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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

Ferrari Dino prototype will go for auction at Pebble Beach

Following the announcement of a Duesenberg that could go for more than $10 million at Pebble Beach, we have yet another historic car headed for the auction block at the venerable event. This is a 1966 Ferrari Dino Berlinetta GT, and it was the second prototype designed. It previewed the production 206 GT, and it could be yours if you have the means. While the car looks very close to the production coupe, there are quite a number of differences. Compared with the production car, the prototype has its turn signals below the grille, and the taillights consist of three round lenses rather than two. They have a chrome rectangular background, too. The entire body looks to be a bit longer than the production car. Part of this may have to do with the fact that the 2.0-liter V6 in the middle is mounted longitudinally. In the production Dino, the engine was mounted transversely. The body has a more tapered tail, too, one that has less of a duck-tail spoiler integrated. Additional details not found on the production car are the chrome bars across on the side strakes and the large single windshield wiper. Even with these detail changes, the Dino prototype is still gorgeous, maybe even more so than the consumer version. Now we come to the part of the post where we discuss the car's high price. For this rare piece of Ferrari history, Gooding and Company expects someone will spend between $2 million and $3 million. Obviously that's a lot of money, in fact it's twice what the Ferrari Aperta cost when it launched. But this is a truly one-of-a-kind car, and it has an important place in history in helping give us the first mid-engine V6 Ferrari. So, it might be worth it. If you agree and have the cash, be sure you get to the Gooding and Company auction on Aug. 24-25. Related Video: Featured Gallery 1966 Ferrari Dino Berlinetta GT prototype View 9 Photos Image Credit: All images copyright and courtesy of Gooding & Company. Photos by Mathieu Heurtault Ferrari Auctions Coupe Concept Cars Classics Pebble Beach ferrari dino

Ferrari confirms Vettel in, Alonso out

For the past several months, a big shift on the Formula One grid has been rumored for next season, but with a big piece of the puzzle now confirmed, much of the speculation can end. Ferrari has announced that it is parting company with Fernando Alonso and bringing in Sebastian Vettel to take his place. The move is a big one for both drivers – each multiple World Champions in their own right – who have lead their respective teams for half a decade now, Alonso coming second in the championship three times with Ferrari, and Vettel having scored four consecutive titles with Red Bull. Vettel has long been a personal protege of former Ferrari driver Michael Schumacher, having won his first grand prix in a Ferrari-powered Toro Rosso at Monza in 2008. Now confirmed by the Scuderia for a three-year deal, Vettel will be driving next season alongside Kimi Raikkonen, who won the title for Ferrari in 2007. That was the same year in which Alonso last drove for McLaren, the team for which he's all but confirmed to be driving next season. The announcement from Woking reportedly hinges on the team's decision over who will drive alongside him, between Jenson Button, Kevin Magnussen or another driver altogether. The confirmation from Ferrari does, however, put to rest wild rumors that the series would move to three-car teams and that Maranello would field Alonso as well as Vettel and Raikkonen. Welcome Sebastian – Vettel and Raikkonen 2015 driver pairing Maranello, 20 November 2014 – Scuderia Ferrari announces that it has reached an agreement of three years duration with Sebastian Vettel, who will drive for the team as from the 2015 season. The driver line-up next season will consist of Kimi Raikkonen and Sebastian Vettel. "Scuderia Ferrari has decided to put its faith in the youngest multiple champion in the history of Formula 1" – commented Scuderia Ferrari Team Principal, Marco Mattiacci. "In Formula 1 terms, Sebastian Vettel is a unique combination of youthfulness and experience and he brings with him that sense of team spirit which will prove invaluable when, together with Kimi, they tackle the challenges awaiting us, as we aim to be front runners again as soon as possible.