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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

2024 Alfa Romeo Tributo Italiano Editions celebrate the obvious

For the first time, Alfa Romeo has a special edition meant for worldwide consumption. The Tributo Italian Edition — a "tribute to the brand's origins, Italian excellence and sportiness" — was designed for the Stelvio, Giulia, and Tonale. The upgraded spec shared among all three models includes two-tone exteriors, a black roof paired with one of three available colors: Rosso Alfa, Verde Montreal, and Bianco Alfa. Those are the colors of the Italian flag, naturally, which also appear on the black mirror caps. All ride on Alfa's adaptive suspension, come with all-wheel drive, and fit a smattering of the company's driver assistance and convenience features. Inside buyers get dual-zone climate control, a heated steering wheel, heated and cooled perforated black leather seats with red accents and stitching, logoed headrests, premium audio, and ambient lighting.  Specific kit for the Tonale begins with the Dark Miron accents outside, like in the grille "V' insert, on the skid plate, and accents along the side. A special bodykit adds redrawn front and rear bumpers, side skirts, and wheel arches. The Tributo Italiano specials sitting just below available Quadrifoglio trims, the generous equipment level means the Tonale's 285-horsepower plug-in hybrid powertrain, red Brembo calipers behind 20-inch wheels, adaptive full-LED matrix headlights, hands-free electric tailgate, aluminum tread plates, and chrome-plated twin tailpipes. The cabin is spiffed up with a fancy "carbon design" insert. A sunroof is optional. The Stelvio and Giulia Tributo Italiano editions are both powered by the turbocharged 2.0-liter four-cylinder with 280 hp, the most powerful option beneath the Quadrifoglio's 2.9-liter. The Stelvio rides on 21-inch wheels, the Giulia on 19-inchers, the largest size available for the sedan.  The limited editions are coming to dealers in the U.S. in the second quarter of 2024. Alfa didn't mention production numbers nor price, but did say the Italian-themed cars will slot at the top of their respective 2.0-liter lineups. We'd guess an MSRP in the mid-50s for the Tonale, the upper 50s or low 60s for the Gilulia, and the low to mid-60s for the Stelvio. Related Video

Alfa Romeo abandoned the Spider to focus on crossovers

As much as enthusiasts like to forget or deny it, automakers are in the business of making money, and sometimes that means doing things that seem counter to a brand's image or history. Alfa Romeo, for example, is attempting to make a comeback in the US. The make has a long history of making sporty vehicles, so news that Alfa has ceased plans on some new cars in order to focus on crossovers should be disappointing, but far from surprising. The new Fiat 124 Spider, based on and build alongside the Mazda Miata, was originally supposed to be a new Alfa Romeo Spider. A while back, Fiat Chrysler Automobiles CEO Sergio Marchionne has said that as long as he's in charge, Alfas will be built in Italy. That seemed to be reasoning enough for the new car's switch to Fiat, but Automotive News is reporting that the company actually abandoned the new Spider in order to build SUVs. The Spider isn't the only vehicle that appears to be off the table. While the new BMW 3 Series-sized Giulia is set to hit dealers later this year, larger sedans meant to compete against the 5 Series and 6 Series have been axed. Alfa's first crossover, the Stelvio, is expected to debut later this year. The company has plans for a Giulia-based crossover as well. A lot of this seems counter to Alfa and FCA's five-year plan that was announced fewer than three years ago. Then, the 400,000 annual sales target worldwide by 2018 powered by Italian-designed and -built engines. In actuality, the company has struggled to get even the Giulia to market, delaying everything else in its wake. Related Video: