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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

Aptly-named Hooligans motorcycle gang charged with stealing 150 Jeep Wranglers

Nine members of the Tijuana, Mexico-based Hooligans motorcycle gang are facing federal charges, accused of stealing 150 Jeep Wranglers in San Diego County, then moving them across the border, where they were sold or stripped for parts. "The joy ride is over for these Hooligans," said Deputy U.S. Attorney Mark Conover. "For many of us, our cars are our most valuable possessions," he said. "These arrests have put the brakes on an organization that has victimized neighborhoods in a different way, by stealing something very personal, something that has required a lot of sacrifice to purchase." Conover said the gang also stole dozens of motorcycles. The indictment alleges that the gang used old-fashioned shoe leather, a high-tech device, and a specific Chrysler dealership to pull off the thefts. San Diego County faced a rash of Wrangler thefts in 2014. Conover says most of the Jeeps were stolen in the middle of the night, and most were equipped with alarms, yet no alarm ever went off. Police were perplexed about that until they caught a break. On Sept. 26, 2014, a Jeep was stolen out of a driveway in Rancho Bernardo, where a security camera showed the thieves' method. Based on what they saw in the surveillance footage, officers sent Chrysler a list of 20 Jeeps that had been stolen and asked whether anyone had requested duplicate keys - and sure enough, a duplicate had been issued for all 20 - and all from the same dealership, in Cabo San Lucas, Mexico. The indictment alleges that the Hooligans would case a specific Jeep days ahead of stealing it, and would take down its vehicle identification number. Somehow they managed to obtain the secret key codes that would allow them to request a duplicate key for that particular Jeep. During the theft, the indictment says, the Hooligans would disable the alarms system, program the duplicate key using a handheld device, then simply drive away. The fact that Jeeps' engine bays can be easily accessed because of their external latches made the job even easier. (Authorities recommend Jeep owners purchase aftermarket locking latches.) Three of the gang members have been arrested. One was already in custody when two others were arrested this week, one of them at San Diego's massive San Ysidro border crossing. The six others facing charges are still at large and believed to be in Mexico. Seven are US citizens, while two are from Mexico. The collective value of the thefts is estimated at $4.5 million.

New Jeep Wrangler pickup spy shots reveal suspension and tire details

Most of the spy shots we've received of the Wrangler pickup have been from a bird's-eye perspective. However this time, one of our spy photographers got up close to the truck at ground level. The new view shows us some interesting details regarding the truck's suspension, as well as the placement of the spare tire. Immediately evident is that the Wrangler pickup will have the same sort of suspension design as its SUV sibling. Solid axles are employed at the front and rear, and it appears that the rear axle is coil-sprung, since there are no leaf springs nor shackles present underneath. The photos also reveal that the truck won't have a tailgate-mounted spare tire like the SUV. Instead, it will have a more traditional truck location beneath the bed. Few other new details can be seen from the spy photos. This prototype sports the same production-style bed we've previously seen. The photos also really show just how long this Wrangler pickup is. With such a long wheelbase and rear overhang, the pickup will have more difficulty with hills than the bed-less versions. Of course, it will also be able to carry more than those Wranglers. We expect it go on sale in late 2019 based on previous reports. Related Video: