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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

Hackers arrested after stealing more than 30 Jeeps in Texas

This article has been updated with details on how the thefts were carried out, and with comments from FCA. It seems the news regarding vehicle hacking continues to get worse, especially when it comes to products from Fiat Chrysler Automobiles. Last year, a Jeep Cherokee in St. Louis, Missouri, was wirelessly hacked from Pittsburgh. Nissan had to shut down its Leaf app because of vulnerabilities. Now, a pair of hackers in Houston, Texas, stole more than 30 Jeeps over a six-month period. The two were arrested by police last Friday while attempting to steal another vehicle. ABC 13 in Houston reports that police had been following Michael Arcee and Jesse Zelay for several months but were unable to catch them in the act until now. The two were using a laptop to connect to and start a vehicle. The thieves were able to access Fiat Chrysler's own DealerCONNECT software. After entering the vehicle identification number, the hackers were able to reprogram the cars' security systems to accept a generic key, according to The Houston Chronicle. Additionally, Automotive News reports that FCA subsequently updated the terms of use for its DealerCONNECT program. These thefts were not related to the UConnect remote hacks from last year. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In April, this surveillance video showed the theft of a Jeep Wrangler Unlimited. It was this footage that first led the police to Arcee and Zelay. The police began to follow and record the pair. That investigation eventually led to Friday's arrest. Both are charged with unauthorized use of a motor vehicle. In addition, Arcee is charged with felon in possession of a weapon and possession with intent to deliver a controlled substance. According to ABC 13, Homeland Security is investigating more than 100 stolen FCA vehicles that they believe were hacked using this method. After their theft, the vehicles were brought across the border to Mexico. FCA is currently conducting an internal investigation into the matter. After this article was posted, the company reached out to Autoblog, stating "FCA US takes the safety and security of its customers seriously and incorporates security features in its vehicles that help to reduce the risk of unauthorized and unlawful access to vehicle systems and wireless communications. FCA US has been cooperating with Houston Police Department since they first started the investigation.

Mopar teases three concepts for SEMA

Chrysler first used the Mopar name in the 1920s, someone getting the idea to combine the words "motor" and "parts" for a service with that specialty. The automaker trademarked the name in 1937, first applying it to a line of antifreeze sold in cans. This makes 2022 the 85th anniversary of the division that now covers everything from service and parts to additional performance and customer care. We already heard the house of the round red M is going to SEMA with "a different flavor" of the battery-electric Dodge Charger Daytona SRT Concept that will begin to demonstrate future EV tuning possibilities. Thanks to a trio of concept sketches, we know Mopar's 15,345-square-foot booth will house a couple of Ram concepts and a fantastical Jeep to boot. We know next to nothing about them. The Jeep can be identified as an EV thanks to its Surge name, the circuit board motif on the sketch, and the EV badge behind the front wheel. The rig in the sketch appears to have no doors, and there's some structure ahead of the cabin that looks like a spare wheel, making us wonder at first if we were looking toward the front or the back. The door shutline and curve of the fender clarify the direction. We'll find out in a couple of weeks if Jeep plans on showing off tuning options for its electric wares same as Dodge. Mopar's press release on the show started with claiming it is "Charged Up" for SEMA. We're guessing that after Jeep's electric charge, Ram's talking about a super charge, one of the concepts being what appears to be a TRX in dayglo colors. The second Ram seems less rowdy, painted in a tri-tone 1970's style with a pinstripe and all, and fitted with what looks like a topper extending below the bed rails. The outdoor and overlanding life hasn't abated any since Ram showed its Rebel OTG Concept at the 2019 SEMA Show, so this could be another entirely fanciful take on overlanding. It's also possible that after Ram filed a patent application to trademark a vehicle built similarly to the Rebel OTG, we could see a bugout truck closer to production possibility.    The Stellantis brands could bask in more attention this year, with Ford, GM, Honda, and Hyundai all having pulled out. We'll find out what Dodge, Jeep, and Ram are all charged up about when SEMA happens from November 1-4 at the Las Vegas Convention Center.