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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

Ralph Gilles responds to Dodge rumors, says brand is 'here to stay'

This is why we love Ralph Gilles. While in Italy hanging out with a group of Viper Club members in Europe, the SRT boss took the time to respond to a question directed at him on Instagram in regards to the future of Dodge.
Recent reports have painted a bleak picture for Dodge, but Gilles defended Chrysler's full-line brand by stating that the rumors are, "all rumors, Dodge is here to stay! It may get more focused going forward but not killed!" The idea of a "more focused" Dodge brand could lend some credibility to reports that the Grand Caravan and Durango are on their way out, which would leave Dodge solely as a car, or car-based, automaker.

Watch these Dodge Demons explode on a Texas drag strip

The Dodge Challenger SRT Demon is extremely quick. It can hit 60 mph from a dead stop in less time than it takes to read this sentence thanks to its supercharged 6.2-liter V8. That engine makes up to 840 horsepower and 770 pound-feet of torque, depending on what octane is running through the fuel lines. That's a ton of power going solely to the rear wheels. So much so that Dodge developed a number of features and a new set of tires specifically for the car. In our time with the Demon, the car took abuse run after run on a drag strip without skipping a beat, but it seems some actual owners aren't quite so lucky. Just take a look at what happened to a few of these cars. You can see the whole car shake and jitter right as the whole rear explodes in front of the tree. It seems the initial shock from the launch — the most taxing bit of any drag run — is what kills the differentials. Catastrophic failure is rarely pretty, but it is neat to see the whole thing occur in slow motion. Three more cars — four stock and one modified in total — suffered similar fates. Not a great look for Dodge or SRT. According to The Drive, a private drag event in Texas drew a number of Demon owners all trying to beat NHRA NHRA Top Fuel racer Leah Pritchett's time in her personal Dodge Demon — 42 stock Demons attended along with five modified cars. While no one managed to match her 9.65-second quarter-mile run, a few owners did dip below 10 seconds. Now, there are a few of caveats we must address. First, with any modified car, you run the risk of breaking something, even with a car that's set up from stock specifically for drag strips. Even a set of tires like the Mickey Thompsons shown in the video above can have an effect on driveline components. Horsepower may be king, but it's torque that's the rear killer. All that torque sends a shock through the car. Adding even more with aftermarket parts increases the risk of something failing. The modified car was apparently pushing out about 1,000 horsepower. That said, four of the five vehicles were stock, so any extra power or torque should theoretically be a non-factor. The drag strip's surface was maintained by a company called Mass Traction. FCA used Mass Traction during the Demon's development, so that too should be a non-factor in the part's failure. It's unclear what exactly caused the failures, though The Drive reports that FCA officials are investigating the matter. Related Video: This content is hosted by a third party.