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Fiat Chrysler made $29M profit in its final year before Stellantis merger

Fiat Chrysler made $29M profit in its final year before Stellantis merger
Fiat Chrysler Automobiles NV posted $29 million (24 million euro) in net income for 2020, a 99% decline year-over-year as the coronavirus pandemic slashed production and demand globally.
Stellantis NV, the transatlantic merger between FCA and French rival Groupe PSA that closed in January, reported early Wednesday annual and fourth-quarter results for both automakers during which they operated as completely separate companies.
PSA posted $2.445 billion (2.022 billion euro) in consolidated income for 2020, down 44%, on $73.461 billion (60.734 billion euro) in revenue, down 19%.
Stellantis shares were rising 1.35% in pre-market trading Wednesday as the world s fourth largest automaker by volume forecasted an adjusted operating income margin between 5.5% and 7.5% for 2021 without significant COVID-19 lockdowns. ....

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Wage theft exposed at Fiat Chrysler/Stellantis Detroit Assembly Complex

Wage theft exposed at Fiat Chrysler/Stellantis Detroit Assembly Complex
Autoworkers have experienced wage theft and dangerous working conditions at Stellantis’ new Detroit Assembly Complex - Mack, according to sources who spoke with the
World Socialist Web Site Autoworker Newsletter. Stellantis is the new global auto company formed by the merger earlier this month between Fiat Chrysler Automobiles (FCA) and Peugeot (PSA).
The plant, which opened late last year on the grounds of the former Chrysler Mack Avenue Engine Complex, is the city of Detroit’s first new assembly plant in three decades. This plant and adjacent Jefferson North Assembly Plant will produce the new Jeep Grand Cherokee luxury SUV, which debuts this spring. ....

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Debate over Fiat Chrysler's promised Detroit jobs highlights transit deficiencies

Newly hired Detroiters working at suburban facilities while awaiting plants opening
Commuting to suburbs can be challenging for Detroiters
FCA US LLC
A body shop is part of FCA US LLC s revamped Mack Avenue plant on Detroit s east side, where construction is about 95 percent complete.
A debate over how many Detroiters will benefit from a promised 4,950 new Fiat Chrysler jobs at two plants on the city s east side highlights some familiar deficiencies in metro Detroit: a lack of adequate public transit amid a longstanding imbalance in jobs available inside and outside the city.
Auburn Hills-based FCA US LLC has offered jobs to more than 4,100 Detroit residents as it hires for the nearly finished Detroit Assembly Complex on Mack Avenue. Production is expected to start around the end of next quarter. ....

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Auto companies' stocks rise as workers die from COVID-19 - World Socialist Web Site

Auto companies’ stocks rise as workers die from COVID-19
With COVID-19 cases surging in auto plants, Wall Street is demanding car companies increase production to restock depleted dealer inventories. At the same time, anger among workers is growing over the mounting toll of sickness and death and the efforts of the United Auto Workers and management to suppress opposition to unsafe conditions.
According to the Michigan Department of Health and Human Services, manufacturing facilities, including auto plants, continue to be major vectors of virus transmission in the state. For the week ending Dec. 3 the state’s health department reported 40 new outbreaks at manufacturing and construction sites, including 12 in the greater Detroit area and another four at agricultural and food processing worksites. These are in addition to 112 ongoing outbreaks identified in manufacturing and construction sites. ....

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America Isn't Making Cars Fast Enough

not brought to a standstill is America’s appetite for new cars. We can’t crank them out fast enough, according to the largest U.S. auto lender. All that and more in The Morning Shift for December 10, 2020.
Advertisement
1st Gear: America Isn’t Making Cars Fast Enough
At least we’re not according to Ally Financial Inc. and America’s car dealers, as Bloomberg reports:
Ally Financial Inc., the largest U.S. auto lender, said carmakers should get busy.
There’s enough consumer demand for manufacturers to ramp-up output of new models but not enough supply, Chief Executive Officer Jeffrey Brown told investors at a conference on Tuesday. ....

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