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Fully electric Ram 1500 announced, will begin production in 2024

Ram is fully present and accounted for at Stellantis’ EV Day. The company announced and teased a fully-electric Ram 1500 that is due to be out in 2024. And itÂ’s not just going to be fully revealed in 2024. Ram says itÂ’s going to begin production on the electric pickup that year. Details are scarce on the ground, but Ram teased us with some shadowy images of what we should expect of its electric full-size pickup. It looks almost nothing like the current Ram 1500, with an incredibly sleek profile, full-width front light bar and surprisingly short bed. WeÂ’re not sure how representative this photo will ultimately be of the production pickup, but it looks like Ram is open to big, revolutionary change in pickup design with this product. Specific details about the pickup werenÂ’t talked about, but Stellantis does provide a range estimate for an upcoming “STLA Frame” BEV platform (pictured above) that will undoubtedly underpin this Ram. As of today, Ram says it will offer a range of up to 500 miles. There will surely be lesser versions with smaller battery packs, but a 500-mile range is a great place to start. Ram also said that it would offer fast charging up to 150 kW, smart storage solutions and advanced automation. “With full knowledge of what our competitors are doing, we will surpass their offerings with the Ram 1500 battery electric vehicle built to again redefine the full-size segment," says Mike Koval, Ram CEO. That sounds like a direct shot at the 2022 Ford F-150 Lightning, but we still haven't seen what GM is cooking up for its electric full-size pickup. Besides the 1500, Ram says it will offer a fully electrified solution “in the majority of our segments by 2025.” RamÂ’s portfolio of vehicles is rather limited, but that suggests weÂ’ll see electric versions of the ProMaster and ProMaster City at some point. The “majority” stipulation in there is likely referring to the Heavy Duty truck segment. There could be EVs there one day, but thatÂ’s certainly the segment that Ram is excluding for the time being.

Electrified Ram pickup on the way, FCA CEO says

Ram will build an electrified pickup, FCA CEO Mike Manley confirmed during the company's third-quarter earnings call Wednesday. Manley provided no details, but confirmed that electrification is on the way for its truck brand. This also means that it's not clear whether this truck will be a full electric, or if it will be a conventional or plug-in hybrid. It's still significant, though, since this is the first time we've heard a clear message from FCA leadership that electrification will be a priority for Ram.  “I do see that there will be an electrified Ram pickup in the marketplace, and I would ask you just to stay tuned for a little while, and weÂ’ll tell you exactly when that will be," Manley said, according to the Detroit Free Press.  With concrete plans starting to emerge from both Ford and General Motors, FCA is now looking like the odd one out. Company representatives have been tough to nail down on the question of electrification. Without ruling it out entirely, Manley and other shot-callers have been somewhat dismissive of the notion in previous announcements and interviews.  "The reason we haven't spoken much about electric pickup trucks is not because we view that market as non-existent. We've always had a slightly different view of timing and adoption rates, particularly in North America in terms of full electrification. We are very committed to our electrification strategy — most of which we have revealed," Manley, said in August. Of course, what had been revealed at the time did not include a pickup. That hasn't exactly conclusive, either, as FCA's future product roadmap has been nebulous (to put it charitably) for essentially the past decade. The announcement of a merger with PSA resulted in yet another strategic reboot, and we've yet to see exactly how Stellantis will integrate existing PSA electrification plans with FCA's fast-and-loose approach to EVs.  Given the fact that PSA is not a player in the full-size pickup game, it stands to reason that Ram's development would likely come from this side of the pond. Whether FCA/Stellantis will keep the development in house or tap one of America's electric startups as a potential partner or supplier remains to be seen. Either route has potential, with a number of electric truck start-ups in the U.S., and extensive EV and hybrid experience within FCA and the soon-to-be-integrated PSA group.

Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.