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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

2019 Ram 1500 eTorque Drivers' Notes Review | Filling in the gaps

When the 2019 Ram 1500 debuted earlier this year at the 2018 Detroit Auto Show, the biggest news was arguably the addition of the 48-volt mild hybrid system. Dubbed eTorque, the system is standard on V6-equipped models and a $1,450 option on trucks with the 5.7-liter Hemi V8. It's not a hybrid in the traditional sense. Despite Ram's claim that the system adds up to 130 pound-feet of torque on the V8, it only does so for a fraction of a second and doesn't actually change the engine's total output. You'd be hard pressed to notice a difference if you didn't know the system was there. But that's kind of the point. There's been a lot of confusion about what eTorque is and how the system works. Much of that falls on FCA's shoulders. The automaker didn't do a great job of explaining the whole thing, leaving us to work out much of it for ourselves. This isn't meant to boost performance, towing or payload. The Ram eTorque can't run on battery power, so don't expect a Toyota Prius with a bed and wood trim. It's here to make the truck just a little bit more efficient by improving areas where conventional internal-combustion engine's fall short. The eTorque system replaces the engine's alternator with a small, belt-driven electric motor. On the V6, the motor is part of the water pump assembly and driven by that belt; the V8 uses a dedicated belt that's separate from the other accessories. A small battery pack is mounted upright behind the rear seats inside the truck's cabin. There's also a DC-to-DC converter to charge the battery and convert 48 volts down to 12 to power the truck's normal systems. Visually, the only difference between an eTorque-equipped model and a standard one is a small metal box at the top of the engine. There's no badging and the battery pack can't be seen, even with the rear seats folded up. The system is designed to be as seamless and innocuous as possible. The auto start/stop system spins up the engine a little quicker. Shifts from the eight-speed ZF automatic transmission are a little smoother as the eTorque system smooths out and fills in the gaps. It does so for a fraction of a second, but it works its magic often. Big gains in fuel economy have already been made. It's going to take things like Ram's eTorque system to improve internal combustion engines from here on out. Editor-in-Chief Greg Migliore: I'd like to say I noticed a huge difference between the Ram eTorque and the regular Ram, but I didn't. That's how it's supposed to work.

Fiat previews new Toro sport-utility pickup

Fiat is preparing to roll out a new midsize pickup. We've seen spy shots of the prototype running around, but heavily camouflaged as it was, we didn't get much indication of what it would look like – and even less about its name. But now the Italian automaker has given us an indication of both. Previewed in the teaser image above is the forthcoming new Fiat Toro. The vehicle is billed as a "sport-utility pickup," which Fiat touts as a new segment, though there are already plenty of vehicles out there that aim to blur the line between pickup and SUV. Models like the Honda Ridgeline and Chevy Avalanche come to mind, but the Toro is likely to be smaller than either – more like the long-gone Ford Explorer Sport Trac that bridged the gap between the old truck-based Explorer and the Ranger pickup or the Subaru Baja. Whatever it ultimately looks like, the Toro will be limited – at least initially – to the Latin American market. There it's set to be introduced early next year by Fiat Automoveis Brasil, which also offers the Strada pickup car. Whether the Toro ever makes it out into other markets remains to be seen, but we wouldn't hold out too much hope of getting a Ram version this far north as Chrysler doesn't think there's a market for compact or mid-size pickups in America to replace the old Dakota. Related Video: