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Fiat set to invest $12B on new models, stop Euro losses in 3 years

Naturally, you'd expect a massive automaker like Fiat to have an in-depth plan to exit the current European-market doldrums, and you'd expect that plan to include plenty of new vehicles to attract those precious buyers that still remain despite the financial downturn. And you'd be right, though Fiat does seem to have a few unexpected twists up its corporate sleeve.
Perhaps the biggest shocker is a report that Fiat will completely drop the Punto, a car with mass-market appeal aimed at small-car buyers cross-shopping the popular Volkswagen Polo. Its replacement will be a five-door Fiat 500 aimed at upmarket buyers (sounds awfully similar to the 500L) that will be built in Poland. Lower-end customers will reportedly be served by variants of the Fiat Panda.
Borrowing a page from the BMW, Daimler and Volkswagen playbook, reports Automotive News, Fiat is said to have plans to reignite production at its Italian factories by retooling them to build high-end vehicles from Maserati and Alfa Romeo. These will be marketed as premium products, built by skilled Italian workers (who are paid wages that are 75-percent higher than those building Fiats in Poland), and will be sold around the world.

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

Editors' Picks June 2023: BMW 3 Series and more luxury sport sedans

This month sees a number of luxury sport sedans gain Editors' Pick status thanks to updated or recently-all-new models coming out. The BMW 3 Series is a longtime favorite, and so is the Alfa Romeo Giulia at this point. Just like the electric version of the G80, though, the gasoline version is also an Editors' Pick this month. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in May that earned an EditorsÂ’ Pick. 2023 BMW 3 Series 2023 BMW 3 Series View 15 Photos Quick take: The 3 Series may not be the standard anymore, but it's still a superb luxury sport sedan with powerful engines, great handling, impressive tech and tons of space. Score: 7.5 What it competes with: Mercedes-Benz C-Class, Audi A4, Alfa Romeo Giulia, Cadillac CT4, Acura TLX, Lexus IS, Infiniti Q50, Genesis G70, Volvo S60 Pros: Enjoyable and powerful engines; fun handling; lots of space in rear seat and cargo area; attractive design inside and out Cons: Infotainment is frustrating to use sometimes; value isn't the best From the editors: Road Test Editor Zac Palmer — "The 3 Series ticks all the boxes that a top-shelf luxury sport sedan should. It's attractive but not gaudy. The driving dynamics leave me grinning at the end of a fun road, but don't beat me up on the highway. Any and all modern tech is present and accounted for. And while the price is high, it's not so bad for what you get. I'm an especially big fan of the M340i with its inline-six, but the four-cylinder in the 330i is an excellent option if you don't want to spend as much." In-depth analysis: 2023 BMW 3 Series gets fresh styling and infotainment   2023 Genesis G80 2022 Genesis G80 Sport Prestige View 61 Photos Quick take: The G80 has looks to kill, and it backs that design up with a functional and also-gorgeous interior. There's a lot of value to be had with this nice-to-drive luxury sedan.