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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

Fiat/PSA's dominance in small vans hangs up EU's merger approval

BRUSSELS — EU antitrust regulators are concerned about Fiat Chrysler and Peugeot / PSA's combined high market share in small vans and may require concessions to clear their $50 billion merger, people familiar with the matter said. The companies, which are seeking to create the world's fourth biggest carmaker, were told of the European Commission's concerns last week. If Fiat and PSA fail to dispel the European Commission's doubts in the next two days and subsequently decline to offer concessions by Wednesday, the deadline for doing so, the deal would face a four-month-long investigation. The EU competition enforcer, which has set a June 17 deadline for its preliminary review, declined to comment. Fiat was not immediately available for comment while PSA had no immediate comment. Hiving off overlapping businesses, usually a regulatory demand to ensure more competition, could prove tricky for the carmakers because of the technicalities. Fiat and PSA are looking to merge to help offset slowing demand and shoulder the cost of making cleaner vehicles to meet tougher emissions regulations. The deal puts under one roof the Italian carmaker's brands such as Fiat, Jeep, Dodge, Ram, Maserati and the French company's Peugeot, Opel and DS. Related Video: Government/Legal Chrysler Dodge Fiat Jeep Maserati RAM Citroen Opel Peugeot

Ram recalling 1,747 diesel trucks for short-circuit risk

Diesel-powered Ram owners, it's recall time. Fiat Chrysler Automobiles has announced a voluntary recall of 1,747 Ram 1500 EcoDiesels from model years 2014 and 2015. Why so few? Well, this campaign is limited to just rear-wheel-drive models. The problem, this time around, is with a battery wiring harness that will chafe against a bracket if it wasn't assembled properly. This chaffing can lead to a short, causing a loss of power (the best-case scenario) or even a fire (probably the worst-case scenario). Fortunately, FCA is unaware of any accidents, fires, or other injuries caused by short circuits. The affected vehicles were sold in both the US and Canadian markets, although the vast majority of the trucks, 1,697 to be precise, are here in the land of the free and home of the brave. The remaining 50 vehicles were sold in Canada, and were likely purchased by those crazy enough to drive a high-torque, rear-drive pickup in a country almost perpetually covered in snow and ice. Regardless of whether your truck has an illuminated dashboard warning light or not, FCA is encouraging drivers of the affected vehicles to report to dealers for a free service when they receive a recall notice. Scroll down for the official press release from FCA, as well as the bulletin from the National Highway Traffic Safety Administration. Statement: Wiring Harness September 9, 2015 , Auburn Hills, Mich. - FCA US LLC is recalling an estimated 1,747 trucks in the U.S. and Canada to inspect, reroute and replace – as required – their wire harnesses to prevent a potential short-circuit. An investigation by FCA US discovered a battery wiring harness may chafe against a bracket if assembly protocols were not followed. This condition is limited to vehicles equipped with diesel engines and 4x2 drivelines. Such a condition has the potential to cause a short-circuit, which may lead to power loss or fire. The Company is unaware of any related injuries, accidents or fires. The campaign is limited to certain 2014-15 Ram 1500 pickups. It is estimated there are 1,697 in the U.S. and 50 in Canada. Affected customers will be advised next month when they may schedule service, which will be performed at no cost. While the condition may not be present in every vehicle, FCA US urges customers to note the information on their recall notices and respond accordingly. Illumination of a dashboard warning light is among the indicators that the condition is present.