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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 Grand Wagoneer is ambitious, but luxury comes naturally for Jeep

The good life is coming easy for Jeep, or perhaps I should say, naturally. The rough-and-tough off-road brand that can credibly claim it helped win World War II is offering a level of luxury that borders on decadent in its latest line of SUVs. After a weekend in the 2022 Jeep Grand Wagoneer, I can reiterate that Jeep’s status as a luxury good producer is legit. Really, JeepÂ’s upward mobility is nothing new. Anyone who has driven a Grand Cherokee in a top trim in the last decade will tell you the materials and layout rival premium brands of all stripes. But jumping up into the Wagoneer/Grand Wagoneer (here's our First Drive Review) territory means a different kind of fight for Jeep. ItÂ’s facing off against vehicles like the GMC Yukon, Cadillac Escalade and Lincoln Navigator. The Grand Wagoneer Series III like I tested starts at $104,000, and mine had plenty of options. At this point, Jeep is also taking aim at Mercedes, BMW and frankly anyone who makes a six-figure SUV. ItÂ’s not a Bentley Bentayga rival, but with huge touchscreens, soft saddle brown leather, rear infotainment, massaging seats, and silky McIntosh speakers, the Grand Wagoneer is one of the most well-appointed vehicles IÂ’ve tested. Will consumers pay six figures for a Jeep? Is it a luxury good? My sense is yes to both. Built just north of Detroit, the Grand Wagoneer offers an authentic Team USA vibe that works for things like Shinola and L.L. Bean. Jeep has been named the “most patriotic” brand in the U.S. for 19 straight years, and the Grand Wagoneer and Grand Cherokee L have small flags on their flanks, so thereÂ’s substance to support the marketing and mythology. The Grand WagoneerÂ’s only obvious downside is its fuel economy, which seems woefully behind the times, even for a hulking SUV. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Jeep Grand Wagoneer Interior Review | Autoblog Short Cuts Other News and Views: The Lamborghini Countach LP 500 is back Well, sort of. An ‘important collectorÂ’ commissioned Lamborghini to recreate a one-off replica of the original 1971 prototype that presaged the Countach. While the actual car was destroyed in crash testing in 1974 — things were different back then — Lambo painstakingly recreated the car that debuted at the '71 Geneva Motor Show using archival documents and original spare parts. It created new bodywork with modern tactics to get the details spot-on.

Jeep Wrangler Scrambler pickup tailgate spied uncovered

Jeep has been particularly good at keeping the upcoming Jeep Wrangler pickup truck, affectionately referred to as Scrambler, under wraps, literally. It's very rare to see any portion of the truck sans bulky black fabric. But this time Jeep slipped up and left the tailgate of the truck totally exposed except for some paint. Not surprisingly, there aren't any spare tire mounts here. Previous photos have shown the spare will be mounted underneath the bed, and we haven't seen any running around with tires on the back. There also aren't any logos stamped into the bed, so presumably Jeep will simply slap badges on the back. The shape is also in keeping with the current Wrangler's design. It's chunky and chiseled, but the edges are softened a bit. It's also less straight-edged than what we've seen in renderings. We're currently expecting the Wrangler pickup to arrive at dealers next year. And now that the last JK Wrangler has been built, the factory should be gearing up for truck production. We know that the truck will feature a longer frame with rear suspension that is similar to the Ram 1500. And like all other Wranglers, the top should be removable. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Jeep Wrangler Scrambler tailgate View 14 Photos Image Credit: Brian Williams Spy Photos Jeep Truck Off-Road Vehicles jeep wrangler pickup jeep scrambler