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Stellantis says its 2021 performance has been better than expected

MILAN — Stellantis softened up investors ahead of its electrification strategy event on Thursday by flagging that 2021 got off to a better-than-expected start despite a chip shortage that has hit automakers worldwide. Stellantis, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, faces an investor community keen to hear how it plans to come up with a range of electrified vehicles (EVs) to rival Tesla. At its "EV Day 2021" kicking off at 1230 GMT, Stellantis will disclose significant investments in electrification technology and connected software as it aims to be an industry frontrunner, it said in a statement. In April, Chief Executive Carlos Tavares said it would offer low-emission versions — either battery or hybrid electric — of almost all of its European models by 2025, and they should make up 70% of European sales and 35% of U.S. sales by 2030. Stellantis, the world's fourth-biggest automaker, has 14 brands in its stable, including Jeep, Ram, Opel, Fiat, Peugeot and Maserati.   Stellantis EV Day coverage: Dodge will launch the 'world's first electric muscle car' in 2024 Fully electric Ram 1500 will begin production in 2024 Jeep will have 4xe plug-in hybrid models across the lineup by 2025 Stellantis teases mystery electric Chrysler concept Stellantis previews 4 electric platforms: Here's how they'll be used Fiat says all Abarth models to be electric from 2024 Opel Manta E will be the electric revival of the classic German coupe Stellantis says its 2021 performance has been better than expected   At a similar EV strategy event last week, French rival Renault announced that 90% of its main brand models would be all-electric by 2030, whereas previously it had included hybrids in its target. Germany's Volkswagen, the world's second-biggest automaker after Toyota, expects all-electric vehicles to make up 55% of its total sales in Europe by 2030, and more than 70% of sales at its Volkswagen brand. Stellantis said its margins on adjusted operating profits in the first half of 2021 were expected to exceed an annual target of between 5.5% and 7.5%, despite production losses due to a global shortage of semiconductor supplies. Stellantis shares listed in Milan were down 2.6% at 0920 GMT, underperforming the broader European car index. Bestinver analyst Marco Opipari said Thursday's news was positive but that the stock was suffering from profit taking as it had moved up about 20% since the end of April.

The BMW 8 Series leads this month's list of discounts

Whether you prefer the sleek looks of a sport coupe, the wind-in-your-hair exhilaration of a convertible or the flexible practicality of a four-door sedan, BMW has an 8 Series to suit your fancy. And if you're in the market right now, you may find that your local BMW dealership is willing to take $18,124 off the sticker price. That figure comes courtesy of TrueCar, and it reflects the discount buyers are getting off the 8 Series' average $122,395 retail price. Most of the 8 Series models in American showrooms today are 2019 models, and that's the model year to which the discount above applies. This represents the largest discount on a new car in America this month, based on the dollar amount off the car's sticker price, and the third largest discount by percentage. And it means the average transaction price for a 2019 BMW 8 Series is hovering at $104,271. 2020 BMW 840i Gran Coupe View 38 Photos BMW offers two distinct versions of the 8 Series, the 335-horsepower 840i with rear- or all-wheel drive, and the 523-horsepower 850i, which comes standard with BMW's xDrive all-wheel-drive system. If you want to step even further up the performance ladder, there's the M8, but that 600-horsepower monster is getting a much smaller $6,150 discount. If you're not into BMWs, the 2019 Mercedes-AMG GT boasts the second largest monetary discount this month, with buyers averaging $16,713 off the Benz's $176,035 sticker price. Another Mercedes, the S-Class, is next with a $11,452 discount. After that comes a pair of Maserati sedans, the Quattroporte and Ghibli, each with discounts of around $11,000. Since the Ghibli's base price is so much lower than that of its larger sibling, that represents a much larger 13.5% cut from its average retail price of $81,384 for an out-the-door cost of $70,373. For a look at the best new car deals in America based on the percentage discount off their suggested asking prices, check out our monthly recap here. And when you're ready to buy, click here for the Autoblog Smart Buy program, which brings you a hassle-free buying experience with over 9,000 Certified Dealers nationwide. Related Video:

Why Italians are no longer buying supercars

Italy is the wound that continues to drain blood from the body financial of Italian supercar and sports car makers. The wound was opened by the country's various financial police who decided to get serious about superyacht-owning and supercar-driving tax cheats a few years ago, by noting their registrations and checking their incomes. When it was found that a rather high percentage of exotic toy owners had claimed a rather low annual income - certain business owners were found to be declaring less income than their employees - the owners began dumping their cars and prospective buyers declined to buy.
Car and Driver has a piece on how the initiative is hitting the home market the hardest. Lamborghini sold 1,302 cars worldwide in 2010, 1,602 cars in 2011 and 2,083 cars in 2012 - an excellent surge in just two years. In Italy, however, it's all about the ebb: in 2010, the year that Italian police began scouring harbors, Lamborghini sold 96 cars in Italy, the next year it sold 72, last year it sold just 60. The declines for Maserati and Ferrari are even more pronounced.
Head over to CD for the full story and the numbers. What might be most incredible isn't the cause and effect, but where the blame is being placed. A year ago the chairman of Italy's Federauto accused the government of "terrorizing potential clients," this year Luca di Montezemolo says what's happening has created "a hostile environment for ­luxury goods." Life at the top, it ain't easy.