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☆ G.M. and Stellantis Paid $364 Million in Fuel Economy Fines
▼ + stars: | 2023-06-02 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

General Motors and Stellantis paid a combined $363.8 million in penalties for failing to meet federal fuel-economy standards for cars and trucks they produced in previous years, according to federal government documents posted on Friday. paid $128.2 million for failing to meet the targets with the light trucks it sold in 2018 and 2019, according to documents published on the National Highway Traffic Safety Administration’s website. Stellantis, the company created when Fiat Chrysler merged with the French automaker Peugeot, paid $235.6 million for cars it sold in 2016 and 2017. paid its fine in December, the documents showed, and Stellantis made payments in December and May. The penalties were levied under the corporate average fuel-economy standards that the safety agency oversees.

Persons: Stellantis, G.M Organizations: Motors, Fiat Chrysler, French, Peugeot, Reuters

☆ Jeep, Dodge maker Stellantis posts first-quarter revenue jump as chip supply eases
▼ + stars: | 2023-05-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Attendees view vehicles at the Jeep booth during opening day of the 2023 New York International Auto Show (NYIAS) in New York, on Wednesday, April 7, 2023. Carmaker Stellantis on Wednesday posted a 14% annual rise in first-quarter net revenues as an easing of semiconductor supply chain pressures boosted shipments. The Dutch-headquartered company, formed in 2021 from the merger of Italian-American conglomerate Fiat Chrysler group and France's PSA Group, recorded first-quarter net revenues of 47.2 billion euros ($52 billion). The manufacturer of Jeep, Dodge, Peugeot and other brands said consolidated shipments increased 7% from the first quarter of 2022 to 1.48 million, as a result of "improvement in semiconductor order fulfilment." "Our global footprint and diverse product portfolio means we are well-positioned to continue delivering strong financial performance throughout the year," Chief Financial Officer Richard Palmer said in a statement.

☆ Jeep-maker Stellantis is offering buyouts to some of its most senior employees — and blaming it on EVs
▼ + stars: | 2023-04-26 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Stellantis is offering thousands of employees buyout packages, The Wall Street Journal reported. The move comes weeks after crosstown rival General Motors offered employees buyouts. The salaried employees getting the offers have 15 or more years of experience, according to the Journal. In the memo, Stewart attributed the move to the EV transition, writing, "The competition is fierce, and the cost of electrification cannot be passed on to the customer," The Wall Street Journal reported. Stellantis last offered buyouts to salaried US employees last fall.

☆ Automaker Stellantis hires ex-Adidas, grocery executive as CFO
▼ + stars: | 2023-04-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Stellantis on Wednesday said it has hired the chief financial officer from global grocery company Ahold Delhaize to replace CFO Richard Palmer, who plans to leave the company at the end of June. Palmer will be succeeded by Natalie Knight, who has served as CFO at the Netherlands-based food retailer since early 2020. The automaker did not release details regarding why Palmer, who served as CFO through two major global mergers, is leaving the company. The resulting automaker then merged with French company PSA Groupe in 2021, forming Stellantis. Stellantis said Knight will be based at the company's U.S. headquarters in Auburn Hills, Michigan, "with extensive travel to Europe and the other regions."

[1/2] A Fiat Chrysler Automobiles (FCA) sign is at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook/File PhotoWASHINGTON, April 17 (Reuters) - The U.S. Supreme Court on Monday declined to hear a bid by General Motors Co (GM.N) to revive its racketeering lawsuit against rival automaker Fiat Chrysler Automobiles (FCA), now part of Franco-Italian automaker Stellantis NV , over bribery allegations involving the United Auto Workers union. Stellantis in a statement praised the court's decision to turn away what it described as "baseless claims" by GM. "Today's decision upholding the district court's dismissal of GM's lawsuit is another reaffirmation that its claims are meritless," Stellantis said. FCA paid a $30 million fine while the UAW agreed to independent oversight to resolve the U.S. Justice Department investigation.

☆ US proposes to slash EV mileage ratings to meet fuel economy rules
▼ + stars: | 2023-04-11 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, April 10 (Reuters) - The U.S. Energy Department (DOE) on Monday proposed reducing electric vehicles' (EV) mileage ratings to meet government fuel economy requirements, a move that could force automakers to sell more low-emissions cars or improve conventional models. DOE wants to significantly revise how it calculates the petroleum-equivalent fuel economy rating for electric and plug-in electric hybrids for use in the National Highway Traffic Safety Administration's (NHTSA) Corporate Average Fuel Economy (CAFE) program. Miles Per Gallon equivalent (MPGe) ratings are determined by using values for national electricity, petroleum generation and distribution efficiency and driving patterns. Environmental groups note fuel economy ratings for EVs is far higher for determining CAFE compliance than those listed on the government's consumer fueleconomy.gov website. The Natural Resources Defense Council and Sierra Club petitioned for the change in 2021, arguing "excessively high imputed fuel economy values for EVs means that a relatively small number of EVs will mathematically guarantee compliance without meaningful improvements in the real-world average fuel economy of automakers' overall fleets."

