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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 nets $1.6B income in Q4, Fiat profit up 5%

Chrysler announced its 2013 financial results today and unveiled its new name and decidedly bank-like logo. Amid the announcement, Chrysler posted big gains in income, while Fiat didn't perform to analysts' expectations.
For 2013, Chrysler had revenue of $72.1 billion, up 10 percent from 2012. Net income reached $2.8 billion, a 65-percent increase. It was the company's third straight year of annual profits.
In terms of unit sales, Chrysler sold 2.4 million cars worldwide in 2013, up 9 percent. According to Automotive News, 1.8 million of those vehicles were sold in the US, a 14-percent increase. The sales growth boosted Chrysler's US market share to 11.4 percent, up 0.2 percent.

Jeep bringing two special-edition Renegades to the LA Auto Show

Few manufacturers do limited edition runs like Jeep, which has released everything from a 75th Anniversary Edition Wrangler to a Batman v. Superman: Dawn of Justice Renegade. The automaker is revealing two new versions of the Renegade next week at the 2016 Los Angeles Auto Show: a 2017 Jeep Renegade Deserthawk and a 2017 Jeep Renegade Altitude. The off-road ready Deserthawk starts at $28,140 and builds on the bones of the already capable Renegade Trailhawk. The extra $1,495 nets you an exclusive Mojave Sand paint option, hood, and rear panel decals. It also comes equipped with rock rails and the towing package. Inside, the Deserthawk comes with black leather seats, Light Frost stitching and accents, all-weather floor mats, and a cargo tray mat. As it's based on the Trailhawk, the Deserthawk comes with four-wheel drive, a 2.4-liter four-cylinder engine, and a nine-speed automatic transmission. The Renegade Altitude, like the other Jeep Altitude models, essentially means black on black on black. It comes with 18-inch gloss black wheels with gloss black accents on the front and rear badges, grille rings and tail lamp rings. The black theme continues inside with black cloth seats and black gloss trim. The Altitude also features what Jeep calls Metal Diamond door handles and shift knob. Standard features include a backup camera and a keyless ignition. All that black gloss will set you back at least $22,390. Look for the Renegade pair to arrive in dealers soon. The Altitude will be available later in November while the Deserthawk hits showrooms in January. Related Video: LA Auto Show Jeep Crossover Off-Road Vehicles jeep renegade