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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

Jeep Grand Cherokee, Dodge Durango to lose color options temporarily

In the market for a Jeep Grand Cherokee or Dodge Durango? Well, if you fancy a more expressive color for your new SUV, you'd better get your order in, or plan on waiting until well into 2015.
The SUVs will be limited to just four monochromatic shades - black, white, silver and gray - until at least February, thanks to an upgrade to the paint shop at the two vehicles' Jefferson North factory. For the Grand Cherokee, that means it's losing more than half its color palette while the Durango is dropping two-thirds of its color catalog.
The loss of colors is inconvenient, but the upgrade will have a slightly bigger effect on the overall supply of SUVs, as Chrysler will need to end its relentless build pace at the factory for a three-week shutdown starting on December 22. The good news for fans of the SUVs is that once the work is completed, we should see a gradual expansion of the color palettes for both the Durango and Grand Cherokee, beyond even what's offered now.

Autonomous tech will drive motorheads off the road

While autonomous technology could make car travel much safer and more efficient — and automakers and marketers are salivating over the prospect of a "passenger economy" that could potentially generate $7 trillion by 2050 — those of us who enjoy driving are not so stoked. Experts have predicted that as autonomous vehicles are deployed in large numbers, human-driven cars eventually could be outlawed on public roads due to the carnage they create, which is currently more than 41,000 deaths a year in the U.S. alone and climbing. Such scenarios have driving enthusiasts envisioning a "Red Barchetta" style nightmare becoming reality, making Rush lyricist Neil Peart a clairvoyant as well as one of rock's most badass skin-pounders. But there could be a couple of refuges left for motorheads, and they won't be on public roads. As Popular Science's Joe Brown points out in a recent editorial, we're seeing a wave of vehicles being offered by legit mainstream automakers that aren't made for public roads. The poster child of this vanguard is the 2018 Dodge Challenger SRT Demon, which comes with a crate full of goodies that lets you turn the already formidable street-legal muscle car into a drag-strip dominator. Brown also notes that two out of five of the Ford GT's driving modes are for use on the track, "catering to the $450,000 machine's club-racing clientele." We're also currently enjoying the heyday of production off-road-ready pickups that kicked off with the Ford Raptor in 2009. The latest salvo in this escalating war of overachieving trucks is the Chevy Colorado ZR2 that can take on the likes of California's Rubicon Trail without issue. Brown also gives a shout-out to his magazine's Grand Award Winner, the Alta Motors Redshift MX, which "isn't even allowed on public roads" and is "meant for bombing around motocross tracks, big backyards and single-track woods trails." If you follow Brown on Instagram, you know that he's also a two-wheel aficionado, and he points out that sales of off-road bikes are leaving street machines in the dust. Sales of off-highway motorcycles rose 29 percent between 2012 and 2016, according to the ­Motorcycle Industry Council — compared to 6 percent for road-bike sales during the same period. "That's a nearly 400-percent drubbing," Brown remarks.