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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 minivans under investigation for stalling after fuel refill

According to the National Highway Traffic Safety Administration, at least one man has reported that his 2007 Dodge Grand Caravan stalled unexpectedly on the highway shortly after being refueled. The unidentified man who contacted NHTSA regarding the issue cited as many as eight similar instances reported by other drivers.
NHTSA has announced that it will launch an inquiry into this issue, which could affect as many as 160,000 minivans from Dodge and Chrysler that were sold in 2007 (or more, if a problem is found that extends to additional models years, we'd assume). As of yet, there's no formal investigation, let alone a recall, on these vans, as the agency is merely determining if further action is needed.
Two months ago, Chrysler recalled nearly 700,000 vehicles, the majority of which were minivans, from the 2008-2010 model years to replace ignition switches after an investigation found that their weak springs and detent positions could fool a driver into thinking the car was in the "Run" position, when it's actually in the "Accessory" position.

2013 Dodge Challenger V6 recalled for fire risk, owners asked not to drive

Chrysler has issued a recall for the V6 version of the 2013 Dodge Challenger (as pictured above in 2012MY) over the possibility of a wiring harness that could short circuit and lead to a fire. Owners of these V6 Challengers built from November 2012 through January 2013 are being urged to contact dealers immediately and, in the meantime, not to drive their cars or park in or near any buildings.
Chrysler estimates around 2,500 potentially affected Challengers are in owners' hands, while another 1,900 are still sitting on dealer lots. The total number of recalled vehicles is 4,459.
So far, Chrysler says that seven fires have been reported - none resulting in injuries. The company is instructing vehicle owners to contact their dealer to find out if their vehicle is included in the recall, but owners can also find the build date information of their vehicle by checking the label in the driver's door jamb.