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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

2017 Jeep Compass is finally a compact crossover worthy of its badge

Jeep finally thinks it has a Compass that points true north. When the compact crossover first debuted alongside the Patriot for the 2007 model year, it was all wrong. The original Compass didn't look like a Jeep, didn't have any off-road credibility, and wasn't remotely fun to drive. It was, by all accounts, a failure. A mid-cycle refresh helped matters in 2011, and the addition of a six-speed automatic to replace the unloved CVT made 2014 and later models the best of the breed. Until now, that is. View 14 Photos There's a brand-new Jeep Compass for 2017, and it looks to put Jeep's compact crossover contender back on track. The new Compass looks a lot like a shrunken Grand Cherokee, which is no bad thing. A slotted grille leads the way, and the bulging fenders and slowly rising bodysides add visual interest to the two-box shape. An optional dual-pane sunroof should help keep the cabin from feeling too confining, though the Compass lacks any sort of removable top system like that of its smaller sibling, the Renegade. One engine will be available in the United States. The 2.4-liter Tigershark four-cylinder engine offers 180 horsepower and 175 pound-feet of torque. That's 8 more ponies and 10 more lb-ft than before. Buyers can choose from three transmission options, starting with a six-speed manual on either 4x2 or 4x4 versions. Front-wheel-drive Compass models get a six-speed auto option, while 4x4 models get a nine-speed. Both the Jeep Active Drive and Jeep Active Drive Low – the latter system features a crawl ratio – can send 100 percent of the engine's available torque to whichever individual wheel has the most traction. A Trailhawk model (above in red) is a new addition to the Compass line, and it comes with unique fascias and a small suspension lift that improve its off-road cred with a 30-degree approach angle, 24-degree breakover angle, and 34-degree departure angle. Trailhawk models get Hill Descent Control and a Rock Mode added to the Selec-Terrain system, which, coupled with a 20:1 crawl ratio, should make the Trail Rated Compass the most capable vehicle in its class. As you would expect, the Compass is a unibody. That should make it pretty comfortable on the road, too, and its Koni frequency damping struts both front and rear ought to make it ride pretty well. Inside, there are three different center LCD screen sizes, depending on trim. Base models get a 5.0-inch unit, with larger 7.0- and 8.4-inch units optional.

Drive like a prince: Join us for a walk through Monaco's car collection

Small, crowded, and a royal pain in the trunk lid to drive into during rush hour, Monaco sounds like an improbable location for a huge car museum. And yet, this tiny city-state has been closely linked to car culture for over a century. It hosts two major racing events every year, many of its residents would qualify for a frequent shopper card if Rolls-Royce issued one, and Prince Rainier III began assembling a collection of cars in the late 1950s. He opened his collection to the public in 1993 and the museum quickly turned into a popular tourist attraction. The collection continued to grow after his death in April 2005; it moved to a new facility located right on Hercules Port in July 2022. Monaco being Monaco, you'd expect to walk into a room full of the latest, shiniest, and most powerful supercars ever to shred a tire. That's not the case: while there is no shortage of high-horsepower machines, the first cars you see after paying ˆ10 (approximately $11) to get in are pre-war models. In that era, the template for the car as we know it in 2023 hadn't been created, so an eclectic assortment of expensive and dauntingly experimental machines roamed whatever roads were available to them. One is the Leyat Helica, which was built in France in 1921 with a 1.2-liter air-cooled flat-twin sourced from the world of aviation. Fittingly, the two-cylinder spun a massive, plane-like propeller. Government vehicles get a special spot in the museum. They range from a Cadillac Series 6700 with an amusing blend of period-correct French-market yellow headlights and massive fins to a 2011 Lexus LS 600h with a custom-made transparent roof panel that was built by Belgian coachbuilder Carat Duchatelet for Prince Albert II's wedding. Here's where it all gets a little weird: you've got a 1952 Austin FX3, a Ghia-bodied 1959 Fiat 500 Jolly, a 1960 BMW Isetta, and a 1971 Lotus Seven. That has to be someone's idea of a perfect four-car garage.  One of the most significant cars in the collection lurks in the far corner of the main hall, which is located a level below the entrance. At first glance, it's a kitted-out Renault 4CV with auxiliary lights, a racing number on the front end, and a period-correct registration number issued in the Bouches-du-Rhone department of France. It doesn't look all that different than the later, unmodified 4CV parked right next to it. Here's what's special about it: this is one of the small handful of Type 1063 models built by Renault for competition.