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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

Fiat 500X teased in creepy new video

Fiat is bringing a new variant of its 500 family to the 2014 Paris Motor Show, and as its debut approaches, the tempo of teaser releases is increasing. Earlier this month, we showed you heavily blurred video of the new 500X from a variety of angles. Today, we have a pretty strange spot that actually gives us some unobscured looks at the new compact crossover.
The odd teaser shows a woman on a swing in an abandoned city. If that's not odd enough, she's reciting the ABCs in the sort of sing-song manner generally reserved for possessed children in horror films. Then the 500X arrives.
While we do get a full look at the car's face, the majority of styling cues that we can see don't reveal much that we didn't know. The fascia isn't too dissimilar from the 500L, aside from its soft-road styling features, while the tail boasts a wide set of vertical taillights.

Fiat recalling 2014 500L over dual-clutch transmission

Much like it did yesterday, Fiat Chrysler Automotive is announcing a voluntary recall of the five-door Fiat 500L. Where yesterday's recall covered Jeep and Dodge SUVs over performance issues with the brakes, today's bulletin is perhaps more serious. Over 19,000 500Ls equipped with the Fiat-sourced, six-speed, dual-clutch automatic are being called in for a software update that should sort out the issues some customers are experiencing with the gearbox. Those troubles mainly consist of 500Ls that won't shift out of park and don't respond or are slow to respond to commands for gear changes. There have been no reported injuries or accidents due to the problems, which investigating engineers believe is caused by a microcontroller component that doesn't react well with temperature extremes. Of the 19,500 vehicles being recalled, around 20 percent are in dealership inventories. The vast majority of the cars (18,100) are in the US, while the remaining 1,400 are up north, in Canada. Fiat will be covering the costs of the software reflash and will begin notifying customers soon. Scroll down for the official release from Fiat Chrysler. Statement: Software Update March 7, 2014 , Auburn Hills, Mich. - Chrysler Group is recalling approximately 19,500 cars to upgrade their transmission software. Chrysler Group engineers launched an investigation after reviewing reports that some vehicles equipped with dual dry clutch automatic transmissions would not shift readily out of park and/or their transmissions did not receive, or were slow to receive, an intended gear selection. Chrysler Group is unaware of any related injuries or accidents. The investigation discovered the function of one microcontroller component may be compromised by certain temperature extremes. A software update resolves the issue. Affected are certain 2014 Fiat 500L models, of which approximately 20 percent are in dealer hands. Repair costs will be borne by the Company. Affected customers – approximately 18,100 in the U.S. and 1,400 in Canada – will be contacted and advised when to schedule service. Of the total, an estimated 200 vehicles may require shift-module replacement to ensure hardware-software compatibility. Customers who remain concerned may call 1-800-853-1403.