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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

Marchionne: FCA, but not Ferrari, interested in Formula E

It seems like automakers have been clamoring to get on board with Formula E lately. In just the last few weeks a number of manufacturers have either become more directly involved, or otherwise announced entry into the series in coming years. That includes Audi, BMW, Mercedes-Benz and Porsche, with the latter two abandoning other series to join the electric one. Now, FCA CEO Sergio Marchionne says his company might join Formula E as well, according to Motorsport. Previously, Marchionne had toyed with the idea of bringing Ferrari into the Formula E field, but now says that would be unlikely. Instead, he thinks an FCA brand would be a better fit, perhaps Alfa Romeo or Maserati. At the moment, Maserati seems like the best fit, as Marchionne just announced that the brand would electrify its entire lineup after 2019, with each car it sells having either a hybrid or electric powertrain. Fans would probably be excited to see Maserati return to racing, and Formula E would be a good test laboratory for the development of electric propulsion technology. Still, another brand could represent FCA in Formula E, and apply the knowledge learned there to its vehicles, as Marchionne says half of the FCA fleet will be electrified by the end of the company's five-year plan ending in 2022. Marchionne said that while Ferrari won't be directly involved, he doesn't know which FCA brand – Alfa Romeo, Dodge, Chrysler, Fiat, or Maserati – would enter. As interesting as an electric Dodge race car would be, it seems unlikely, especially because of, well, Maserati. We're hoping it's Jeep, though. Related Video: News Source: MotorsportImage Credit: ALBERTO PIZZOLI/AFP/Getty Images Green Alfa Romeo Ferrari Maserati Green Culture Electric Racing Vehicles Sergio Marchionne FCA Formula E