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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 fibbed on sales according to internal report

Following last week's news that Fiat Chrysler Automobiles (FCA) is under investigation by the Department of Justice and Securities and Exchange Commission for allegedly fudging sales figures, a new report in Automotive News says an internal investigation at FCA uncovered misreported sales. According to the AN story, 5,000 to 6,000 vehicles from various FCA brands were reported sold by dealers, but no customers existed for those cars. FCA sales chief Reid Bigland has already put a stop to the practice. One potential reason for the practice was to maintain the company's month-to-month sales increase streak, currently at 75 months. In April, FCA added a lengthy disclaimer to its sales announcements: "FCA US reported vehicle sales represent sales of its vehicles to retail and fleet customers, as well as limited deliveries of vehicles to its officers, directors, employees and retirees. Sales from dealers to customers are reported to FCA US by dealers as sales are made on an ongoing basis through a new vehicle delivery reporting system that then compiles the reported data as of the end of each month. "Sales through dealers do not necessarily correspond to reported revenues, which are based on the sale and delivery of vehicles to the dealers. In certain limited circumstances where sales are made directly by FCA US, such sales are reported through its management reporting system." FCA did not provide comment to Automotive News. Click through for the full story and more details. Related Video: Earnings/Financials Government/Legal Chrysler Dodge Fiat Jeep RAM sales Sergio Marchionne FCA USDOJ reid bigland

Everything we know about the 2018 Jeep Wrangler JL

The 2018 Jeep Wrangler JL is perhaps the most highly anticipated SUV in America. The next-gen Wrangler is expected to get a host of updates that include new front and rear end designs, as well as an all-new pickup truck variant. Here's everything we know about the next version of Jeep's iconic SUV. November 7, 2016: JL Wrangler Forums released renderings of the 2018 Wrangler, and the SUV will generally stay the course. Compared with the current Wrangler, the new one will likely have slightly more aerodynamic bodywork and LED lighting, and the truck version's bed will carry traditional Wrangler design cues. The renderings also visualize what a Wrangler without a fully removable top could be like. The loss of the removable top is currently a rumor, and FCA's well-camouflaged prototypes have not given up the secrets of the roof. View 6 Photos October 18, 2016: Images of the upcoming Wrangler JL from a supposed Jeep dealer meeting surface, revealing the SUV's updated front and rear end design. The renderings point towards the next-gen Wrangler maintaining a seven-slot grille and round headlights. The SUV, though, will obtain LED light bars on the front fenders, while the taillights get a similar design to the units found on the Renegade crossover. Overall, the renderings display a smoother shape than ever before. September 16, 2016: A report from JL Wrangler Forums indicates that the next-gen Wrangler JL would utilize aluminum on the hood, as well as on the front and rear doors. The report claims the Wrangler will get its aluminum from supplier Alcoa, in the form of the company's C6A1 high form alloy, 6022 alloy sheet, and A951, which is the company's sheet bonding technology. View 30 Photos July 20, 2016: The first images of the Wrangler pickup truck hit the web. The pickup truck appears to be riding on a long-wheelbase Wrangler and flaunts a decently sized bed. From the overhead photos, we can see that the pickup truck will have a seven-slot grille, large rear taillights that mimic ones found on Ram's trucks, and be about the same size as a Chevrolet Suburban. Oh yes, the Wrangler pickup truck does exist and it's coming. July 10, 2016: A report from Automotive News claims that the Wrangler JL will continue to have its iconic, boxy shape, but changes have been made to ensure that the SUV is better off in terms of fuel economy. What Jeep has done to improve the next-gen Wrangler's fuel efficiency, though, is still a mystery.