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Stellantis won't race to split electric vehicles from fossil fuel cars

MILAN - Stellantis is not considering splitting its electric vehicle (EV) business from its legacy combustion engine operation, its finance chief said on Thursday, as the carmaker presented above-expectation revenue data for the first quarter. Chief Financial Officer Richard Palmer told analysts he did not see huge benefits in the kind of separations pursued by rivals such as France's Renault and U.S. Ford. "We need to manage the company and the assets we have through this transition," he said. "There are benefits to having the cash flow being generated by the internal combustion business for the investments we need to make." Palmer said the group, formed by a merger last year of Fiat Chrysler and Peugeot maker PSA, was not averse to considering adjusting its structure "but we aren't anticipating any big changes." Palmer's comments came after the world's fourth largest carmaker said its net revenue rose 12% to 41.5 billion euros ($44.1 billion) in the January-March period, as strong pricing and the type of vehicles sold helped offset the impact of the semiconductor shortage on volumes. That topped analyst expectations of 36.9 billion euros, according to a Reuters poll. Milan-listed shares were up 0.5% by 1415 GMT, in line with Italy's blue-chip index. The impact of the chip crunch was evident in the decline in shipment figures which fell 12% in the quarter to 1.374 million vehicles. It was a similar story for Germany's BMW which posted higher revenues on Thursday and a decline in car sales. Riding the Recovery Stellantis, whose brands also include Citroen, Jeep and Maserati, confirmed its 2022 forecasts for a double-digit adjusted operating income margin, after 11.8% last year, and a positive cash-flow despite supply and inflationary headwinds. Morgan Stanley analysts said after the results that Stellantis had better management than many peers and benefited from its significant exposure to a stronger U.S. economy and a European recovery from the COVID-19 pandemic. They also said it was less affected by a slowing Chinese economy. Palmer said it was important for the group to maintain double-digit margins and keep delivering positive cash flows. "A 12% increase in revenue with a 12% decrease in volumes indicates a very strong performance on price and mix, which augurs well for our margin performance," he said. He said semiconductor supply problems were expected to ease this year with continued improvements in 2023.

Alfa Romeo to go all-electric by 2027

On an earnings report last week, Alfa Romeo parent company Stellantis tacked on some electrification plans for its 14 brands. One surprising piece of information: Alfa Romeo would be the first of them to go fully electric, and it'll happen by 2027. We've known that Alfa Romeo would eventually go electric, but it's a bit surprising to hear that Stellantis wants it to happen on such a short timeline, and that it would spearhead its EV push. Alfa Romeo has been one of the most protected brands in the Stellantis empire, and one of the most traditional as well. The often quirky but nevertheless beloved brand has long been a favorite among car enthusiasts. In fact, brand heritage is so important that back in 2014 the company opted to develop its own Spider rather than borrow a platform from the ND Miata (That car went to become the Fiat 124 instead). Stellantis didn't confirm what the first Alfa EV would be, but it could arrive in the form of a subcompact crossover about the size of a BMW X1. It could also share the platform with other Stellantis brands like Peugeot, Fiat and Jeep and is slated to debut in 2022 or 2023. In the meantime, Alfa Romeo is working on the Tonale plug-in hybrid electric, which was recently delayed. Reportedly, Stellantis head Jean-Philippe Imparato was not satisfied with the hybrid-electric system. The PHEV crossover will share a platform with an upcoming Jeep model as well. It should arrive in early 2022 if things stay on track from here. The express timeline also indicates that the new Stellantis STLA large-vehicle architecture will have to be ready before 2027. It's set to replace the sharp-handling rear-wheel-drive Giorgio platform that underpins the Giulia and Stelvio. And while it'll be shared across multiple Stellantis brands, Imparato has promised Alfa Romeo-badged cars will retain the qualities that have made the name so special. In the same report, Stellantis confirmed that Opel would go all-electric by 2028 and Fiat would follow by 2030. Related Video: 2021 Jeep Wrangler 4xe plug-in hybrid powertrain feature walkthrough | Autoblog

Marchionne on Alfa's US return, Dodge Dart's powertrain weakness and minivan plans

As a reporter covering an auto show, the one opportunity you never want to miss is going to the Sergio Marchionne press briefing.
"This undertaking to bring Alfa back is a one-shot deal... We are not going to do this twice."
There just aren't that many real characters left in the auto industry. Marchionne, who sits atop both Chrysler and Fiat, is not only one of the smartest execs in the business, but also the most frank. Herein, a sample of the quotable always-sweatered executive: