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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

Vettel says halo would have saved Wilson, Surtees

Sebastian Vettel reckons the aesthetics of the new halo protection system do not matter as long as it helps save lives in Formula 1. The Ferrari driver ran with the device for the first time on Friday, after teammate Kimi Raikkonen tested it on Thursday. The halo, however, was subject to harsh criticism from some drivers like world champion Lewis Hamilton, who said it was the "worst-looking mod in F1 history". Force India Nico Hulkenberg was also against the device and labelled it as "horrible". Four-time champion Vettel, however, is convinced drivers like Justin Wilson and Henry Surtees - who died after being hit in the head by objects during races - would still be alive today had the halo system been used in their cars. "First of all, to go around is okay. You can see what you need to see," Vettel told reporters on Friday. "I think we can improve the system in terms of aesthetics and also in terms of how much it's in your way, but I tested it as well in the simulator and I think we will see evolutions of it very soon. "In principle I agree it doesn't look very nice but equally it helps increase the safety, it helps saving lives. "There would be at least two drivers in the last four years there I remember that would still be around – Henry Surtees and Justin Wilson – if we had this type of system. "I think it can be very ugly but nothing justifies not having these two guys around." Additional reporting by Roberto Chinchero This article by Pablo Elizalde originally appeared on Motorsport.com, the world's leader in auto racing news, photos and video.Related Video:

What's it like to wakeboard behind a Ferrari F50? Glad you asked

Peons. Peasants. Plebians. Ohioans. You think the videos that show you water skiing or wakeboarding behind pickup trucks are cool? They aren't. Wakeboarding behind a Ferrari F50, though, is most assuredly awesome. Those over-wealthy Einsteins at YouTube channel Tax The Rich have released their latest stunt, which shows a charming yellow F50 towing a wakeboarder down what looks like an irrigation canal. It really is as cool as it sounds.