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FCA CEO says the Ram 1500 Classic will live on, might even get an update

Ram intends to keep selling the 1500 Classic pickup truck for an unknown amount of time. According to a report from Motor Trend, FCA CEO Mike Manley during the company’s second-quarter earnings call said there are no plans to discontinue the old truck. Not only this, but Manley also suggested that Ram could give the Classic an update. In case you werenÂ’t familiar with RamÂ’s strategy of selling the 1500 Classic alongside the regular 1500, weÂ’ll lay it out for you: Ram released a completely new 1500 for the 2019 model year. Instead of discontinuing the truck it was selling before the new model, Ram continues to produce it under the 2019 Ram 1500 Classic name. Despite it being a 2019 model year truck, the Classic is the last-generation Ram. This is done so that Ram can offer customers a full-size truck option than is cheaper than the fancy new truck is capable of dipping down to. The 2019 Ram 1500 Classic starts at $29,340, whereas the regular 1500 has a base price of $35,135. If that makes a difference for enough people, then it makes financial sense for the old truck to stick around. However, Ram appears to be considering giving the old truck some new tricks, according to Manley. If that idea comes to fruition, then the Classic will start to look like an even better value proposition than it is today. Ram would have to act quickly, though, as the old truck just accelerates its aging by the day as each new pickup hits the market. Sales of the Classic were certainly an important contributor in the battle with Chevy to takeover the number two spot in the pickup wars. An even more attractive offering for the same low price sounds like a short-term winner to us. If Ram does refresh the 1500 Classic for 2020, donÂ’t expect it to last much longer beyond that model year, though. ItÂ’s already on life support at this point, and the new 1500 feels years ahead of it in every way.

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

2023 J.D. Power Initial Quality Study shows there's less quality than last year

Vehicle inventory, vehicle pricing, and the supply chain are finally showing improvement. Vehicle quality, on the other hand, is still going the wrong way. That's the takeaway from the 2023 J.D. Power Initial Quality Study that found overall problems exceeded last year's record high. The study surveyed owners of 2022-model-year vehicles to assess the average rate of problems per 100 vehicles (PP100) during the first 90 days of ownership. The average figure for the 32 ranked manufacturers in 2020 was about 166 problems per 100 vehicles. In the 2021 IQS, that dropped to an average of 162. For 2022, the average jumped to 180 problems. For 2023, the PP100 is up to an industry average of 192 — an increase of 30 problems per 100 vehicles in just two years. Let's get to the good news first: Dodge reclaimed the crown of having the lowest number of problems per 100 vehicles at 140. Buick won last year with 139 PP100, falling to third this year. Dodge was the first American automaker to top the IQS in 2021. Its return as the least problematic gives parent company Stellantis three wins in four years after Ram was crowned in 2021. It also gives U.S. brands a four-peat after Buick topped the chart in 2022 by having owners report the fewest problems. This year's top 10 is Dodge, Ram, Alfa Romeo, Buick, Chevrolet, GMC, Porsche, Cadillac, Kia, and Lexus. Stellantis gathered a few feathers for its cap, in fact. Maserati showed the largest improvement year-on-year, followed by Alfa Romeo, and Alfa Romeo posted the lowest PP100 among the premium class, beating Porsche and Cadillac. Alfa Romeo has been vocal about working to improve quality, mentioning Lexus as a target. Last year the Japanese brand finished sixth, the Italians finished near the bottom, between Jaguar and Mitsubishi. This year Alfa jumped to third, Lexus dropped to tenth. Ram was the third-best on the list of improvers from 2022 to 2023.   The individual model with the lowest PP100 is the Nissan Maxima. Now for the troublesome bits. In the words of Frank Hanley, senior director of auto benchmarking at J.D. Power, "The industry is at a major crossroad and the path each manufacturer chooses is paramount for its future.