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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

Jay Leno gets his denim mitts on Dodge's new Challenger Hellcat

The 2015 Dodge Challenger SRT Hellcat is definitely the performance car of the moment. The fact that in the near future, people will be able to buy a 707-horsepower muscle machine straight from a major automaker for $59,995 and with a factory warranty almost seems absurd. We drove it recently and found the Hellcat to be just as much of a beast as its numbers would suggest. Now, it's a certain comedian's turn behind the wheel in the latest episode of Jay Leno's Garage.
This week's guest is Dodge President and CEO Tim Kuniskis, and he's there to drop all sorts of interesting factoids about the Hellcat. For example, its Pirelli P Zero tires retail at around $300 each, he says. That makes its smoky burnouts a rather expensive proposition. Kuniskis, who recently hinted at a mystery Woodward Dream Cruise debut, also talks about the genesis of the 2015 SRT project with a goal to get over some of the standard Challenger's weight and size disadvantages. The fix is a supercharged V8, massive brakes and other goodies to smooth over the platform's more glaring shortcomings.
Leno appears to get a big kick out of the Hellcat. However, he can't seem to stop bringing up his desire to drive one with a six-speed manual. They obviously exist, but Kuniskis has an eight-speed automatic for the retired Tonight Show host to try out. Of course, as with any Hellcat video, there has to be at least one burnout. Despite the expensive tires, it seems like enthusiast's law at this point - and dear ol' Jay wouldn't want to break any rules, would he?

2021 Dodge Durango to get SRT Hellcat limited edition

In January, spy photographers caught what we thought might be a mild hybrid version of the coming Dodge Durango, based on information Mopar Insiders gleaned from the UAW contract with Fiat Chrysler. Turns out we were correct, Mopar Insiders citing info from sources at Fiat Chrysler that the base engine on the 2021 Durango will be a 3.6-liter Pentastar V6 with eTorque. We don't have output figures yet, but he current Durango's base engine is the non-hybrid 3.6-liter Pentastar V6 making 293 hp and 260 pound-feet of torque in SXT trim. The V6 hybrid powertrain is offered in the Ram 1500 making 305 horsepower and 269 pound-feet of torque, and the Jeep Wrangler making 285 hp and 260 lb-ft., but doesn't increase output compared to the non-hybrid engine in either of those models. We're sure buyers would love for Dodge to bump the numbers up into Ram territory, but the eTorque unit serves the god of fuel economy and low-end refinement, so we shouldn't be surprised if there's no change. The MI report says Dodge has three other powertrains coming for 2021. The 5.7-liter Hemi V8 that comes standard on the Durango RT will carry over, adding eTorque as an option. That's the same standard and optional configuration Ram offers on the 1500 equipped with the 5.7-liter Hemi V8. The Durango's V8 produces 360 hp and 390 lb-ft., versus 395 hp and 410 lb-ft in the Ram. On the Ram, the eTorque system improves fuel economy by 2 mpg in the city, 1 mpg on the highway. The 6.4-liter Hemi V8 on the Durango SRT moves into 2021 as well. But the Durango SRT will need to cede its crown to a Durango SRT Hellcat coming next year. Dodge has already put the Hellcat engine in a Durango Pursuit model for law enforcement, making the full 797-hp wrought by the Hellcat Redeye motor. A couple of months ago, Road & Track caught a Hellcat badge on a Durango in a now-removed trailer for the new "Fast & Furious" film, leading all to believe a civilian-use version of the muscle SUV was on the way. MI claims we'll get the Hellcat's 707 hp and 645 lb-ft., but the trim will launch as a limited edition bearing numbered plaques on the instrument panel.  The only bad news in all this is that production shutdowns have delayed the 2021 Durango and the brand new three-row Jeep Grand Cherokee "at least three months from their original launch dates." Related Video: