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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

NHTSA probing Ram recall pace, communication

The National Highway Traffic Safety Administration has announced that it's looking into Chrysler Group's handling of a pair of recalls affecting roughly one million Ram pickup trucks. Reuters is reporting that the regulatory agency is focusing on the availability (or lack thereof) of parts and "poor communications" from the automaker in its investigation.
"Customers have been advised in accordance with the regulations governing recalls," Chrysler spokesman Eric Mayne told Reuters via email. "We are continually replenishing our supply of replacement parts. Chrysler Group regrets any inconvenience our customers may have experienced."
NHTSA disagrees, arguing that the recalls, which affect 972,000 trucks from 2003 to 2012, are being delayed by the lack of parts.

2019 Ram 1500 Laramie Drivers' Notes Review | King of the hill

The 2019 Ram 1500 is the newest full-size truck to the market, though the upcoming 2019 Chevy Silverado isn't too far off. We've driven a few models so far, from the base-spec Tradesman up to the kitted-out Limited variant. Modern trucks are expected to do everything from towing a boat, hauling mulch or carrying a family of five on an extended road trip. The days of simple, single-minded trucks have long since passed. Our tester this week is a mid-grade Laramie model. It has quite a few creature comforts — heated and ventilated leather seats, front buckets, a larger Uconnect infotainment screen — along with features like blind-spot monitoring, parking sensors, automatic high beams and a bedliner. There's no moonroof, wireless charging or heated second row seats, but it's still extremely well appointed, especially compared to its forebears. That said, it doesn't come cheap. All in, this truck costs just under $55k. Editor-in-Chief Greg Migliore: The 2019 Ram 1500 is simply the best truck in the market. It's powerful, comfortable, brash and the embodiment of what a full-size pickup should be. The Hemi V8 is always the first thing I notice when I test one, and it's smooth and potent in this 4X4 Laramie. Ram has wisely expanded its engine selections in recent years, though the V8 remains my favorite. The Ram's design always grabs me. It's generally the buffest looking truck in the segment, though at times in the last decade or so it has veered into cartoonish proportions. For 2019, it's a clean look with smooth lines and curves that convey a sense of power. I Love the new grille, and Rams always have a good deal of chrome — that's cool with me. Inside, this model was surprising quiet, underscoring the premium vibes. The latest version of Uconnect works well and is intuitive. Plus, there's a nice balance of knobs, buttons and dials. Everything is easy to use and understand. The leather looks and feels upscale, the seats are comfy yet supportive, and the configurable center console is a clever feature. This Ram is fairly loaded up, but even when we tested a more basic Tradesman a few weeks ago, I had similarly favorable impressions. It's an all-star truck. Associate Editor Reese Counts: I really hate to simply parrot what Greg said, but I'm quite enamored with the Ram. It really is the best of the bunch.