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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.

Daily Driver: 2015 Jeep Wrangler Unlimited X Edition

Daily Driver videos are micro-reviews of vehicles in the Autoblog press fleet, reviewed by the staffers that drive them every day. Today's Daily Driver features the 2015 Jeep Wrangler Unlimited X Edition, reviewed by Adam Morath. You can watch the video above or read a transcript below. Watch more Autoblog videos at /videos. VIDEO TRANSCRIPT Hi, I'm Adam Morath for Autoblog. Now, undoubtedly, one of the coolest things about this job is that you're in and out of so many different vehicles, but, I'll be honest, there are times where, if you're in very similar vehicles, they can start to run together a little bit. That's why I love getting into a car like this that just snaps you right out of it because it's so unique and so different from anything else on the market. Of course I'm talking about the Jeep Wrangler. I'm in a 2015 Jeep Wrangler Unlimited. This is the X Edition, which stands for X Games. Jeep is a big title sponsor of the 2015 Aspen X Games and you can see that all over this vehicle. You have white, glossy accent plastic in the interior; mountain graphics throughout the interior and exterior of the vehicle – a nod, obviously, to the winter sports and skiing that you would do out in Aspen. And then in keeping with that mountainous theme, you have an Alpine nine-stereo speaker system. I'll be honest, though, that some of it feels a little overdone to me. For instance, there's a power-bulge in the hood. Credit to Jeep: the vents are actually functional, but this is not the trim I would go for, just personally. It's one of those vehicles that people are always wondering, "I really like the look of it [and] I like the capability, but could I live with a Wrangler?" It's the same sort of question you'll get from people who are looking at a sports car, "could I actually live with this is my daily driver?" And I have to say, Jeep has come a long way – Wrangler, in particular, has come a long way – in terms of driving comfort. Of course, don't expect "Lexus quiet." You can probably hear it's a big noisy in the cabin. It's a bit of a bumpy ride. There are things about this vehicle that I could see being annoying in your day-to-day life. For instance, the door: it's essentially an external hinge on the door, but it doesn't stay open for you. So, if you're on any sort of a tilt, the door will come back in and you have to just prop it open with your leg. Little things like that.

Jeep Renegade sales being held due to powertrain issue [UPDATE]

UPDATE: An unnamed FCA US source has clarified to Automotive News that while there is a software issue, it does not concern the transmission. The Jeep Renegade appears to be facing early software problems that are similar to the ones at the introduction of the Cherokee a few years ago. The issue is keeping the brand's latest compact crossover away from dealers until the situation can be resolved. The fault reportedly deals with the software controlling the Renegade's nine-speed automatic transmission. FCA CEO Sergio Marchionne briefly talked about what was happening in an interview with Automotive News. "I'm having a very bad engineering day," he said. "It's a combination of attributes of that vehicle that is making my life horrible." The company boss predicted at the longest it could take until mid-June to fix things. Through April, Jeep has sold 5,157 Renegades, including 4,214 of them in that month alone. Autoblog reached out to an FCA US spokesperson to learn more about the software problem, but the company had no comment. Getting the software right to control the nine-speed automatic plagued development of the Cherokee. The issues delayed the model's launch in 2013, and the company was still releasing improvements for some vehicles this year.