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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

Continental Automotive recalls 5 million airbag control units

Takata isn't the only supplier having airbag problems. Rival manufacturer Continental Automotive Systems announced a recall of 5 million airbag control units fitted to vehicles from Honda, Fiat Chrysler Automotive, Mercedes-Benz, and even a certain Chrysler-based Volkswagen. This sweeping recall has actually been in progress for some time, although the exact scope is only now becoming evident. In October of 2015, Mercedes-Benz recalled 2008 and 2009 model year C- and GLK-Class vehicles because their Continental-made airbag control units could corrode. Such a condition could cause the airbags to deploy without cause or warning, or in the event of a crash, not deploy at all. You can read all about it in our post from last year. Now, Continental's recall is going wide. Alongside the already recalled C and GLK, you've already heard about the 2008 and 2009 Honda Accord airbag recall, which we reported on yesterday. Now, Fiat Chrysler is announcing the recall of the 2009 Dodge Journey, as well as the 2008 and 2009 Dodge Grand Caravan, Chrysler Town and Country, and their rebadged counterpart, the Volkswagen Routan. Yes, one manufacturer is recalling another manufacturer's vehicle. The models listed above only amount to about 580,000 vehicles out of 5 million bad airbag control units. And since Continental will notify manufacturers who will then issue their own recalls, it's extremely likely that more brands and vehicles will be ensnared. Stay tuned. Related Video: News Source: NHTSA via Automotive News - sub. req.Image Credit: Fabian Bimmer / Reuters Recalls Chrysler Dodge Fiat Honda Mercedes-Benz Safety Crossover Minivan/Van Sedan FCA

FCA issues recall for 300k Dodge Chargers over airbag sensor

Fiat Chrysler Automobiles has issued another recall, this time for the Dodge Charger. The issue stems from an overly sensitive control module that could deploy the side-curtain airbag and seatbelt pretensioner if the door is kicked or slammed too hard. The recall affects certain Charger sedans from the 2011-2014 model years, specifically those manufactured between May 6, 2010, and June 5, 2014. All told, that amounts to an estimated 322,078 units, including 284,153 in the United States, another 13,169 in Canada, 2,484 in Mexico, and 22,272 overseas. Owners of those vehicles will be asked to bring their vehicles in to their local dealers to have the Occupant Restraint Control module recalibrated, and are being advised in the meantime to "exercise caution when closing doors." If this issue sounds familiar, that's because the automaker issued a similar recall for Ram trucks just last week, affecting over 667,000 four-door pickups in the United States alone. Following a further investigation into its passenger cars, FCA found a similar problem with the Charger, whose door design mandated specific calibration of the module in question for that model. The company says it is aware of three minor injuries potentially related to the issue, but no accidents. This campaign is just the latest in a string of recall-related issues to have emerged from Auburn Hills recently. The Ram truck recall was issued in tandem with another airbag-related recall for a further million pickups. Prior to that it called in another 1.4 million vehicles to update their infotainment system software due to a security issue. Another 350,000 Dodge Journeys were called in before that to have their engine covers secured. The National Highway Traffic Safety Administration is expected to issue the company a massive hundred-million-dollar fine for failing to follow proper procedures related to safety and recall issues. Meanwhile, another NHTSA investigation that could have affected 4.7 million units was closed with no further action deemed necessary. And an appeal court judge in Georgia reduced the damages the company will be ordered to pay the family of a child who died in a fire in a Jeep Grand Cherokee. Statement: Occupant Restraint Control Module August 1, 2015 , Auburn Hills, Mich. - FCA US LLC is conducting a voluntary safety recall to recalibrate control modules on approximately 284,153 U.S.-market sedans to prevent inadvertent side-curtain air-bag and seatbelt pre-tensioner deployment.