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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

Dodge, Jeep, Ram showcasing electric wares over the next four months

Mopar Insiders took notes on Stellantis' half-year earnings call. Seems three of the eight Stellantis brands operating in the U.S. will be making big announcements about coming electric offerings in the next few months. Dodge is up first. We've been writing about the house of the muscle car trying to put on an extra special show during its Speed Week in Detroit in August, the span between Roadkill Nights and the Woodward Dream Cruise. Seems that's confirmed with the presentation of a "Gateway" muscle car and a "Future" muscle car. The former is expected happen on August 16 and be the Hornet PHEV, Dodge's version of the Alfa Romeo Tonale PHEV. The plug-in hybrid Tonale Q4 uses the powertrain from the Euro-market Jeep Compass 4xe, but gets a larger battery pack and produces a total 275 hp. We're looking forward to finding out if brand overlords decided the Dodge should have more, less, or the same output as the Alfa, and the same battery pack or the smaller Compass pack. The latter "Future" vehicle is expected to bow the day after. This would be a concept version of the Challenge e-muscle car that we've been salivating over for too long. Given two of Stellantis' most powerful motors slotted into the STLA Large platform, output north of 800 horses seems to be the consensus. The production version isn't slated for sale until the end of 2023, so the model on showroom floors will likely differ slightly from what we see next week. It's Jeep's turn in September, the off-road brand shining light on the plug-in hybrid options headed to showroom floors here. That should mean news on the Renegade 4xe and Compass 4xe anticipated in the U.S. in 2024, and a Gladiator 4xe the year after. Wagoneer and Cherokee electrification plans could be on the docket, too, as well as plans for wider global distribution of the Jeepster we've seen in Europe.  Finally, two months later, Ram takes the stage for updates on its electric Revolution. So far, that entails the Ram Promaster BEV, a van likely to combine years of experience from the Fiat Ducato Electric and the Peugeot E-Boxer that have been serving fleets in Europe. MI thinks November topics will include a 79-kWh battery, four drive modes, and the chance of the ProMaster getting a side door for delivery fleets like Amazon. Of course, the electric Ram pickup is the meat enthusiasts will have their forks out for.

Chrysler set to make $266M-investment into 8-speed transmission production

Chrysler will shortly make a significant $266-million investment into its Kokomo, IN transmission factory in a bid to expand production of its eight-speed automatic transmissions. The gearboxes, which are built under license from Germany's ZF Friedrichshafen, have been well received by customers and critics, and according to an SEC filing obtained by Automotive News, the transmissions will eventually find their way to all of Chrysler's rear-drive offerings (Viper and heavy-duty Ram models, aside). According to AN, a Chrysler spokesman says the investment has not been confirmed, but once it is, it'll mark the company's latest in a growing line of investments at the facility. Chrysler has poured $1.5 billion into Kokomo since 2009.