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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

FCA updates 700k-vehicle recall to replace ignition switches

FCA US is revising a previously announced recall of 702,578 minivans and SUVs; now specifying that owners replace their ignition switches, rather than just a component. The campaign affects the 2008-2010 Chrysler Town & Country, 2008-2010 Dodge Grand Caravan and 2009-2010 Dodge Journey. The National Highway Traffic Safety Administration initially opened an investigation last summer following complaints about the ignition switches in these models. FCA US (then Chrysler Group) responded with a recall of 695,957 examples of these vehicles because the key could appear to be in the "Run" position but not be fully engaged. If it slipped out, and there was an accident, then the airbags might not deploy. The company had initially planned to install a new detent ring to fix the problem. According to the timeline in a NHTSA document (available here as a PDF), the government agency and FCA US continued their research into the problem. The automaker found that the time needed to create a new ring design and updated software would be longer than replacing the whole ignition switch. The company worked with the supplier Marquardt to negotiate an accelerated schedule to manufacture the extra replacement parts. According to NHTSA, the investigation has now been closed because of FCA's recall. Company spokesperson Eric Mayne confirms to Autoblog via email, "No additional vehicles are affected and all affected customers have already been made aware their vehicles are subject to recall." FCA US sent out an initial notification advising owners of the problem in September 2014. The company will now send out a second letter in April and will replace the parts in two phases. Repairs for affected models from the 2008 and 2009 model years will begin in April, and 2010 examples will start being fixed in August. RECALL Subject : Ignition Switch may Turn Off , 1 INVESTIGATION(S) Report Receipt Date: JUN 26, 2014 NHTSA Campaign Number: 14V373000 Component(s): AIR BAGS , ELECTRICAL SYSTEM Potential Number of Units Affected: 702,578 All Products Associated with this Recall Vehicle Make Model Model Year(s) CHRYSLER TOWN AND COUNTRY 2008-2010 DODGE GRAND CARAVAN 2008-2010 DODGE JOURNEY 2009-2010 Details Manufacturer: Chrysler Group LLC SUMMARY: This defect can affect the safe operation of the airbag system. Until this recall is performed, customers should remove all items from their key rings, leaving only the ignition key.

Could self-driving cars stop terrorist attacks?

Terrorists have taken to using a weapon that's easy to obtain and can do a lot of damage: ordinary vehicles, driven into crowds. A Department of Homeland Security-FBI bulletin from 2012 warned that "vehicle-ramming offers terrorists with limited access to explosives or weapons an opportunity to conduct a homeland attack with minimal prior training or experience." CNN recently listed nine vehicle-based terrorist attacks that have occurred within the past year, and in just in the past three months incidents in New York, Edmonton and Barcelona have claimed more than 20 lives and injured dozens after ISIS-affiliated drivers plowed into pedestrians. The deadliest so far was a Bastille Day attack in Nice, France that killed 86 people after a terrorist drove a truck into a crowd following a fireworks display. CNN also reported that "Al Qaeda's Yemeni branch encouraged its recruits in the West to use trucks as weapons," and noted that a 2010 article in the terrorist group's webzine called for deploying a truck as a "mowing machine, not to mow grass but mow down the enemies of Allah." Such attacks have been more common in Europe and other places where guns are harder to get, making vehicles violent and readily available weapons. But it's not only ISIS and Al Qaeda terrorists that have turned cars into weapons. A man with white nationalist ties drove a Dodge Challenger into a crowd of counter-protesters at the Unite the Right rally in Charlottesville, Va., in August, killing a 32-year-old woman and injuring dozens more. Some believe that autonomous vehicle technology could help stop these tragedies. "Terrorist attacks like the one in New York are a good example of why we need AVs more quickly," Caleb Watney, technology policy associate at the R Street Institute, a D.C.-based think tank, recently told the website Inverse. Dr. Junfeng Jiao, director of the Urban Information Lab at the University of Texas, told Inverse that "these tragedies may be taken into account by the makers such as Tesla and Google" when developing autonomous technology. "This is a huge opportunity for the next generation to de-weaponize cars," he added. Many vehicles already have forward collision warning with emergency autonomous braking, and a few combine it with pedestrian detection, although the latter technology typically works at speeds below 20 mph.