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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

Did Ferrari block Montezemolo from becoming F1 chairman?

The Formula One Group has appointed a series of new directors to its board. But while ousted Ferrari chief Luca di Montezemolo is among them, the latest reports suggest that he was earmarked to become the group's chairman, but that Sergio Marchionne blocked the appointment. Montezemolo, for those just joining us, served as chairman of Ferrari since 1991, but was ousted just a couple of months ago by Sergio Marchionne, chief executive of parent company Fiat Chrysler Automobiles who took his place at the head of the table in Maranello. During his tenure as Ferrari chief, Montezemolo sat as the team's representative on the F1 board (and also as chairman of the Formula One Teams Association), but despite having broken ties with Ferrari, Luca was renominated to the board as an independent member. That seat on the board, however, could have been at the head of the table, according to circulating reports, had Marchionne not expressed certain reservations, if not blocked the nomination outright. Montezemolo's appointment would have meant that both the F1 Group and the FIA would have been headed up by former Ferrari men, although Marchionne was quoted as saying that if it had been his call, he would have prevented Jean Todt from being elected to the presidency of the FIA as well. The chairmanship of the Formula One Group is separate from the role held by Bernie Ecclestone, who will continue to run the sport's day-to-day operations. Ecclestone has also rejoined the board along with Paul Walsh, the former head of distilling giant Diageo who was also tipped as a favorite to chair the F1 board. That role instead will return to Peter Brabeck, the former head of Nestle, who had previously stepped down from the chair of the Formula One Group.

Ferrari California T is a topless turbo turismo

As expected, Ferrari has today officially pulled the covers off the latest version of its front-engined California grand tourer ahead of the car's impending live debut at the Geneva Motor Show. The headline news, again as expected, is a new 3.9-liter turbocharged V8 engine. Ferrari promises zero turbo lag from its innovative new engine, which is rated at 560 horsepower and 557 pound-feet of torque.
That's 70 more horses than the last California, which, coupled with its 49-percent increase in torque, allows the new California T to accelerate from 0-62 miles per hour in 3.6 seconds. Fuel mileage is improved by 15 percent, and emissions are down 20 percent. Also, for what it's worth, Ferrari promises "the most exhilarating soundtrack any turbo has ever yielded." Sounds pretty good to us...
There's plenty more of interest besides the new turbocharged engine, such as the retractable hardtop that turns the four-seater into a convertible in 14 seconds, improved steering response, reduced roll and pitch when cornering and carbon-ceramic brakes.