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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.

2020 Alfa Romeo Stelvio Review & Buying Guide | Small but significant changes

The 2020 Alfa Romeo Stelvio is a luxury SUV aimed at folks who want something different – not necessarily to be flashy, but just to stand out in a crowd of grey Audis and black BMWs. Besides its badge and decidedly un-German styling, the Stelvio drives like no other luxury SUV. It has quick steering with great feel and excellent road holding that provide the sort of involved driving experience you probably don't expect from a high-riding crossover – and that goes triple for the outrageous, 505-horsepower Quadrifoglio that is without question the most desirable and competitive Stelvio. However, to this point, choosing the Stelvio also meant putting up with some overtly cheap interior pieces, an arcane infotainment system, few accident avoidance technologies and a poor reliability reputation. As you'll read below, all but the reliability issue have been addressed for 2020 – and only time will tell if the reliability's been improved. These changes are welcome and make the Stelvio much easier to make a case for getting something different. What's new with Stelvio for 2020? The interior's cheap and wobbly switchgear, which so obviously stood out in the 2019 Stelvio, gets a welcome upgrade for 2020. The electronic shifter is a little more solid in action, it's now covered in stitched perforated leather and surrounded by a metallic housing festooned with a little Italian flag. The electronic parking brake has been relocated to the left of it. The center console has also been redesigned to accommodate a wireless charging pad. Knobs for the "dna" drive mode selector, volume/track and the infotainment control knob feel more solid, while the latter is ringed by a nice knurled metal finish. That knob, however, has become a redundant control interface as the 8.8-inch infotainment display is now touch-operated as well. It also has new graphics and a new interface with a configurable home screen. It's a definite improvement over what was there before. The Stelvio also gets more advanced accident avoidance tech, most of which are among the best-executed on the market. The base price has also gone down by about $1,000 for 2020 despite these upgrades. That's rare. What's the Stelvio's interior and in-car technology like? Despite its many worthwhile upgrades for 2020, the Stelvio's interior still doesn't possess the same luxurious look and feel you'll find in an Audi, BMW, Mercedes, Porsche or Volvo.

Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.