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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

Chrysler's internal documents question Ram quality as workers protest

Chrysler is reportedly having a hard time ramping up production of its 2013 Ram 1500. According to The Detroit News, only 16 of the 58 trucks built at the Warren Truck Assembly Plant during the model's first hour passed final inspection. While quality eventually improved over the course of the day, just over half of the units built on Thursday were approved for shipment. Even with workers ordered to stay late to fix their mistakes, some 1,078 units remained outside the facility with defects. The problem, according to workers at the plant, is morale.
According to the report, Chrysler recently changed the shift schedule at the plant and workers are unhappy with the new situation. The new plan has workers split into three shifts, each covering four 10-hour days. With the shifts staggered, some workers now have to work nights and on Saturdays. Some employees are so upset that they've taken to protesting, though the move isn't sanctioned by the United Auto Workers.
Meanwhile, Chrysler admits there were internal issues with the launch, but that the company was able to contain them. A spokesperson has said "plant quality indicators are getting progressively better."

YouTube tallies votes for this year's top five Super Bowl spots [w/video]

When we asked you to tell us which of this year's 16 car-themed Super Bowl commercials you liked best, you chose the Farmer commercial from Chrysler Group, advertising the Ram trucks, over Audi's Prom commercial in second place. Turns out the voters in YouTube's Ad Blitz poll agreed, voting the same commercial to the number one spot from among the field commercials in every category.
From there, however, they went in a totally different direction. Budweiser's The Clydesdales spot came second, Samsung's The Next Big Thing took third. The Jeep Whole Again ad scored fourth in the YouTube poll, fifth in our poll of auto commercials, and the Hyundai Team spot got fifth from the YouTubers, but ninth in our poll.
The voting results don't match up with the viewing numbers, though - while Farmer has more than 13 million views, The Next Big Thing is well beyond 21 million. You can read the press release below and see all five spots, lined up for you, one more time.