☆ Car dealers reveal the 9 questions you should always ask before buying
▼ + stars: | 2023-04-08 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

Many of the car brands with more inventory on lots than others might also have higher loan payments. "The role of a dealer isn't just to sell them a car, it's to help them find the lowest interest rate possible, and that's both new car dealers and used car dealers. "Even based on the specific car, one bank may provide a lower interest rate on a specific sort of make and model." The used car market might be even more complicated for car shoppers than the new market right now. As a result, far fewer car shoppers have opted to lease a car in recent years.

☆ Stellantis' Portugal plant to produce large series fully battery electric compact vans
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - Carmaker Stellantis NV (STLAM.MI) said on Friday its Portugal plant would become the first assembly plant in the country to produce large series fully battery electric compact vans by 2025. Stellantis's Mangualde Production Center, which has made over 1.5 million vehicles, will produce battery electric light commercial vehicles for Citroën, Fiat, OPEL and Peugeot, the company said in a statement. Stellantis, the world's third-largest automotive group by sales, planned to spend over 30 billion euros ($32.53 billion) through 2025 to electrify its vehicle lineup and boost its software content to catch up with rivals, including Tesla Inc (TSLA.O). Stellantis was created through the $52 billion merger of Fiat Chrysler and Peugeot maker PSA in 2021. ($1 = 0.9223 euros)Reporting by Chandni Shah and Maria Ponnezhath in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Jeep's CEO doesn't think there are enough raw materials on earth to meet electric-car demand
▼ + stars: | 2023-03-29 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Automakers are already racing to secure limited raw materials. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStellantis' CEO doesn't think there are enough raw materials readily available to meet electric vehicle needs. "The affordability is not there, because the raw materials are scarce and very expensive, and I would add very volatile," Tavares said. Tesla CEO Elon Musk has emphasized just how much of a challenge getting these materials will be for EV-makers. Even mining executives have expressed concern that demand for these materials continues to outstrip the current available supply.

☆ 9 questions you should always ask when buying a car
▼ + stars: | 2023-03-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

☆ Kellogg is giving its Pringles and Cheez-It business a new name with classical Latin twist. It's the latest company name to incorporate the 'dead' language.
▼ + stars: | 2023-03-15 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Kellogg is renaming its snack business "Kellanova" — a combo of Kellogg and a Latin word for "new." Kellogg is naming its snacking division "Kellanova," the latest step in breaking up the company, it said on Wednesday. The name draws inspiration from the Kellogg name and a common Latin word, Kellogg CEO Steve Cahillane said in a statement. Etsy and Mondelez are among other companies with Latin namesKellanova is hardly the first company rebrand to draw inspiration from Latin. Before that, cigarette maker Philip Morris said it would change its name to "Altria" in an allusion to the Latin word for "high," the Journal reported in 2001.

☆ Stellantis to invest $155 million in U.S. to produce new electric drive modules
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Companies Stellantis NV FollowMILAN, Feb 28 (Reuters) - Stellantis (STLAM.MI) said on Tuesday it will invest a total of $155 million in three plants located in Kokomo, Indiana, to produce new electric drive modules (EDM) that will be fitted in electric vehicles which the carmaker will assemble in North America. "With the investment, more than 265 jobs will be retained across all three plants," it said. Stellantis aims to have battery electric vehicles (BEV) account for 50% of its sales in the U.S. by 2030. Stellantis was created through the $52 billion merger of Fiat Chrysler and Peugeot maker PSA in 2021. Reporting by Giulio Piovaccari; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis, unions agree 2,000 voluntary job cuts in Italy this year
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 27 (Reuters) - Stellantis (STLAM.MI) and unions signed an agreement to cut up to 2,000 workers from the carmaker's Italian operations this year through voluntary redundancies, workers' representatives said on Monday. The redundancies amount to more than 4% of Stellantis' current workforce in Italy of around 47,000 people, FIM, UILM, Fismic, Uglm and Aqcfr unions said in a joint statement. Incentives will vary based on seniority and proximity to retirement age, the unions added. Proposed packages will be smaller for younger workers, while office workers will also be offered relocation schemes, unions said. The deal adds to at least two previous accords Stellantis and unions signed last year for more than 2,500 voluntary layoffs in Italy.

