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Detroit Three automakers and UAW will continue to require masks

GM CEO Mary Barra at a Warren, Mich., training center in September. (Reuters)   WASHINGTON — Detroit's Big Three automakers and the United Auto Workers (UAW) union said on Wednesday that workers will continue to be required to wear masks in workplaces. The joint statement from the UAW and General Motors, Ford and Chrysler-parent Stellantis NV said it was continuing the requirements "out of an abundance of caution." The U.S. Centers for Disease Control and Prevention (CDC) said in May that fully vaccinated people do not need to wear masks in most instances, including at work. The UAW and the automakers said temperature screening upon entering facilities is expected to be phased out. The UAW and automakers continue to recommend autoworkers get vaccinated. Many U.S. employers are still requiring vaccinated workers to wear masks in workplaces. Volkswagen AG's U.S. unit said it will "no longer require masks for fully vaccinated employees after June 21, and will continue to follow CDC guidelines." Toyota is among the automakers that has ended temperature checks and entry questionnaires at U.S. plants but it is continuing to require facial coverings. Honda and Nissan said they had made no changes to their U.S. employee COVID-19 requirements.   Plants/Manufacturing Chrysler Dodge Ford GM Jeep RAM Safety coronavirus

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 Apple of the auto industry isn't Tesla, it's Jeep

Whenever Apple is going to have a new product for sale in its stores, the fanboys line up in such great numbers that it's surprising Ticketmaster hasn't figured out a way to capitalize on the multitude of anxious buyers with credit cards ready to go. When Elon Musk talks about a new car being added to the lineup, there is an analogous group of people, and Musk has cleverly set up a model in which people place deposits for their place in line. The number of deposits (two per customer only, it should be noted) for the Model 3 is some 400,000. Because Tesla is a Silicon Valley company that has a highly desirable, highly designed suite of products for which there is demand the likes of which is completely uncharacteristic for the category, it is often compared to Apple. After all, has anyone gotten into line to buy a Windows phone? Do you even remember the Zune? So it must be that Tesla is like Apple. But there is one nontrivial problem with this comparison: Apple sells its products in mass quantity. Tesla, even though it just had its best quarter ever, delivering a record 25,418 vehicles - up 69 percent over the first quarter of 2016 - is still, when compared to the car industry in general, selling a specialized product. No, the automotive brand most like Apple is Jeep. Just as with Apple's quickly identified design language - either for the physical phones and computers or the interfaces for same - there is no mistaking a Jeep. Like Apple's legion of fans, there are people for whom a Jeep is not merely a form of transportation, but a statement about one's way of life. Like the companies that wish they could have designs that are Apple-like and do their utmost to have a similar objects or appearances (sometimes landing them in court, a la Samsung), is there a single automotive company that wouldn't like to have some of Jeep's magic? While there aren't people who are lined up outside of dealerships when a new Jeep goes on sale, there is probably more interest in the forthcoming Wrangler than in the accumulation of interest in a half-dozen other vehicles from other companies. And like Apple, Jeep is a comparative volume play. Last year FCA US LLC delivered 926,376 Jeeps. Walter P. Chrysler and the Dodge Brothers must be spinning at high velocity in their graves, because the U.S. total for Chrysler brand was 231,972, and Dodge was 506,858. The sum of the two - 738,830 - is well shy of Jeep's sales. On a global basis, Jeep sold some 1.4 million units in 2016.