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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

Junkyard Gem: 1990 Dodge Colt Vista

The partnership between Chrysler and Mitsubishi started way back in 1971 and led to plenty of Mitsubishis being sold in the United States as Chryslers, Dodges, Plymouths, and Eagles (plus the use of Mitsubishi engines in all manner of Chrysler-built vehicles). The Colt name – used on a series of Galant-, Lancer-, and Mirage-based cars – became a fairly successful brand for Chrysler, and so it was slapped on Dodge- and Plymouth-badged Mitsubishi Chariots. The Colt Vista wasn't a huge sales success, and you won't see many today, but they had a certain following. Here's a rare '90 that I spotted in a Minneapolis self-service wrecking yard over the summer. Just 114k miles on this one, but the rust got pretty bad and that's the most likely culprit for its junkyardization. These cars made good family haulers, although you wouldn't find many of their 2016 counterparts sporting three pedals. Turbo Tom kept it going for quite a while, but rust never sleeps in Minnesota. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In Japan, the Chariot was sponsored by the terrifyingly disembodied head of Mickey Mouse. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Seats seven actors! Featured Gallery Junked 1990 Dodge Colt Vista View 17 Photos Auto News Dodge Automotive History Hatchback Minivan/Van dodge colt

Junkyard Gem: 1990 Dodge Daytona Shelby

Once Lee Iacocca took the helm at Chrysler and shifted nearly all car models to front-wheel-drive platforms — either members of the convoluted K family or descendants of the Simca-derived Omnirizon platform — he called up his pal Carroll Shelby and made a deal to help with the design of some Shelby-ized, turbocharged Dodges. This relationship resulted in the Shelby Charger starting in 1983 and the Omni GLH in 1984. For 1987, the K-based Dodge Shadow and Daytona got the Shelby treatment, and suddenly the roads of North America were awash in Shelby-badged turbocharged machinery. Most are long gone by now, but I managed to unearth this tattered and rusty '90 Shelby Daytona at a Denver yard. The Shelby Daytona stayed in production through the 1991 model year (when the car got both Shelby and IROC badging, and does anybody remember the IROC Daytona today?), but most of the examples I've found during my wrecking-yard explorations have been earlier models. You won't find many '90 or '91 Daytona Shelbys. Some junkyard shopper pulled the cylinder head and all the turbo-related goodness before I reached this car. That makes sense, because the 1990 Daytona Shelby's turbocharged 2.2-liter engine made 174 horsepower— way more than most previous turbo Chryslers. Maybe someone hot-rodded their Plymouth Caravelle with those parts. This car has the five-speed manual transmission, as it should. Note the New Car Scent Little Tree, which is the second-most common junkyard-found air freshener (after Black Ice). It's not hard to identify the main reason this car got discarded: catastrophic (by Colorado standards) body rot. 171,349 miles is pretty decent for a nervous turbocharged car from 30 years ago. I don't see many Colorado junkyard cars with brewery and/or skiing-related stickers that don't also have stickers from cannabis dispensaries, but here's one. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Pretty much just as good as the Porsche 911 Turbo, and $70,000 cheaper! Featured Gallery Junked 1990 Dodge Daytona Shelby View 21 Photos Auto News Dodge Automotive History Coupe Carroll Shelby shelby Junkyard Gems