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Peugeot maker PSA posts record profits ahead of FCA merger

PARIS — Peugeot maker PSA Group said its profitability reached a record high in 2019 but the French carmaker forecast falling industry sales in Europe this year as it pursues its merger with Fiat Chrysler, which is strong in North America. PSA has trimmed costs in areas such as the procurement of components as it has integrated its acquisition of Opel and Vauxhall, boosting operating margins to 8.5% last year. The group, which also produces cars under the Citroen and DS brands, offset a slump in vehicle sales by selling pricier SUV models, with launches including the Citroen C5 Aircross helping to lift revenues by a higher-than-expected 1% to $81.2 billion (74.7 billion euros). That helped it stand out in a car market where some rivals including France's Renault have struggled with sliding revenues and profits, amid a broader downturn in demand. PSA's group net profit increased 13.2% to a record 3.2 billion euros, and the company increased its dividend against 2019 results to 1.23 euros per share, up 58% from 2018 levels. The carmaker was "once again very solid", analysts at brokerage Oddo-BHF said in a note, adding the results confirmed the company's "best-in-class status." However PSA forecast a 3% contraction in Europe's car market this year, by far its biggest market. The tie-up with Fiat Chrysler will help it gain exposure to that group's strong presence in North America with brands like Jeep. The two companies struck a deal in December to create the world's No.4 carmaker, to better cope with market turmoil and the cost of making less-polluting vehicles. Fiat also posted more upbeat results than most rivals this year. CORONAVIRUS WEIGHS PSA boss Carlos Tavares told a news conference that the two groups were both in good shape and well placed to face market challenges together. He said he did not expect any major regulatory hurdles to the merger, adding it had so far submitted 14 approval requests to competition authorities out of the 24 it needs. There are no immediate plans to change anything in the large portfolio of brands within the combined group, he added. However the companies still face problems this year, including the coronavirus outbreak which has paralyzed production in China and hits carmakers' supply chain. PSA said the coronavirus impact was still difficult to assess. It factories in Wuhan, at the epicenter of the outbreak, are due to reopen in the second week of March.

Abarth 595 50th Anniversary Edition is a birthday present worth waiting for [w/video]

Props must be paid to the people at Abarth, who could've celebrated the 50th anniversary of the 595 - the model that put this performance brand on the map back in the 1960s - with a special edition appearance package and called it a day. But no, that's not how Abarth does things. Instead, it is producing 299 units of this 595 50th Anniversary Edition model that debuted at the Frankfurt Motor Show this week, and it's received much more than a new suit for its big 5-0 celebration.
In addition to the matte white finish and historical livery that reinterprets the original car's look, this progeny of the original 595 also receives a substantial bump in power - an increase of 20 horsepower over the standard 500 Abarth for a new total of 180. The upgraded engine is paired with an "Abarth Competizione" transmission, and the sizzling hatchback rides on 17-inch alloy wheels that hide larger Brembo brakes sized 12 inches in diameter. Not that the standard 500 Abarth sounds wimpy (quite the contrary, actually), but the 595 receives a new "Record Monza" variable back-pressure dual-mode exhaust for an even more stirring soundtrack above 3,000 rpm. The interior, meanwhile, is adorned with red leather seats featuring white inserts and red stitching, and a black leather steering wheel with red inserts, as well as its own assortment of historical logos.
The 595 50th Anniversary Edition will be available to order on September 15th, though we expect the entire lot to go quickly and haven't been told yet if any are earmarked for sale in the US. Our fingers are crossed.

VW, Fiat, Mercedes could be CNG winners in Europe

Fiat ads in the US try to play up the exotic, sexy side of Italian culture. On the home front in Italy, however, passenger-vehicle sales are marked by something less edgy and quite a bit more practical: the growth of compressed-natural-gas (CNG) powered car sales. In fact, Italy is leading a group of European countries where CNG sales are on the upswing and may be benefiting automakers like VW, Fiat and Mercedes-Benz, according to Automotive News. VW started sales of its Golf TGI natural-gas vehicle this year – the company's fourth in Europe – while Mercedes-Benz added a natural-gas B-class model. Fiat accounts for about 50 percent of CNG vehicles sold on the continent. In all, Europe's CNG sales through September totaled about 67,000, up seven percent from a year earlier, Automotive News Europe says, citing research firm JATO Dynamics. And the number of CNG vehicles on Europe's roads could jump tenfold within the next decade. The draw is a combination of lower refueling prices and a CNG drivetrain that typically emits less CO2 than diesel vehicles. As for Italy, about five percent of new-vehicle sales are CNG. To put that into perspective, hybrids, battery-electric vehicles, plug-in hybrids and diesels combined to account for about 4.2 percent of US vehicle sales last year. News Source: Automotive News - sub. req.Image Credit: Volkswagen Green Fiat Mercedes-Benz Volkswagen Natural Gas Vehicles CNG