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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

Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.

Stellantis urges owners to fix Takata airbags after another fatality

Stellantis this morning is emphatically urging owners of older Dodge and Chrysler models equipped with recalled Takata airbags to park their cars until they can have recalls performed after the company on Friday confirmed a third fatality. The company's statement includes instructions for owners and follows this article in its entirety.  This comes just six weeks after the brands comprising the former FCA business unit urged customers to park their cars after two fatal incidents involving defective Takata airbags prompted Stellantis to issue a do-not-drive order for the 2005-2010 Dodge Charger, Magnum and Challenger, along with the Chrysler 300. The company is warning any customers who have not yet had their vehicles inspected in accordance with previous recall campaigns to park their cars until they are able to do so. This order covers more than 275,000 vehicles on the road.  No new recall has been initiated to address the faulty airbags as all of the vehicles in question are within the original population of the massive 2015 campaigns carried out by virtually every major automaker. Industry supplier Takata's airbag inflators have been identified as the cause of more than 30 fatalities when moisture caused them to explode rather than deploy normally in a collision.  Here is the full statement from Stellantis: December 19, 2022 , Auburn Hills, Mich. - FCA US LLC urges owners or custodians of certain older-model Dodge and Chrysler vehicles with unaddressed Takata driver-side air-bag recalls, to immediately stop driving them and contact the Company to obtain the required repair – free of charge. We strongly reiterate our previous warning, having confirmed a third Takata-related fatality involving this population of vehicles. They are equipped with Takata air-bag inflators whose chemical properties may deteriorate over time, particularly if exposed to hot, humid climates. Such conditions may cause the inflators to rupture on deployment, scattering razor-sharp debris capable of causing serious injury or death. “Time is a critical element here because the risk increases with each day these air-bag inflators go unreplaced,” said Tom McCarthy, global head of Technical Safety and Regulatory Compliance at Stellantis. “We have the parts, and the service is free.

2023 Chrysler Pacifica Review: Hybrid is still the one to get, but it's pricey

Pros: Unique plug-in hybrid; versatile Stow ‘n Go seats; great entertainment features; good looks Cons: No cheaper base trim; top trims and Hybrid are really expensive; less-comfy second-row Stow ‘n Go seats The 2023 Chrysler Pacifica represents the seventh year of this latest generation of ChryslerÂ’s minivan, which is usually a year past when a car would be completely redesigned. Despite this advanced age, the Pacifica was so well done from the get-go that it remains fully competitive, and in Hybrid form, one of our top choices in the admittedly small minivan segment. Key updates two years in particular ensured that its in-car tech remained just as state-of-the-art and well-executed as itÂ’s always been. Indeed, if thatÂ’s a priority, the Pacifica should be at the top of your list. Ditto fuel economy, because with its plug-in hybrid powertrain and 32 miles of electric range, itÂ’s possible for the Pacifica Hybrid to best even the sensationally efficient, hybrid-only Toyota Sienna. This efficiency is a key reason why that pair represents our top minivan choices, as they can save you $1,000 or more versus V6-only vans (including the regular Pacifica) in gas per year. That said, we put the Sienna on top in a comparison test because of price, and the scales have only tipped further since then after Chrysler jacked the price up by about $8,000 in the last two model years. The base Pacifica Hybrid is now more than $50,000 with the Pinnacle living up to its name with a price tag over $60,000. The $7,500 federal tax credit should help, but itÂ’s unclear at this point if it'll still apply in calendar year 2023. Basically, we really like the Pacifica Hybrid, but the economics might be tricky. So could finding one at a dealer given supply, demand and potential mark-ups.   Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2023? The Pacifica gets a new Road Tripper package for 2023. Available on the Touring L trim levels of both gas and hybrid versions, it adds special graphics and wheels in Luster Gray with orange highlights. ThereÂ’s also “Granite Crystal” exterior trim, all-weather floor mats and a roof rack (though itÂ’s unclear whether its different than the PacificaÂ’s usual Stow ‘n Place rack). The gas-only version also includes the Trailer Tow group.

