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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

2018 Jeep Wrangler Unlimited JL Sahara Drivers' Notes Review | Fun, multiplied

The 2018 Jeep Wrangler Unlimited JL has huge boots to fill. Its predecessor, the Wrangler JK, was one of the most important vehicles ever, truly breaking Jeep's icon into the mass market. The outgoing Wrangler — especially the four-door Unlimited model — was finally a car you could comfortably live with seven days a week. The new model improves on it in every way without sacrificing what makes Jeeps so beloved. Our loaner was a optioned-up Sahara Unlimited. If you're going for maximum on-road comfort, this is the one to get. It has quite a few options, bumping the as-tested MSRP to $52,235. Features include leather upholstery, heated seats, LED lighting, an upgraded infotainment system, blind-spot monitoring, a body-color hardtop and a Dana 44 rear axle. Editor-in-Chief Greg Migliore: The 2018 Jeep Wrangler is a step forward for this legendary off-roader, improving it in subtle ways that truly effect change. The upgrades feel cohesive and work in harmony to create the most capable and sophisticated Wrangler ever. We tested a loaded-up Unlimited Sahara, which stickered for the eye-watering tally of $52,235. Make no mistake, the Wrangler is a premium SUV. I've always said that if I were to own a Wrangler I'd go for basic trim, but after driving this almost dressy Jeep, I'm not so sure. It's expensive — but it's really nice. The changes for 2018 involve powertrain, design and features. You can read about them here. The styling is what I kept noticing. The changes are subtle, but after looking at it — I'd often stare at it while sipping a cup of coffee last weekend — it really elevates the Wrangler with a more modern look. In Unlimited Sahara trim, with the elegant LED lights, 18-inch polished gray wheels and brilliant white exterior paint, it reminded me more than a bit of the Mercedes G-Class. The greenhouse, which has slightly new and larger window shapes and a steeper windshield angle, also evokes the G-Class, to my eye. This probably wasn't Jeep's intent, but it looks sharp. Speaking of subtle changes, I'd compare the Wrangler's styling changes to the alterations to the Detroit Tigers' uniforms, also from 2017 to 2018. The interior is a solid upgrade from the JK. The digital instruments, the Sahara trim's smart use of leather and stitching, and FCA's clever Uconnect all made my experience in the Wrangler pretty comfy. Love the old war Jeep on the shift knob. The driving experience does feel more comfortable to me compared to the JK.

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.