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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

Work at a Chrysler dealership, get free college education

The cost of a college education in the US can put a student tens (hundreds, in some cases) of thousands of dollars into debt. FCA US wants to give its dealership employees a leg up, though, and the automaker is now offering a completely free education to them through a partnership with Strayer University. The workers can take any of the college's classes online or on campus through program called Degrees@Work. Currently, the offer is only available to employees Chrysler, Jeep, Dodge, Ram and Fiat dealers in the automaker's Southeast region, which includes Florida, Georgia, South Carolina, North Carolina, Alabama and Tennessee. However, a national expansion will happen before the end of the year, Strayer spokesperson Cristina Henley tells Autoblog. The program will cover all of the students' expenses, including their books, according to Henley. FCA US sees this partnership as a way to improve the talent of its workforce, retain employees longer and possibly attract people wanting to take advantage of this free education. "Many of our dealers have expressed concern over the availability of talent to fill open positions due to business growth and turnover in their stores, especially in metro markets," Al Gardner, the company's Head of Dealer Network Development, said in the Degrees@Work announcement. Strayer has about 40 programs available, including in business administration, accounting, marketing, and more, and the university offers associate's, bachelor's, and master's degrees. It will also give FCA US employees credit for their work experience to get them a diploma even more quickly. FCA US Dealers to Offer Employees No-Cost, No-Debt College Education FCA US teams with Strayer University to develop first-of-its-kind dealer program Degrees@Work program open to all employees of participating dealerships Employees can earn no-cost, no-debt degree through Strayer University All Chrysler, Jeep®, Dodge, Ram and FIAT dealerships may participate First phase of program rollout begins with dealers in the FCA US Southeast Business Center National rollout expected later this year May 4, 2015 , Auburn Hills, Mich. - Employees of Chrysler, Jeep®, Dodge, Ram and FIAT dealerships will have the unique opportunity to earn a no-cost, no-debt college degree through Strayer University's Degrees@Work program, developed in collaboration with FCA US LLC. FCA US is the only company in the automotive industry to offer the program.

2019 Ram 1500 eTorque First Drive Review | The un-hybrids

Misinformation is already being passed around about the 2019 Ram 1500 eTorque – reports calling the new electrified version of the full-size half-ton pickup truck a hybrid and saying its eTorque system adds torque to the truck's engine increasing payload, towing capacity, and performance. Don't believe a word of it – this isn't a hybrid in the conventional sense of the word. eTorque does not increase the truck's power or capability. Instead, the system feeds in some electric torque at low RPM, which helps with fuel efficiency by spinning up the engine during start/stop operation, smoothing gearchanges, and harvesting some energy from braking – that's basically it. Ram is partially to blame for the hybrid confusion. Although the "h"-word does not appear anywhere on the truck or the vehicle's window sticker, the automaker has chosen to call eTorque a "mild-hybrid system", which implies that it might be able to propel the truck on electric power. But the Ram's small battery pack and single electric motor cannot – it's more similar to the original GM Parallel Hybrid Truck system than the later two-motor, two-mode hybrid system circa 2009. Also, eTorque applies power to the engine and the wheels briefly at very low engine speeds and during gear changes. These applications of power only last for fractions of a second at any given time, some as quick as the blink of an eye. So it's a labeling fiasco, but Ram's explanation of the eTorque system's operation and its benefits, which are significant, can also be perplexing. And the resulting discombobulation is unfortunate, because eTorque is clever, and it really does work. Earlier this week we drove two Rams with the system, one a V6 and one a Hemi, through Kentucky horse country, and came away impressed by its measurable contributions to the truck's fuel efficiency, drivability and smooth operation. We also interviewed Mike Raymond, the Chief Engineer on the Ram 1500, and Brian Spohn, Ram's Vehicle Electrification Manager, Powertrain Engineering, to better understand what it is and how it functions. How eTorque works Ram will offer the 3.6-liter 24-valve V6 with eTorque as the standard engine in most models. The V6 will not be available without eTorque, although we'd be surprised if it wasn't added to the menu at a later date.