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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

The UAW's 'record contract' hinges on pensions, battery plants

DETROIT - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers. General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path to full-time, full-wage status. All three have proposed slashing the time it takes a new hire to get to the top UAW pay rate. The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker. But coming close to a deal is not the same thing as reaching a deal. Big obstacles remain on at least two major UAW demands: restoring the retirement security provided by pre-2007 defined benefit pension plans, and covering present and future joint- venture electric vehicle battery plants under the union's master contracts with the automakers. On retirement, none of the automakers has agreed to restore pre-2007 defined-benefit pension plans for workers hired after 2007. Doing so could force the automakers to again burden their balance sheets with multibillion-dollar liabilities. GM and the former Chrysler unloaded most of those liabilities in their 2009 bankruptcies. The union and automakers have explored an approach to providing more income security by offering annuities as an investment option in their company-sponsored 401(k) savings plans, people familiar with the discussions said. Stellantis referred to an annuity option as part of a more generous 401(k) proposal on Sept. 22. Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. Recent changes in federal law have removed obstacles to including annuities as a feature of corporate 401(k) plans, said Olivia Mitchell, a professor at the University of Pennsylvania Wharton School and an expert on pensions and retirement. "Retirees want a way to be assured they won't run out of money," Mitchell said.

2019 Dodge Challenger SRT Hellcat Redeye Widebody First Drive Review | Son of a beast

PORTLAND, Maine — They told us the Hellcat Redeye Widebody is a "Hellcat that's been possessed by a Demon." But what I'm telling myself is, Save it for the track. I hadn't even put the pedal all the way to the floor, and the world around me had warped in my peripheral vision. I peeled my skull from the headrest and contemplated the supercharger under the double-snorkel hood in front of me force-feeding air to the's 6.2-liter Hemi V8, producing a hair under 800 horsepower. With my stomach returning to its usual place, I tried to summon the patience not to roast the tires again. Relax, enjoy the drive, explore the car, and save the rest for the track. I tried to restrain myself from adding to the many strips of rubber already smeared across the hilly, meandering roads between Portland, Maine and Club Motorsports across the state line in New Hampshire. But then there's always another stop sign, and something possesses me to misbehave again as I pull away. The 2019 Dodge Challenger SRT Hellcat Redeye includes a number of borrowed features that helped the Dodge Challenger SRT Demon slap me in the back of the helmet back at Lucas Oil Raceway. It has the same displacement Hemi with a 2.7-liter supercharger providing 14.5 PSI of boost. That pressure is thanks in part to the "Power Chiller," which diverts the A/C refrigerant to cool the air intake. It offers the torque reserve system for explosive launches, as well as the strengthened driveshaft to handle it all. It won't do a wheelie, but it'll scream in your face as it hurls you straight to jail. Compared to the standard Hellcat, it gets a higher top speed of 203 miles per hour, and quarter mile times reduced by a precious tenth of a second (11.1 seconds at 131 mph for the standard Redeye, and 10.8 seconds at 131 mph for the Redeye Widebody). That said, Dodge has ensured that Demon reigns supreme in the Challenger hierarchy. For one thing, the Demon has 840 horsepower and 770 pound-feet of torque, compared to the Redeye's 797 horsepower and 707 pound-feet. The Demon's suspension is specifically tuned for the weight transfer characteristics of drag racing, and can lift its front wheels off the ground if you nail the launch with the narrow tires on it. Also, while the Redeye does have line lock to let the rear wheels spin while braking the front calipers, it doesn't get the Demon's transbrake to keep the car locked into position as throttle is applied for launch.