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Stellantis had a knock-out year | Rio Tinto had a dire 2022 |

Hi Reader, here's what you need to know for February 23rd in 3:10 minutes.

☕️ Finimized over a bicerin at Caffè al Bicerin in Turin, Italy (11°C/52°F ☁️)

Today's big stories

  1. Carmaker Stellantis reported souped-up, record-breaking full-year results
  2. Here’s how Ethereum’s big Shanghai upgrade might shake things up – Read Now
  3. Mining giant Rio Tinto reported that its profit took a plunge

A Fiat Of Strength

A Fiat Of Strength

What’s Going On Here?

Carmaker Stellantis reported a beefed-up, record annual profit on Wednesday.

What Does This Mean?

The name “Stellantis” may not ring a bell for most folks, but mentioning a few of the auto giant’s car brands – like Chrysler, Fiat, and Peugeot – will spark a glimmer of recognition in almost anyone’s eyes. And these days, it’ll have investors’ eyes lighting up too. See, while chip shortages hit carmakers worldwide, Stellantis kept its cool, focusing on marketing and on making pricier models instead. And that did the trick: the number of cars Stellantis sold fell by 2%, but revenue still managed to leap up by 18%. That brought profitability to new heights in every market the firm operates in, raking in a record net profit of $18 billion. After that performance, a reward was clearly in order – so Stellantis gave its stock a boost with the announcement of a sizable share buyback program and dividend payout.

Why Should I Care?

The bigger picture: Low battery.
Stellantis got a welcome jolt from its European EV strategy, with global EV sales revving up by 41%. And it’s aiming high for the future too, planning to double its electric offerings by the end of next year. Thing is, though, dreams like that are on a collision course with one big roadblock: the world’s paltry charging infrastructure. Take Europe: a McKinsey study shows the region’s setting up charging stations at a snail’s pace, meaning it will need to increase 2021’s installation numbers sixfold by 2030 to meet demand.

Zooming out: The biggest loser.
Holding onto last year's fat margins could be a challenge for Stellantis, especially with Tesla and Ford engaging in a cut-throat price war. Tesla – the original EV giant – made especially drastic cuts, leaving the Model 3 at the cheapest it's ever been compared to the typical American car. So if Stellantis wants to compete, it might have to cut prices and improve its efficiency to protect margins.

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Analyst Take

Ethereum’s Shanghai Upgrade Could Awaken This Sleepy Giant

Ethereum’s Shanghai Upgrade Could Awaken This Sleepy Giant

By Jonathan Hobbs, Analyst

Ether’s been a bit on the quiet side this year. 

Sure, it rallied with bitcoin and the rest of them, just not as much. 

But that might be about to change: now Ethereum’s Shanghai upgrade is just a month away, the number two crypto could be on the verge of a far bigger move. 

That’s today’s Insight: two possible opportunities on Ethereum’s horizon.

Read or listen to the Insight here

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Rio Tinto Ran Dry

Rio Tinto Ran Dry

What’s Going On Here?

Mining giant Rio Tinto posted some dry-as-dust results on Wednesday, but the firm’s outlook predicted an incoming flood.

What Does This Mean?

2022 was a wild ride for metals, with dizzying early highs followed by a debilitating slump in the second half of the year. And China’s desperate attempts to contain Covid didn’t help matters, choking activity in the world’s second-biggest economy and dealing a crushing blow to the price of iron ore – a key material in steel production. Rio Tinto, the world’s top iron ore producer, certainly felt the heat: lofty labor and material costs ate into the miner’s bottom line just as prices plummeted, and profit for the full year nosedived 38% from 2021. But never fear: Rio Tinto’s “quietly confident” for 2023, especially now that China has got back to business. Still, that outlook was cold comfort for investors when the world’s second-biggest miner slashed its annual dividend by 50%, and they sent its stock tumbling.

Why Should I Care?

The bigger picture: Steel yourself.
For Rio to see the glory days return, China’s property sector – a key end-user of its iron ore in the form of steel – will need to get back in shape. And it looks like that just might happen: the Chinese government recently announced a pilot program allowing investment funds to operate in the market, a move that could help revive stalled projects in the sector, and one of a raft of efforts intended to give the sector a much-needed jumpstart.

Zooming out: Green gold mine.
Rio gave the EV world something to toot its horn about this week: a new green agreement with BMW. The German carmaker's looking to reduce its emissions and Rio's going to help out, supplying the firm with aluminum produced using hydroelectric power. For BMW, that means taking a chunk out of its carbon footprint – and for Rio, it suggests that eco deals could prove plentiful down the line.

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💬 Quote of the day

“I cook with wine, sometimes I even add it to the food.”

– W. C. Fields (an American actor)
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Image credits: midjourney ai and solomon7 - Shutterstock | Rio Tinto

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