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Stellantis reports record margins, $7B profits despite chip shortage

MILAN — Automaker Stellantis on Tuesday said it achieved faster-than-expected progress on synergies and record margins in its first six months as a combined company, despite suffering 700,000 units in lower production due to interruptions in the semiconductor supply chain. The company — formed from French carmaker Peugeot PSAÂ’s takeover of the Italian-American company Fiat Chrysler — reported net profit of 5.9 billion euros ($7 billion) in the first half of 2021, compared with a loss 813 million euros during the same period a year earlier, which was impacted by the coronavirus restrictions around the globe. Shipments rose 44% to 3.2 million units, while revenues rose 46% to 75 billion euros. “We are very pleased with the speed with which the new team has begun to execute as one company, as Stellantis,Â’Â’ Chief Financial Officer Richard Palmer told reporters. Semiconductor shortages accounted for 200,000 units of production losses in the first quarter and 500,000 in the second quarter. Semiconductors are used more than ever before in new vehicles with electronic features such as Bluetooth connectivity and driver assist, navigation and hybrid electric systems. Stellantis achieved 1.3 billion euros in cost savings in the first half, mostly by sharing investments in new technologies and platforms, which Palmer said was a faster rate than initially forecast. It aims to achieve 80% of the targeted 5 billion in cost savings by 2024. “These synergies allow us to continue to invest in the electrification strategy, which we talk about every day,” Palmer said. Stellantis, which lags competitors in rolling out electric vehicles, plans to launch 21 fully electric or plug-in gas electric hybrid vehicles over the next two years. North American posted record profitability on global sales of Ram trucks and the strong launch of the Jeep Wrangler 4xe, which was the best-selling plug-in gas electric vehicle in the United States in the second quarter. Stellantis was the market leader in South America and second in Europe. The results were presented on a pro-forma basis, taking into account the performance of each of the carmakers as separate entities during 2020. Related video: 2021 Jeep Wrangler Rubicon 392 Inside and Out

Automakers, dealers are rushing cars to Houston after Harvey

DETROIT — Houston-area car retailers and automakers are rushing to reopen dealerships and beef up inventory to replace many hundreds of thousands of vehicles damaged in flooding from Hurricane Harvey. Pete DeLongchamps, vice president for manufacturer relations at Group 1 Automotive, the third-largest U.S. auto dealer group, said the company prepared for the storm with a plan designed after Hurricane Katrina in 2005. This included moving moved inventory to higher ground and cleaning roof drains to avoid cave-ins. Group 1 thus lost a "relatively small percentage" of inventory and reopened its roughly 25 dealerships in the Houston and Beaumont area by Thursday. "Things have been moving fast and furious with a large number of tow-ins already," DeLongchamps said. "Our customers have lost a lot of vehicles, we need to help them replace." Harvey brought record flooding to Houston and killed at least 35 people. The storm is expected to briefly depress already slowing U.S. auto sales but could eventually help boost demand as damaged cars are replaced. Automakers report U.S. August sales on Friday. Estimates for the number of Harvey-damaged vehicles needing replacement range up to 500,000. By Thursday, AutoNation, the largest U.S. auto retail chain, had reopened its 17 Houston stores and is moving cars and trucks from other regions, company spokesman Marc Cannon said. The company plans to move 500 to 1,000 used cars to an AutoNation USA used car store and stage a sale Sept. 21-23, when many would-be buyers should have insurance checks to replace destroyed vehicles, Cannon said. AutoNation is still assessing how many vehicles it lost, but it too moved vehicles to higher ground ahead of the storm. General Motors spokesman Jim Cain said the number of damaged vehicles at dealerships "is relatively modest." "But there are still several dealerships that are inaccessible, so the number will increase," he said. GM will move new and used vehicles to Houston, "but it won't be done until the infrastructure and our dealers are ready." Ford is still assessing damage and inventory needs, a spokeswoman said. CarMax, the biggest U.S. used car dealer, will reopen its six Houston area stores on Labor Day, spokeswoman Claire Hunter said. "We are mobilizing additional inventory to the region as we speak," Hunter said. Paul Lips, chief operating officer at ADESA, a unit of KAR Auction Services Inc., which with Manheim dominates the U.S.

Bonhams to auction Carroll Shelby's prototypes and personal cars

Fans of Carroll Shelby will want to make their way to Greenwich, Conn., this June, because Bonhams will be selling a great many cars from the man's personal collection. And many of them are the first of their kind, marking important milestones in Shelby's career. One of those important cars is a 1982 Dodge Charger prototype, which might not look as impressive as a Cobra, but it was important in that it was the first car on which Shelby collaborated with Chrysler. That car led to the first Shelby Charger, as well as other special small Chryslers including the GLH Omnis and Chargers (GLH standing for "Goes Like Hell"). In fact, the first Charger GLH-S (Goes Like Hell S'more) is also part of this collection. There are even some prototypes up for auction that never resulted in a production car, such as a Shelby modified Dodge Ram. That one is probably our favorite: the gold ram hood ornament, the huge pentastar in the grille, the double-barrel truck horn on the roof. It's wonderful nonsense. Of course it isn't just Chryslers going up for sale. There are a couple of GT500 and GT350 Mustangs in the mix from a variety of years. Perhaps most interesting is the very first Shelby Series I, Shelby's ill-fated roadster designed from the ground-up by the Texan's company. Unlike the other early Series I models, Shelby's had a supercharger, which led to a supercharger option being offered later. You can check out the full list of cars below, and pictures of each one in the gallery at the top. The auction will happen on June 3, and every vehicle offered has no reserve, so they'll all be sold for whatever price is shown at the drop of the gavel. 1927 Ford Model T 1931 Ford Model A 1935 Chrysler Airflow Sedan 1955 DeSoto Hard Top 1966 Shelby GT350 Convertible 1967 Lincoln Continental Convertible 1968 Shelby GT350 1969 Shelby GT 500 previously owned by Jackie Cooper Jr. 1969 Shelby GT 500 1982 Shelby Charger Prototype 1983 De Tomaso Pantera 1983 Dodge/Shelby Pickup Concept 1987 DeTomaso GT5-S 1987 Dodge CSX Serial #1 1987 Shelby Charger GLH-S Serial #1 1987 Dodge Shelby Lancer Serial #1 1988 Dodge Shelby Dakota Prototype 1989 Dodge CSX VNT Serial #1 1965 Shelby Cobra 427 Continuation 1999 Shelby Series 1 Serial #1 2008 Shelby GT 500 KR 2011 Shelby GT 500 Super Snake Aurora Race Car Related Video: Featured Gallery Shelby Collection View 72 Photos Image Credit: Bonhams Chrysler Dodge Ford Auctions Performance Classics shelby