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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

Marchionne may stay with FCA until 2020

We might get to see Sergio Marchionne and his vast array of sweaters in the auto industry for even longer than expected. The FCA CEO suggested last year that he would retire from the automaker when its current five-year plan was complete in 2018. Now, he has tentatively extended that point out to at least 2020. "I can do this for another five years if you push me, right? Beyond that, I ain't gonna do it, and I don't want to," he said to Automotive News. That would give Marchionne a 16-year career at the top from joining Fiat in 2004 to possibly leaving FCA in 2020. Although, take the CEO's statement with a grain of salt because he has made multiple statements about the timing for his retirement. In 2012, Marchionne said he would only remain in charge until 2015, which is, well, now. Those five years might also go quite quickly because Marchionne is a busy guy with the Ferrari IPO, the attempted merger with General Motors, implementing FCA's five-year plan, and many other projects. He's already considering the next CEO, though. "My purpose in life is to find the Kuniskises of the world, the Manleys, the Biglands, the Palmers," Marchionne said to Automotive News, referencing the heads at Dodge, Jeep, FCA North America, and the company's chief financial officer, respectively. "I told them, 'One of you is going to do what I do one day. I don't know who that is, but one of you is going to do it.'" News Source: Automotive News - sub. req.Image Credit: Paul Sancya / AP Photo Chrysler Dodge Fiat Jeep Sergio Marchionne FCA fca us Mike Manley reid bigland tim kuniskis

Dodge Durango SRT, Ford F-150 Lightning and why we like physical controls | Autoblog Podcast #678

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They start things off by discussing cars they've been driving, including the 2021 Dodge Durango SRT and the 2021 Toyota Camry Hybrid XSE. Next they discuss the announcement of the Ford F-150 Lightning electric truck, Genesis G70 Shooting Brake and the use of physical controls in cars instead of touchscreens. Finally, they help a reader spend some money. Autoblog Podcast #678 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2021 Dodge Durango SRT 2021 Toyota Camry XSE Hybrid News Ford F-150 Lightning EV announcement Genesis G70 Shooting Brake Opinion: Physical controls add to the driving experience Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Podcasts Dodge Ford Genesis Toyota Ford Lightning