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Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM

2023 Alfa Romeo Tonale aims to be the enthusiast's small SUV

Alfa Romeo's lineup will expand by 50% next year thanks to the 2023 Tonale, its new small SUV engineered to take on the voluminous and still-expanding utility segment beneath the Stelvio and its ilk. This new baby SUV packs a minimum of 256 horsepower and all-wheel drive with an optional, performance-oriented plug-in model available.  It's difficult to talk about the future of the automotive industry without acknowledging the spread of electrification and the rise in vehicular ride heights, and Alfa's checking both boxes with the Tonale. The small SUV will now be the brand's entry-level model. That's right; while you weren't looking, Alfa's lineup shrank to just two vehicles: Giulia and Stelvio. The company will add more electric variants in the coming years, including a BEV before the middle of the decade, so while the Tonale may be the first, it's not going to be the only, and while Alfa is adamant that there's a future for Giulia, we're now nearly a decade removed from the days of Alfa showrooms being populated by little coupes, convertibles, hatchbacks and sedans.  The Tonale shares its underpinnings with just about every other small SUV in the Stellantis portfolio. Its largest cousin sold here in the U.S. is the Jeep Compass. We don't have all the numbers for Tonale just yet, but we suspect the only thing it'll really have in common with Jeep's economical compact will be the length of its wheelbase, which slots it into the same class as the Audi Q3, BMW X1, Mercedes-Benz GLA/GLB and Lexus NX. And there's certainly nothing Compass-like about its exterior, which looks credibly Alfa-like. LED lighting is standard; the fancy wheels on the models shown in these photos are not; you'll need the Veloce trim for those.  Alfa's punching up a bit in the cabin too. A 10.25-inch Uconnect 5 infotainment system is standard (the Stelvio's base screen is just 8.8 inches) and paired to a 12.3-inch digital cluster display skinned to look like a vintage Alfa Romeo instrument panel. The Uconnect system is integrated with Alfa Connected Services to enable over-the-air updates and other personalized functionality. Each Tonale can store five individual driver profiles accessible via a single touch and is compatible with wireless Android Auto and Apple CarPlay. But while Alfa promises the Tonale will feel appropriately luxurious for its price point, this isn't aimed at the crowd that wants a soft, distant experience.

Future Classic: Alfa Romeo Milano

While the glory that was Alfa Romeo may be in the past on this side of the Atlantic, there still remains evidence of Italianate greatness on used car lots and in new car showrooms: stunning sports cars of graceful lines (if unreliable electronics), colorful sport utility vehicles of modest power and functionality, and a smattering of older sedans — or, “family saloons” — that, in 2023, might be called classic. Take, for example, the Alfa Milano. Why is the Alfa Romeo Milano a future classic? Launched on May 17, 1985, the car was born as the Alfa 75 in Italy, named to celebrate the 75th anniversary of the companyÂ’s founding in Milan. Unlike many Alfas of jaw-dropping beauty, the angular, pseudo-boxy Milano wedge, as it was called in America, was primarily about the engine. Sold between June 1986 and August 1989, the Milano was initially offered in three trim levels: Silver, Gold, and Platinum. Each level was equipped with more and more goodies, with the Platinum stocked with leather, a sunroof, ABS brakes, and a limited-slip differential. All of these models had a 2.5-liter, SOHC version of the Busso V6, producing 154 horsepower. It was nicknamed after its creator, Giuseppe Busso.  ItÂ’s worth noting that smaller engines were offered in Europe, and during the carÂ’s lifecycle there, they were replaced by a novel "Twin Spark" four-cylinder unit, which featured two spark plugs per cylinder, allowing for more efficiency and power. Initially, Milano was designed to compete with a new-ish class of European sports sedans like the Mercedes-Benz 190 and the BMW 3 Series. Under the Milano's skin was a modest rear-wheel-drive chassis with bits borrowed from AlfaÂ’s motorsports heritage: torsion bars and shock absorbers up front and a De Dion tube with shocks and coil springs in the rear (the De Dion "Dead Axle" setup was chosen as it reduced the unsprung weight in comparison to a live rear axle). In its day, the Milano was boarderline-quirky in an Italian way, battling an often deserved reputation for questionable reliability but undeniably handsome (in rosso Alfa, of course) and a joy to drive on challenging roads with its gutsy six and rear-wheel-drive platform. What is the best example of the Alfa Romeo Milano?