Junkyard Gem: 1989 Chrysler TC by Maserati

Lee Iacocca's friendship with Alejandro de Tomaso went way back, and it led to the Ford-powered De Tomaso Pantera being born in 1971 (when Iacocca was running Ford). After Iacocca moved over to head Chrysler in 1978, he began working with de Tomaso (who owned Maserati by that point) to develop a sports coupe based on the Chrysler-salvation K-Car platform. It took quite a while, but eventually that car became reality: the Chrysler TC by Maserati (officially known as Chrysler's TC by Maserati). Some 7,300 were built through 1991, and I've found one of them in a Denver-area car graveyard. I've managed to document four of these cars in their final parking spots prior to this one, in wrecking yards in Colorado, California, and Wisconsin. The Chrysler's TC by Maserati does have a devoted following, but they can't save 'em all. The TC really was assembled by Maserati in Italy, but the underlying chassis was taken from the Dodge Daytona. The body bore a strong resemblance to that of the Chrysler LeBaron GTC, which was unfortunate considering the price difference between the two cars: the MSRP on the 1989 TC was $33,000, while the LeBaron GTC cost $17,435 (that's about $80,880 and $42,730 in 2022 dollars). The TC had three different engines driving the front wheels over its short lifetime: two varieties of turbocharged Chrysler 2.2 four-cylinder (one with 160 horsepower and one with a Cosworth cylinder head with 200 horsepower) and that good old workhorse of a Mitsubishi V6: the 6G72, with 141 horses. This car has the 160hp 2.2. The Cosworth-headed cars (500 were built) got a five-speed manual transmission, but the other 6,800 TCs got a Chrysler slushbox of either three or four speeds (this one is a three-speed). There was a lot of snobbish disapproval of the TC by the automotive press, but just look at that interior! Even the most over-the-top LeBaron never got this level of swank inside.  Every time I write about one of these cars, I hear that the factory hardtop roof is worth fantastic money… but four out of the five examples I've found in junkyards had the hardtop, and I think every single one went to the crusher with its car. How many miles? Not many! Maybe the speedometer cable broke in 1995. The radio and HVAC controls are straight LeBaron, but the wood and leather are the real thing.

2023 Chrysler Pacifica gets a 'Road Tripper' package for spring

Chrysler, the car maker that helped to ignite the minivan craze more than four decades ago, will offer a 2023 Pacifica Road Tripper version to dress up a trio of their minivans next spring. Borrowing an adjective from a certain German brand, Chrysler has billed the Road Tripper as "the ultimate family travel vehicle.” The Road Trip package, which can be added to the Touring L and Pacifica Touring L Hybrid models, is mostly comprised of cosmetic features. It will cost from $1,495 to $2,395, depending on the model. Road Trippers will show off Luster Gray Road Tripper graphics, outlined in Brilliant Orange, on the front driver and passenger doors. The 20-inch wheels (18-inch wheels on the Hybrid) are also Luster Gray, as are the center caps, which carry a Brilliant Orange Chrysler wing badge logo. The package also includes semi-gloss Granite Crystal accents front and rear, as well as on door moldings, door handles and mirror caps. There's also a roof rack and all-weather floor mats. The optional Road Tripper package is to be available on gas-powered Pacifica Touring L and Pacifica Touring L Hybrid models, in a choice of three exterior colors: Bright White, Brilliant Black and Ceramic Gray. Ordering for the vans is scheduled to open in the first quarter of next year, with deliveries to dealers in the spring. The company says it had turned to social media to select a name for the package, with the final selection garnering the most votes in a poll on some social channels, including Instagram and Twitter. The idea, said Chris Feuell, Chrysler brand CEO, was to demonstrate “the Chrysler brandÂ’s commitment to customer collaboration moving forward.” Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. How to use the Stow 'N Go seats on the 2021 Chrysler Pacifica

Automakers are getting nervous about Europe's economy

Carmakers BMW and Stellantis on Thursday expressed concerns about Europe's economic outlook, joining a chorus of retailers and others in warning of waning consumer confidence on the continent and hitting their shares. "Obviously the macro(-economic situation) in Europe is more challenging, which gives me pause, personally," Stellantis chief financial officer Richard Palmer said on a conference call with analysts. "If there was anywhere where I was more concerned, it would be Europe than anywhere else really based on the macro." This follows a dire assessment of consumer sentiment in Europe from the likes of consumer goods company Unilever and news of lower spending by Europeans from Amazon. Like other major auto companies, Stellantis and BMW have been hit by supply chain disruptions stemming from the global coronavirus pandemic that have curtailed car production. They have also benefited from strong consumer demand amid low vehicle supply, allowing them to raise prices and keep them high even as the semiconductor shortage shows signs of easing. BMW posted a 35.3% jump in third-quarter revenue despite a small drop in vehicle sales. Stellantis said its revenue rose 29% on the back of a 13% increase in vehicle sales as more semiconductors became available. The concern among analysts has been that demand may falter, just as carmakers get their hands on the supplies they need, undermining pricing and hurting profits. But this week Ferrari said it was confident about its prospects for this year and 2023 as demand for its luxury cars, as well its pricing power, remained strong. Both BMW and Stellantis said on Thursday they had vehicle order books that stretched into the second quarter of 2023. But BMW's chief financial officer Nicolas Peter said high inflation and rising interest rates could hit buyers' wallets. "This is causing conditions for consumers to deteriorate, which will affect their behaviour in the coming months," he said. "We therefore continue to expect our higher-than-average order books to normalise, especially in Europe." He added customers had been unhappy about the wait for new cars, so "a slight reduction (in orders) would not be negative." Palmer said Stellantis was "ready for any softness in demand" but in the short term had been affected by a shortage of drivers to deliver its cars to dealers. "At the moment, we can't build enough cars," he said.

