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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

Chrysler extending production of current Dodge Avenger, Jeep Wrangler, Grand Caravan

Are you hesitant to pull the trigger on a brand new Dodge Avenger in hopes that a new one will be coming? Well, don't hold your breath. According to The Detroit News, Chrysler will be extending production of the current Avenger sedan through the end of 2015.
Originally, we heard that the company would kill the Avenger to better focus its midsize sedan efforts on the Chrysler 200 replacement. But then new reports stated there would indeed be an Avenger successor, and that we could see it as early as next January. This Detroit News report cites supplier sources confirming the extension of Avenger production, though Chrysler has not released an official statement on the matter.
These same suppliers say that the current Jeep Wrangler will live on through mid-2018 - that's right, another five years. The Detroit News reports that a replacement for the iconic, go-anywhere Jeep was due in mid-2016.

Dodge PHEV due in 2022 expected to be the Hornet

A relatively new saga involving hornets in the Pacific Northwest begins with the adjective "murder" and gets worse from there. A relatively dated saga involving hornets in the automotive industry begins with the name "Dodge" and is — or could be — much friendlier to plant and animal life. Last year, former Dodge parent company Fiat Chrysler trademarked the term "Dodge Hornet" for the first time. Two months ago, an Italian publication credited its sources with news that current parent company Stellantis will create a Dodge version of the Alfa Romeo Tonale (pictured) and call it the Hornet. Now, Mopar Insiders picked up on Stellantis CEO Carlos Tavares sharing a roadmap of the 20 PHEV and battery-electric vehicles coming our way in the next two years between the company's 14 brands. Dodge merits a single PHEV entry in the 2022 column. MI says this will be the Hornet.      As FCA recast its U.S. lineups to give Dodge more focus and give Chrysler a reason to exist, Dodge lost the Caliber, Nitro, and Journey. The way this new report is put, and as we mused a year ago, the coming Hornet will replace the Journey — a space Dodge could do well to return to. Never given much love by the parent company, the Journey turned into a hoary old thing over its 13 years on the market, but sold in remarkable numbers to the end. According to Car Sales Base, sales increased nearly every year for the first nine years of the Journey's life. Even during the sales decline over the last four years of its production life, the Journey found 298,594 homes in the U.S. More than 12,000 zombie units have been moved off lots this year. A Dodge Hornet likely wouldn't offer the Wal-Mart rollback pricing the Journey was known for. Also, the Hornet would pack in just two rows, whereas the Journey offered three. Nevertheless, we're now talking about three vehicles sharing major internal organs; the Alfa Romeo Tonale leans heavily on the Jeep Compass platform and internals, and the Dodge is expected to be built at the same Naples, Italy plant as the Alfa Romeo. The economies of scale are there. As for powertrain, we know there's a Tonale PHEV coming, but it's thought to get its plug-in system from the Jeep Renegade 4xe that's based around the smaller 1.3-liter four-cylinder with either 190 or 240 total horsepower instead of the larger 2.0-liter engine in the Wrangler 4xe.