Stellantis said it had achieved cash synergies of 7.1 billion euros last year, far exceeding the 5 billion euros by 2024 target it had set at the time of the merger. Stellantis's adjusted second-half earnings before interest and tax (EBIT) grew 17% to 10.95 billion euros, topping a consensus estimate of 9.63 billion euros in a Reuters poll of analysts. The margin on adjusted EBIT was 12% in the second half, down from 14.1% in the first six months of the year. It reiterated the same margin target for 2023, as well as one for positive cash flows. ($1 = 0.9393 euros)Reporting by Giulio Piovaccari; Editing Jan Harvey, Mark Potter and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis tops forecasts in H2, launches 1.5 bln euro share buy-back
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

[1/3] The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, February 1, 2022. The company also announced a dividend of 4.2 billion euros ($4.48 billion), or 1.34 euros per share, on 2022 results, and said it would launch a share buyback program worth up to 1.5 billion euros to be performed by the end of this year. Adjusted earnings before interest and tax (EBIT) at the world's third largest auto maker by sales stood at 10.949 billion euros in the July to December period, topping analysts' expectations from a Reuters poll of 9.63 billion euros. Stellantis, which was created just over two years ago through the merger of Fiat Chrysler and Peugeot maker PSA, said it had so far made cash synergies of 7.1 billion euros. That places it two years ahead of schedule in its target to reach annual cost savings of 5 billion euros.

☆ Bumper merger savings help Stellantis profit top forecast
▼ + stars: | 2023-02-22 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +3 min

It will also pay a dividend of 4.2 billion euros on 2022 results, or 1.34 euros per share. Adjusted earnings before interest and tax (EBIT) came in at 10.95 billion euros for July-December, topping analysts' consensus estimate in a Reuters poll of 9.63 billion euros. It reiterated the same margin target for 2023, as well as one for positive cash flows. Increased industrial costs had an overall impact on the group's results last year of over 9 billion euros. "Challenges continue in securing capacity for (vehicle) outbound transportation: initially it was from plants to compounds and from compounds to dealers.

☆ Jeep, Dodge maker Stellantis posts record annual profit, announces $4.47 billion shareholder payout
▼ + stars: | 2023-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

An engine undergoes assembly at the Stellantis Dundee Engine Complex on August 18, 2022 in Dundee, Michigan. Carmaker Stellantis on Wednesday announced record full-year results, reporting a 26% rise in net profit to 16.8 billion euros ($17.9 billion) and a 41% annual jump in global battery and electric vehicle sales. Stellantis CEO Carlos Tavares said the results also demonstrated the effectiveness of the company's electrification strategy in Europe, with 288,000 battery and electric vehicle (BEV) sales in 2022 and 23 BEVs now on the market. This figure is expected to double to 47 models by the end of 2024, and Stellantis is targeting global BEV sales of 5 million by 2030. "We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024," Tavares said.

☆ Buffett-backed BYD and more: Analysts name top 'climate stocks,' giving one 100% upside
▼ + stars: | 2023-02-22 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Energy storage and the future of transport are two of the "most attractive" climate themes to invest in right now, according to HSBC analysts. "While long-term valuations are still below average, consensus expect earnings to grow c40% higher than global climate stocks over the next 12M," said the bank's analysts in a Feb. 20 note. Stocks with the most upside HSBC named buy-rated stocks under both of these themes which have among the highest upside to the bank's price targets. In energy storage, electric vehicle battery maker CATL (55% upside), lithium producer SQM (40% upside) and lithium producer Livent (38% upside) made the list. "The global energy storage market continues to grow, despite higher energy storage costs in 2022.

☆ These are the best car brands of 2023
▼ + stars: | 2023-02-17 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Consumer Reports released a list of top car brands Thursday. Consumer Reports released its list of the top car brands for 2023 on Thursday. Taking the bottom five spots are Mitsubishi, Alfa Romeo, Jaguar, Jeep, and Land Rover, with Land Rover at the very bottom. Consumer Reports ranked brands first by determining a road-test score using braking, handling, comfort, convenience, and fuel economy evaluations. The other domestic brands fell in the bottom-third of the rankings.

