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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

Autoblog Podcast #416

Episode #416 of the Autoblog Podcast is here, and this week, Dan Roth, Steven Ewing, and Brandon Turkus talk about the 2016 Mazda MX-5 Miata, seeing the 2016 Nissan Maxima in the company's Super Bowl ad, and GMC's potential plans for a Jeep Wrangler fighter. Of course, the podcast starts with what's in the garage and finishes up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #416 Topics 2016 Mazda MX-5 Miata first drive 2016 Nissan Maxima previewed in Super Bowl ad GMC mulling Jeep Wrangler fighter In The Autoblog Garage 2015 Hyundai Genesis 5.0L V8 2015 Honda CR-V Long-Term 2015 Volkswagen GTI Hosts: Dan Roth, Steven Ewing, Brandon Turkus Runtime: 01:36:43 Rundown Intro and Garage - 00:00 Maxima – 30:48 Miata – 41:46 GMC/Wrangler – 59:14 Q&A - 01:11:13 Get The Podcast UStream – Listen live on Mondays at 10 PM Eastern at UStream iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show in iTunes Podcasts GMC Honda Hyundai Jeep Mazda Nissan Volkswagen vw gti nissan maxima

This Jeep Forward Control is incredibly clean, for sale

Jeep loves going all out on its Moab Easter Safari concept cars. This year was no exception; aside from an insane 707-horsepower Wrangler, the plucky little FC-150 was the star of the show. Of course, it was artfully restored and given plenty of love before the annual, off-road adventure. Sadly, you can't buy a brand new FC-150 from Jeep anymore, or even any sort of pickup truck for that matter. No, the last time you were able to buy an FC-150 was way back when in 1965. Thankfully, at least one dealer recognized the heritage of this stunning little machine, and has listed a pristine example for sale on eBay for sale on eBay. This one was built in 1958, and only 11,595 miles read on the odometer. That's insanely low for a car this old and this rare. The President Red and Plantation white exterior looks straight from the factory, as do the wheels and tires. Though, you have to imagine that most everything on this car has been restored considerably given the lifespan, even without the dealer outright saying it. Four-wheel drive and a four-speed manual gearbox come standard; there's even a spare tire in case things go wrong on the trail. The cherry on top being the stunningly clean, no-nonsense interior. It's about as factory fresh one might get in a 60-year old Jeep. With a current bid of $14,600 (per this writing), it's not even that expensive. If you're looking to snag a handsome piece of Jeep history, look no further than this. But hurry, there are only a few hours left to bid. Related Video: This article originally appeared on Boldride.com. Jeep Auctions Truck SUV Off-Road Vehicles Classics eBay