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Moon landing anniversary: How Detroit automakers won the space race

America's industrial might — automakers included — determined the outcome of the 20th centuryÂ’s biggest events. The “Arsenal of Democracy” won World War II, and then the Cold War. And our factories flew us to the moon. Apollo was a Cold War program. You can draw a direct line from Nazi V-2 rockets to ICBMs to the Saturn V. The space race was a proxy war — which beats a real war. It was a healthy outlet for technology and testosterone that would otherwise be used for darker purposes. (People protested, and still do, that money for space should go to problems here on Earth, but more likely the military-industrial complex would've just bought more bombs with it.) As long as we and the Soviet Union were launching rockets into space, we were not lobbing them at each other. JFKÂ’s challenge to “go to the moon in this decade and do the other things, not because they are easy, but because they are hard,” put American industry back on a war footing. We were galvanized to beat the Russians, to demonstrate technological dominance. (A lack of similar unifying purpose is why we havenÂ’t been to the moon since, or Mars.) NASA says more than 400,000 Americans, from scientists to seamstresses, toiled on the moon program, working for government or for 20,000 contractors. Antagonism was diverted into something inspirational. The Big Three automakers were some of the biggest companies in the moon program, which might surprise a lot of people today. Note to a new generation who marveled when SpaceX launched a Tesla Roadster out into the solar system: Sure, that was neat, but just know that Detroit beat Elon Musk to space by more than half a century. This high point in human history was brought to you by Ford ItÂ’s hard to imagine in this era of Sony-LG-Samsung, but Ford used to make TVs. And other consumer appliances. Or rather Philco, the radio, TV and transistor pioneer that Ford bought in 1961 — the year Gagarin and Alan Shepard flew in space. Ted Ryan, FordÂ’s archives and heritage brand manager, just wrote a Medium article on the central role Philco-Ford played in manned spaceflight. And nothingÂ’s more central than Mission Control in Houston, the famous console-filled room we all know from TV and movies. What we didn't know was, that was Ford. Ford built that. In 1953, Ryan notes, Philco invented a transistor that was key to the development of (what were then regarded as) high-speed computers, so naturally Philco became a contractor for NASA and the military.

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

UAW may be key to forced FCA merger with GM

Sergio Marchionne doesn't give up on a business deal easily. While outwardly not much has recently been said about FCA's attempted merger with General Motors, Marchionne might be hoping to garner a powerful, new ally that could help break things wide open. The United Auto Workers retiree health care trust is the single largest shareholder of GM with 8.7 percent of the stock, and having its support would certainly improve FCA's position in getting a deal done. "Whatever happens in terms of consolidation, it would never be done without the consent and support of the UAW," Marchionne said when FCA recently began contract talks with the UAW, The Detroit News reports. The boss is also allegedly on good terms with the union president Dennis Williams. Still, using the organization for a hostile takeover could be very difficult because of the way its votes are structured. Other activist investors might already be on board, though. Marchionne believes that consolidation in the industry is vital because automakers are investing to create the same technologies. A GM/FCA merger still has many roadblocks, though, including the fact that Marchionne's company is smaller than GM. From a regulatory perspective, the size of the merged company could raise serious anti-trust concerns among regulators, according to The Detroit News. There's also the concern for lost jobs from redundant work with the two combined businesses. Even if the UAW angle doesn't work out, there are contingency plans afoot for other merger targets. According to The Detroit News speaking to anonymous insiders, FCA bigwigs have a meeting in London on Thursday to take a close look at other options. In addition to GM, they are investigating possible deals with Volkswagen and the Renault-Nissan Alliance. In the past, PSA Peugeot Citroen and multiple Asian automakers have also been brought up as partners, and UBS has reportedly been providing financial advice on what to do.