☆ Why you won't see many car ads during Sunday's Super Bowl
▼ + stars: | 2023-02-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

The average cost of a 30-second commercial during last year's Super Bowl was $6.5 million, up more than $2 million over 2016 rates. Automakers — historically among the largest Super Bowl advertisers — are mostly bypassing this Sunday's NFL championship game to preserve cash or spend ad dollars elsewhere. And EV startup Polestar, whose ad was a success in the 2022 Super Bowl, said it will also not advertise this year. Ferrell also appeared in GM's Super Bowl ad promoting EVs two years ago. Stellantis has not released its ads, while GM, Kia and WeatherTech released their commercials earlier this week.

☆ Mexico in talks with top carmakers to make electric vehicles, foreign minister says
▼ + stars: | 2023-02-03 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +3 min

MEXICO CITY, Feb 3 (Reuters) - Mexico is gearing up to build several manufacturing hubs for electric vehicles across the country, Foreign Minister Marcelo Ebrard told Reuters, and is in talks with some of the world's top carmakers. Ebrard said in an interview late on Thursday that Mexico was keen to capitalize on the global shift to electric vehicles. "What they are more concerned about is having a guaranteed supply of clean energy, having water, having the personnel they need, facilitate electric power transmission lines," he said. Harald Gottsche, head of the BMW plant in the state of San Luis Potosi, which will produce fully electric cars, said Mexico also needs to push the consumer shift to electric vehicles. In addition to electric vehicles, Ebrard said he was also keen to attract more semiconductor and battery businesses - and build out transport infrastructure in the port of Coatzacoalcos, in the Gulf of Mexico.

☆ Car buyers frustrated with inventory shortages should head to a Ford or GM dealer
▼ + stars: | 2023-02-03 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

In January, dealers were sitting on 37 days' supply, with about 21 days for cars and 41 days for trucks, according to a Deutsche Bank note Thursday. The domestic automakers had higher days' supply than others, with Ford at 60 days, GM at 52 days, and Stellantis (the merger of Fiat Chrysler and the French PSA Group) at 68 days, per Deutsche Bank. Even with inventory improvements, car-buyers need to look out for high interest rates and loan payments. Kekyalyaynen / Shutterstock.comBeware high interest rates and loan paymentsJust because there are available vehicles, that doesn't mean demand for cars is waning. Some automakers' loan payments are much higher than others, pricing buyers out of the market.

☆ Stellantis, Vulcan Energy to develop renewable energy assets in Germany
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Jan 17 (Reuters) - Automaker Stellantis (STLA.MI) has teamed up with lithium group Vulcan Energy Resources (VUL.AX) to develop geothermal energy projects in Germany to help decarbonise production of electric vehicles at Rüsselsheim, the two companies said on Tuesday. Stellantis' Rüsselsheim facility is where the world's third largest carmaker by sales produces its DS 4 and Opel Astra models. War in Ukraine has tightened Europe's energy supply, causing uncertainty for manufacturers already suffering from strained supply chains for raw materials and components such as semiconductors. Stellantis CEO Carlos Tavares said the partnership with Vulcan reinforced the group's commitment to greater use of cleanenergy. The carmaker, formed two years ago through the merger of Fiat Chrysler and Peugeot maker PSA, already has a deal with Vulcan for lithium supply from the miner's project in the Upper Rhine Valley in Germany.

☆ The pandemic may have ended the auto industry's age-old battle for market share
▼ + stars: | 2023-01-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Automakers have spent decades battling each other for market share. Before COVID, automakers often treated market share as the key to their success. "Market share for market share's sake comes at a cost," Kristin Dziczek, Federal Reserve Bank of Chicago policy advisor, said at the firm's annual auto insights symposium in Detroit. Dropping market share doesn't concern GM and FordHowever, the long-standing industry-leaders don't seem worried about growing market share for the likes of Hyundai and Tesla (at 10.6% and 3.8%, respectively, in 2022, per Kelley Blue Book) — and it might mean that the battle for market share is over. "There's going to be more of a focus on more of those high-profit-type vehicles," Stoddard said.

☆ The most and least reliable cars you can buy in 2023, according to Consumer Reports
▼ + stars: | 2023-01-12 | by ( Tim Levin | ) www.businessinsider.com time to read: 1 min

The nonprofit outlet asked its members about 17 trouble spots — from fading paint to faulty transmissions — and ranked the five most and least reliable new cars. Jeep Wranglers are displayed at a Manhattan Fiat Chrysler dealership on July 23, 2018 in New York City. Spencer Platt/Getty ImagesRead more: Tesla, Mercedes, and Jeep cars give owners the most problems, Consumer Reports says. These are the most and least reliable brands.

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