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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

The Dodge Demon was developed under a cloud of smoke

The Dodge Demon needs no introduction. The car is so full of superlatives that most of it sounds unbelievable until you see and hear it in action. The car was revealed after months of teasers and cryptic messages, but the public weren't the only ones in the dark. From the start, the Demon's development was a closely guarded secret. There were even some within SRT that didn't know about the project. The people behind the car went through a lot of effort to keep it that way. At an event covering the finer details of the Demon's supercharged 6.2-liter V8, Dodge CEO Tim Kuniskis and SRT Powertrain Director Chris Cowland spoke about the smoke and mirrors used to hide the Demon's development. Work on the car progressed for nearly two years before it was made public, with just a small team having full access to the project. Numbers were altered. Secret meetings were held. SRT engineers worked nights and weekends while parts suppliers were given as little information as possible to move progress forward. Preliminary work on the Demon began in April of 2015, not long after the standard Hellcat hit the streets. The goal wasn't to create a faster Hellcat. Kuniskis said that would have been easy. They wanted a single-minded vehicle that could also be driven on the road. It's the same mindset that brought about the Dodge Viper ACR. Dodge wanted a car that could sell the brand to both enthusiasts and non-enthusiasts alike. 840 horsepower is going to raise anyone's eyebrows, including the Camry owner parked down the street. While preliminary work started in April, the final greenlight wasn't given until September. The project was originally going to revive the American Drag Racer, or ADR, name. When we saw the first hints of the Demon last fall, we labeled the spy photo above the Dodge Challenger ADR. It was set to have 10-percent more power and 20-percent more launch force than the already gut-punching Hellcat. It was also only going to have a quarter-mile time in the 10s, just slightly quicker than the Hellcat. Somewhere along the line, the team realized that the ADR wasn't enough. It was just going to be a Hellcat plus, and that wasn't exciting. The main goal was changed: 9s with light. Translated, that means a 9-second quarter mile with light under the tires (read: a wheelie). From that point forward, everything about the Demon's development, from power to suspension to weight, would be done in pursuit of that goal.

Dodge to sell off first Challenger SRT Hellcat for charity

Want to get your hands on a new 2015 Dodge Challenger SRT Hellcat, and can't wait to be the first to get one? Las Vegas will be the place to be on September 27. That's where Barrett-Jackson will auction off the very first example. And you'd better bring your checkbook, because the bidding is sure to be fierce with all the proceeds going to charity.
The supercharged Challenger with VIN 0001 has been hand-painted in Stryker Red (usually reserved for the Viper) and features special badging, documentation and accompanying memorabilia - not to mention, of course, that 707-horsepower, 6.2-liter supercharged Hemi V8. The car will be on display this weekend as well at Barrett-Jackson's Hot August Nights auction in Reno.