going to spoil the results, other than to say that all three vehicles were incredibly fast and within spitting distance of one another at the finish line, as you would expect. Intriguingly, this video is said to be part one in a three-part series, so we have more Ferrari vs. McLaren vs. Porsche action to look forward to. Related Video: News Source: TheSUPERCARDRIVER via YouTube Green Ferrari McLaren Porsche Convertible Coupe Hybrid Performance Supercars Videos porsche 918 spyder mclaren p1 silverstone hypercar ferrari laferrari laferrari