440 Rt Challenger on 2040-cars

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Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

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

2018 Dodge Durango SRT Quick Spin | The modern hot-rod wagon

I love big, overpowered SUVs. Except for Mercedes-AMG, no one makes fast wagons anymore. Models like the BMW X5 M and the Porsche Cayenne Turbo S fill that niche, combining a powerful engine with copious amounts of room for cargo and passengers. These SUVs are too porky to handle well on a track and too big and wide to properly tackle a curvy backroad. But with a soft suspension and a 0-60 mph time of less than 5 seconds, they are perfect for cruising city streets and pulling away from unsuspecting Ford Mustangs and Chevy Camaros. That makes the 2018 Dodge Durango SRT perfect for the Woodward Dream Cruise. Dream Cruise is an annual car meet along Woodward Avenue, just northwest of Detroit. While literally any motorized vehicle is welcome, the street is mostly filled with American cars from the height of the domestic auto industry. For a late 20-something like myself, watching and partaking in the Dream Cruise fills me with a sense of nostalgia for a time and place that never existed for me, just like watching John Wayne in anything from "Stagecoach" to "True Grit" makes you long for horseback rides in the Old West. The Durango SRT, with a pushrod Hemi V8, 392 cubic-inch badging on the fenders and muscular styling, enhances the experience. Sure, it's not nearly as cool as Mopar stalwarts like the 1969 Plymouth Roadrunner or the 1970 Dodge Daytona, but it's filled with the same sense of purpose. Dip into the throttle and listen to that eight-cylinder chorus erupt with a sound that's wholly unique. Not even the pushrod V8s from GM snarl and crack like this 6.4-liter Hemi. It's the same sort of sound you'll hear from countless Dodge, Chrysler and Plymouth products during Dream Cruise. You don't need to go fast to get the full understanding of the Durango SRT's purpose. Ignore the SRT-tuned suspension and heavy steering. What you really want to do is open the SRT menu and adjust the custom settings. Set the engine and transmission in track mode and put everything else in the street setting. You'll get all the available power and straight-line performance combined with a nice, cushy ride. We're not sure what FCA has planned for the future. While the industry moves toward electrification and autonomous ride-sharing vehicles, the automaker is pouring money into vehicles like the Durango SRT, the Dodge Challenger SRT Demon and the Alfa Romeo Giulia Quadrifoglio. Future prospects look hazy.