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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

2017 Jeep Cherokee vs. all-new Compass

If Fiat Chrysler Automobiles (FCA) can be described as on a roll, it's not by virtue of Fiat or Chrysler. The Fiat brand continues to struggle, with a restricted lineup and fragmented dealer network. The Chrysler brand is reduced to two models: an all-new Pacifica minivan and a 4-door sedan – the 300 – desperately in need of a revamp. And while Dodge is building interest via high-performance, its platforms are dated. The only real excitement is within the Ram and Jeep ranks, where global growth is fueled by cheap gas and a wealth of new intros. The newest Jeep is the Compass, and while classified as a compact, its size, interior room, and powertrain overlap nicely (or confusingly) with its midsize sibling, the Cherokee. And given their close proximity in price – the Trailhawk Compass starts in the high $20,000s while the Cherokee begins in the low $30,000s – they both could easily appear on a buyer's short list. Jeep Cherokee Trailhawk: This is an interesting crossover entry on many levels. You could begin with its polarizing sheetmetal. If, as a Jeep loyalist in 2014, you had expected the two-box profile of its wildly successful predecessor, you'd have missed the mark by an off-road mile. With a front-wheel-drive/all-wheel-drive platform housing a transversely mounted four or (optional) V6, you could store a small refrigerator in the new Cherokee's front overhang. And the previous Cherokee's slab sides and expansive greenhouse have morphed into aggressively sculpted sheetmetal and essentially no greenhouse. Yet we've grown to like it, but only as a jacked-up, big-wheeled Trailhawk. If considering the more street-oriented, front-wheel drive Cherokees, you'd do well to cross-shop. Inside, the Cherokee Trailhawk impresses. Its design and details hit above the competition, and the Cherokee won Ward's Autos 'best interior' at the time of its introduction. The Ward's team gave a shout-out to an interior "roomy, comfortable, and boldly styled with highly sculpted shapes and contrasting colors. Fold-flat rear seats add lots of utility and the Uconnect system is the best in the business." Our take is similar, and while in its fourth model year you could expect a refresh soon (make that very soon), there's little wrong with this introductory baseline. With roughly 25 cubic feet of space behind the second-row seat, you won't be blown away by the Cherokee's cargo capacity.

Dodge, Jeep and Ram could soon be owned by Chinese automakers

For the past several years, Fiat Chrysler CEO Sergio Marchionne has made it widely known that the automaker he helms is up for grabs. First, he sent an email to GM CEO Mary Barra, who immediately refused to even discuss a merger. Later, Marchionne set his sights on Volkswagen. That too was swiftly rebuffed. It seemed like no global automaker was remotely interested in a partnership. Now, Automotive News reports that several Chinese automakers have come calling, only FCA isn't ready to answer. At least not yet. The news broke this morning that a major Chinese automaker had made an offer to purchase FCA for slightly above market value. FCA refused, saying the offer wasn't quite generous enough. It's unclear which automaker made the offer, but Automotive News says there's more than one interested party. FCA representatives have recently traveled to China to meet with Great Wall Motors, while Chinese representatives were seen at FCA corporate headquarters in Auburn Hills, Mich. The Chinese government has a lot of money invested in local automakers. It's putting pressure on these automakers to expand globally, including to the United States. As it stands, it's a matter of when a Chinese automaker will start selling cars here, not if. Purchasing an established automaker with a wide range of products and a huge dealer network would do wonders in giving the Chinese a foothold here. Sure, Geely owns Volvo, but a luxury automaker doesn't have nearly as much reach as a more mainstream company like FCA. This seems like the best case scenario for both a Chinese automaker looking to move into the U.S. and for FCA, at least from a business standpoint. The latter doesn't seem to have any other interested parties. It will be interesting to see how FCA would sell a deal like this to the public. We're not sure everyone will be happy with Dodge, Jeep and Ram falling under Chinese ownership. FCA didn't turn down the Chinese because they didn't like the idea. It turned down the offer because there wasn't enough money on the table. Related Video: News Source: Automotive News Earnings/Financials Alfa Romeo Chrysler Dodge Fiat Jeep RAM