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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

CES 2021, Jeep Grand Cherokee L, and driving the Ford Mustang Mach-E and F-150 PHEV | Autoblog Podcast #660

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by West Coast Editor James Riswick. They talk about driving Ford's Mustang Mach-E and F-150 plug-in hybrid, as well as the Ram TRX and Genesis GV80. They recap CES 2021, as well as the enormous display screens featured in new cars at the show. They also discuss the reveal of the new three-row Jeep Grand Cherokee L. Lastly, they reach into the mailbag to talk about vehicle comfort. Autoblog Podcast #660 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving2021 Ford Mustang Mach-E Premium AWD 2021 Ford F-150 Platinum PHEV 2021 Ram 1500 TRX 2021 Genesis GV80 Other news CES 2021 2021 Jeep Grand Cherokee L Mailbag Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Stellantis axed the SRT engineer team, but performance isn't going away

Stellantis has broken up the Street & Racing Technology (SRT) engineering team that created over a dozen high-performance vehicles, including the Dodge Charger Hellcat, but the situation isn't as dire as it sounds. The newly-formed company assigned SRT's former engineers to different positions, where they'll continue to make hot rods. "All of the core elements of the SRT performance engineering team have been integrated into our company's global engineering organization," a spokeswoman told enthusiast website Mopar Insiders. She added that integrating SRT's personnel into other brands in the Stellantis portfolio will ensure that the lessons learned from decades of peddling speed will permeate other products. Previously, SRT operated with a high degree of independence. Don't get too excited. Her statement does not necessarily mean that Citroen will begin building cars powered by the Hellcat engine, though a C3 Chat D'enfer sounds absolutely epic. Technology transfer will likely be limited to fields like aerodynamics and thermal management, and the design department might learn a couple of neat new tricks. Dodge will still move forward with the development of its next SRT-branded cars; the decision to dissolve the SRT team will not affect future models, according to the spokeswoman. Whether they'll be powered by a V8 is up in the air, because company boss Tim Kuniskis warned that regulations are killing the eight-cylinder engine. Similarly, Jeep will continue designing high-performance models, like the Grand Cherokee Trackhawk. What changes is that the model will be developed and designed by a group of engineers and designers from Jeep, not from SRT. SRT is dead, but performance isn't going away. SRT's demise nonetheless marks the end of an era for Chrysler. The division traces its roots to 1989, when some of the company's brightest minds were brought together to develop the first-generation Dodge Viper. It merged with Team Prowler to form the Specialty Vehicle Engineering (SVE) group, which was renamed Performance Vehicle Operations (PVO) in 2002 and finally dubbed SRT in 2004. SRT has operated as the carmaker's in-house tuner since, its resume includes a diverse selection of cars ranging from the Neon SRT-4 to the 1500 TRX, and it was promoted to a standalone brand led by designer Ralph Gilles in 2011. Fiat-Chrysler Automobiles (FCA) axed the SRT brand in 2014 but kept the name and the development team. Related video: