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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

Jeep gunning for 1M sales this year

Jeep CEO Mike Manley would rather soft-pedal the seven-figure prognostication for now, but Fiat CEO Sergio Marchionne won't have it, proclaiming in an interview that Jeep will sell one million units worldwide this year. Manley has called that come-hither number "a stretch," the history of recent gains perhaps reason for his caution: in 2011 the brand sold 568,317 units, followed by the record-breaking tally of 701,626, then another record in 2013 with 731,565 units moved.
That kind of gap means everything will need to go magically for Jeep to record a 37-percent increase this year - amazing Cherokee sales, a brilliant launch for the little Jeep arriving in Europe later this year and a heavy wave to raise sales in US, European and Chinese markets. Manley is confident about the prospects in 2015, though, with the Cherokee in full stride, the Fiat-based Jeep on its way to the US and expanded global production. It's not as though Marchionne's prediction for Jeep's 2014 sales is unexpected, since he first made it last year. But even if the number ends up a little short for 2014, there's no doubt it will be impressive.

2014 Jeep Grand Cherokee probed by NHTSA for brake problems

Remember how Toyota got in all kinds of trouble over unintended acceleration? Well, the National Highway Traffic Safety Administration is investigating Jeep over unintended braking. NHTSA has announced a probe of 20,000 Grand Cherokee SUVs from model year 2014. Nine complaints have been received, with owners alleging that their Jeeps have issued brake warnings or gone ahead and applied the brakes when no threat was presented. Each complaint alleges that the vehicles have exhibited this behavior repeatedly, leading to a "sudden reduction in vehicle speed in traffic." So basically, a system designed to prevent accidents could actually increase the odds of a collision happening. Speaking to the Associated Press, Jeep spokesperson Eric Mayne said owners whose vehicles are exhibiting this behavior should report to dealers, while adding that the automatic braking/adaptive cruise control systems can be deactivated. Related Video: Scroll down for the official bulletin on the investigation from NHTSA. Date Investigation Opened: JUN 01, 2015 Date Investigation Closed: Open NHTSA Action Number: PE15021 Component(s): FORWARD COLLISION AVOIDANCE Manufacturer: Chrysler (FCA US LLC) SUMMARY: The Office of Defects Investigation (ODI) has received nine complaints alleging inappropriate activations of the autonomous braking system in model year (MY) 2014 Jeep Grand Cherokee vehicles. All nine reports alleged unexpected braking incidents preceded by collision imminent brake warnings and resulting in sudden reduction in vehicle speed in traffic. Two complaints reported autonomous braking incidents with no objects on the road resulting in rapid increase in brake force and anti-lock braking system (ABS) activations. The complaints alleged experiencing multiple events at different locations and road conditions. A Preliminary Evaluation has been opened to assess the frequency, scope and consequences of the alleged defect. The following VOQ numbers are associated with the issues discussed in this resume: 10543837, 10713629, 10690650, 10663320, 10630362, 10596913, 10533622, 10533524, 10651269.