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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.

Fiat Chrysler taps Amazon, Shell execs to fill roles

MILAN — Fiat Chrysler Automobiles is tapping executives from Amazon and Shell Oil Company with previous automotive industry experience to fill its ranks. CEO Mike Manley said in a letter to employees Thursday that Mark Stewart would join FCA as chief operating officer of North America from Amazon, "a company known for its culture of innovation, and obsession with delivering incredible value to customers." At Amazon, Stewart led teams focused on advanced robotics, artificial intelligence and automation methods. He previously was COO of ZF TRW automotive components supplier. Niel Golightly was named head of global communications. He was most recently Shell's vice president for external relations in North and South America, with a focus on reputation, brand and stakeholder engagement beyond communication strategies. He previously held roles at Ford Motor Company. Related Video: Image Credit: REUTERS/Rebecca Cook Hirings/Firings/Layoffs Alfa Romeo Chrysler Dodge Fiat Jeep RAM FCA Amazon shell Mike Manley

Jeep Wrangler Red Rock concept brings Moab to SEMA

Among the concepts that FCA is showcasing at SEMA this year, the Jeep Wrangler Red Rock concept has been decked out with accessories from both the Mopar and Jeep catalogs. The concept is based on the existing Wrangler Unlimited Rubicon Hard Rock edition, but has been taken even further in for this show truck. It pays tribute to the Red Rock 4-Wheelers club and the Easter Jeep Safari it hosts every year in Moab, UT. The Red Rock concept rides on a 2-inch lift kit with 17-inch beadlock wheels shod with 35-inch all-terrain tires. It also has differential covers, a reinforced swing gate and wheel mount, a power winch, LED headlamps and fog lights, and an onboard CB radio. To help it crawl those rocks, it boasts electronic locking differentials, a Rock-Trac transfer case, and Dana 44 solid axles front and rear. Visually setting this concept apart are such special touches as a power-dome hood, red tow hooks front and rear, new rock rails, a color-keyed grille with low-gloss inserts, low-gloss bumpers, and of course the requisite special badging. Inside it's been done up in brown leather with silver accents and a special grab-handle plaque. This particular version will remain a showpiece only. So if you want to see it, you'll have to head to the show floor in Vegas this week. However Jeep is committed to undertaking a production run of 50 examples with many of the same special touches to celebrate the 50th anniversary of the Easter Jeep Safari next year. Related Video: Jeep® and Mopar Introduce Wrangler Red Rock Concept at SEMA Show - New Wrangler Concept features array of Mopar and Jeep® Performance Parts - A serialized 50-unit special-edition production Wrangler – inspired by the Red Rock Concept – will be built as a tribute to the upcoming 50th Moab Easter Jeep Safari - Based on Wrangler Rubicon Hard Rock edition - Wrangler Red Rock Concept features Amaretto Brown Katzkin leather seats with silver accent stitching and a "Red Rock" embroidered seat back logo - Aftermarket Jeep Performance Parts two-inch lift, 35-inch BFG K02 all-terrain tires, commemorative Red Rock appearance package give Jeep Wrangler Red Rock Concept a unique and rugged presence November 3, 2015 , Auburn Hills, Mich. - Jeep® and Mopar have teamed up to create the Wrangler Red Rock Concept vehicle that will be showcased at this year's Specialty Equipment Market Association (SEMA) trade show in Las Vegas.