Takata airbag deaths prompt Stellantis to warn owners to park 275,000 cars

Two additional deaths linked to exploding Takata airbags have prompted Stellantis to issue a do-not-drive order for the 2005-2010 Dodge Charger, Magnum and Challenger, along with the Chrysler 300. The company is warning any customers who have not yet had their vehicles inspected in accordance with previous recall campaigns to park their cars until they are able to do so. This order covers more than 275,000 vehicles on the road.  No new recall has been initiated to address the faulty airbags as all of the vehicles in question are within the original population of the massive 2015 campaigns carried out by virtually every major automaker after industry supplier Takata's airbag inflators were identified as the cause of several fatalities when moisture caused them to explode rather than deploy normally in a collision.  "FCA is and has been engaged in aggressive outreach to encourage vehicle owners and custodians affected by Takata recalls to obtain service," the company's statement said. "To date, through various initiatives, the company has generated nearly 210 million standard and first-class letters, courier deliveries, e-mails, text messages, while also making phone calls and home visits." Stellantis insists that its dealers have more than enough replacement inflator inventory to cover all outstanding vehicles on the road and is encouraging owners to schedule their service as quickly as possible; the company says the replacement procedure for a defective airbag inflator normally takes less than an hour. All safety recalls are performed free-of-charge for customers.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Car Recalled? This Is What You Should Do

Chrysler develops fix for Pacifica PHEV minivan fires

In February, Stellantis recalled 19,808 examples of the 2017 and 2018 Chrysler Pacifica plug-in hybrid minivan due to reports of fires in 12 vehicles. The minivans were manufactured between August 12, 2016, and August 7, 2018. All were parked and turned off when they caught fire; eight of them were plugged in and charging. While engineers worked to isolate the source of the fires, Chrysler advised what's become standard practice in the case of electrical-related fire risks: For owners to park outside away from other objects that could catch on fire. Since then, there have been two more fires in Pacifica PHEVs and the first report of a minor injury because of a fire. Chrysler says it's developed a solution to return the minivan to normal operation and is notifying owners now. The fix is a trip to the dealer to have upgraded software installed for the High Voltage Battery Pack Control Module (BPCM) that manages the 16-kWh lithium-ion battery. Dealers will also inspect the battery pack and replace it if necessary. Of note, Chrysler says it hasn't definitively pinned down the cause of the fires, but it understands the conditions that can lead to the fires. The software's been updated to address these preconditions, the automaker telling Green Car Reports it "has validated its remedy." Owners should continue to park outside and away from structures and refrain from plug-in charging until their vans are fixed, after which they can "resume vehicle operation as outlined in their owners’ manuals." The repair will take from 1.5 to two days; a rental or courtesy car will be provided free of charge.  Stellantis has already begun sending letters to owners. Those with questions can contact their Chrysler dealerships, or get in touch with Chrysler customer service at 800-853-1403 and refer to recall number Z11. They can also call the National Highway Traffic Safety Association (NHTSA) Vehicle Safety Hotline at 888-327-4236 (TTY 1-800-424-9153) and mention campaign number 22V077.   

Stellantis announces ‘Circular Economy’ business to drive revenue, decarbonization

Stellantis has already announced its plans to reach net-zero carbon emissions by 2038. Today, the automaker has announced a new business unit to help it reach that goal while generating 2 billion euros per year in revenue by 2030. The “Circular Economy” business will help make revenue less dependent on finite, rare and ecologically problematic materials. The Circular Economy model features what Stellantis calls a “4R” strategy, comprising remanufacturing, repair, reuse and recycling. The goal is to make materials last as long as they can, reducing reliance on the acquisition of those precious new materials in the future by returning them to the business loop when theyÂ’ve reached the end of their first life. Through these processes, Stellantis says it can save up to 80% raw material and 50% energy compared to manufacturing a new part. Remanufacturing, or “reman” in Stellantis shorthand, means dismantling, cleaning and rebuilding parts to OEM spec. Nearly 12,000 remanufactured parts are available for customers to purchase. Some remanufacturing is done in-house, and some with partners and through joint ventures. Repair is pretty obvious — fixing parts to put back into vehicles. This also consists of reconditioning, to make a vehicle feel like new. Stellantis boasts 21 “e-repair” centers for repairing electric vehicle batteries.  Reuse refers to parts still in good condition from end-of-life vehicles sold as-is. Stellantis says it has 4.5 million multi-brand parts in inventory. These are sold in 155 countries through the B-Parts e-commerce platform. Reuse also refers second-life options, such as using batteries outside of automotive purposes. Recycling involves dismantling parts and scraps back into raw material form that is then looped back into the manufacturing process. Stellantis says it has collected 1 million parts for recycling in the past six months. Recycling doesnÂ’t get counted in that aforementioned 2 billion euros of revenue, but it does save the company money on acquisition of raw materials. As for batteries, specifically, Stellantis expects this recycling business to ramp up after 2030, when the packs currently in service begin to reach the end of their lifecycle. Stellantis will use its new “SUSTAINera” label to denote parts that are offered as part of its Circular Economy business.