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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

Omaze is giving away a luxurious, custom Ford F-250 off-roading machine

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.  Enter to win this giveaway or any other Omaze experience between now and November 26, 2020, use code UNWRAP300 and receive 300 bonus entries. Winning this sweepstakes will be the best Black Friday deal you’ll ever find. Personally, IÂ’m not much of a heavy-duty pickup guy. I donÂ’t have a camper to tow, nor the garage space for a big truck. But I can appreciate them. Driving a Ram Power Wagon off-road in the Nevada desert is boatloads of fun. If you need to tow 15,000 pounds and love off-roading, thereÂ’s nothing better than a heavy-duty pickup, and this custom F-250 that Omaze is giving away is one youÂ’d love to take off-road in the wide open space of a desert. Win a Custom Ford F-250 4x4 Diesel and $20,000 - Enter at Omaze This truck, customized by LGE-CTS, is a monster. It features a 6.7-liter Power Stroke V8 turbodiesel under the hood that produces 475 horsepower and over 1,000 lb-ft of torque, 1,050 to be exact. You read that right. Four-figure torque. It also has a towing capacity of 15,000 pounds and a payload of 3,320 pounds.  Here are some of the other off-road customizations, according to Omaze: “Baja Forged 5” bulge carbon fiber fenders and bed sides, Baja Forged front and rear tubular bumpers, bed cage spare tire rack, rigid light bar and accessory lights, Warn 9,500-lb winch, ICON Stage 5 Coilover conversion suspension with 3.5” lift, 8” Method wheels w/ 37” Toyo tires, Banks cat-back exhaust, iDash and Pedal Monster.” While it may look like an off-road brute on the outside, the interior is all luxury, with a panoramic sunroof, and luxurious leather heated and cooled seats. Another addition to the interior: $20,000 in cash. And like most Omaze giveaways, taxes and delivery fees are covered, so you can spend that cash however you want. The best part is that every donation supports First Responders ChildrenÂ’s Foundation, which, for almost two decades, “has provided financial support to children who have lost a parent in the line of duty as well as families enduring significant hardships due to tragic circumstances.

Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall