The creation of Stellantis N.V. by merging Fiat Chrysler and Peugeot occurred in January and created the world’s fourth largest automaker. It has posted financial results of the legacy operations – FCA and PSA – for the year ended December 31, 2020. Group revenue amounted to €60,734 million in 2020, down by -18.7% compared to 2019. Automotive revenue amounted to €47,613 million down by -19.2% versus 2019, mainly from the negative impact of volumes and country mix (-23.9%), the impact of exchange rates (-1.8%) and the decrease of sales to partners (-0.3%); conversely, revenues benefited from the positive effect of product mix (+4.2%) and price (+0.9%), as well as others (+1.7%).
Nonetheless, what is now Stellantis was profitable in 2020 despite COVID-19 with 7.1% Automotive adjusted operating margin at €3.4 billion. Its 9.4% H2 Automotive adjusted operating margin was a record. The net result of group share was €2.2 billion with €2.7 billion Automotive free cash flow and a €13.2 billion Automotive net financial position. Continue reading












Ford Motor Recalls All 2021 Mustang Mach-E Crossovers
All the Mustang EVs are in the US or Canada.
Ford Motor Company is issuing a safety recall for all 2021 Mustang Mach-E vehicles. Ford said it discovered some vehicles may have sub-frame bolts that an unnamed supplier (Martinrea Honsel in Mexico) did not tighten to specification. Ford also said in a late Friday afternoon release – days before required NHTSA safety recall documents are publicly available, including info on how the defect was determined – that “it is not aware of any accidents or injuries related to this condition.” Condition is pr babble for safety defect. Continue reading →