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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

Angry teen drives Ram pickup into Walmart after argument with girlfriend

Caleb Wilson, a 19-year-old from Eldoarado, Texas, went shopping with his 18-year-old girlfriend at the Walmart in San Angelo, Texas, just after midnight Thursday morning. Wilson and his girlfriend apparently got into an argument that they carried into the parking lot after leaving the store. A female bystander, concerned for the girlfriend, went outside and convinced the girl to go back into the Walmart. Wilson waited in his 2001 Dodge Ram 2500 pickup just outside the store. When the woman and the girlfriend went outside a little later to see if Wilson had left, Wilson hit the gas and drove into the Walmart, trying to run the two women over. Just as police arrived, Wilson turned his truck around and sped out. He crossed the parking lot, colliding with a parked, unoccupied Toyota Camry, and finally came to a stop at a Murphy USA gas station at the edge of the lot. Police noticed fuel leaking from the Ram, and another bystander noticed sparks from something dragging along the asphalt. Police got Wilson out of the truck, after which he briefly resisted arrest, then took Wilson to the hospital for mental health evaluation, where he remains. Police believe he was under the influence of an intoxicant. Incredibly, neither the women nor any of the store's customers were hurt. That wasn't for lack of trying on Wilson's part, though - the teenager rammed his way past the bakery, produce, frozen food and canned veggies sections before finally reaching the cereal aisle. One shopper said she heard screaming and was sure there was a gunman in the store, before realizing it was a man in a vehicle. Wilson stopped two aisles away from where the shopper hid. Another customer said Wilson spent several minutes burning rubber inside the store, as store employees helped customers hide and get out. Security cameras caught the rampage, and San Angelo police estimate he did $500,000 in damage. Wilson has been charged with suspicion of first degree felony criminal mischief and two counts of aggravated assault with deadly weapon. Repair crews worked overnight to fix the damage. After "an employee pep talk," the Walmart opened again at 9:30 am. Related Video: News Source: Go San Angelo Auto News Weird Car News Dodge RAM Truck Videos dodge ram 2500

Rivian R1T faces first competitive test in Rebelle Rally

Not long ago, the Rivian R1T electric pickup engaged in a very public bit of development testing as a support vehicle for "Long Way Up" — the trip Ewan McGregor and Charlie Boorman took on Harley Davidson LiveWire electric motorcycles from Ushuaia, Argentina, to Los Angeles. Next month, the R1T enters the realm of competition testing by competing in the Rebelle Rally, the all-female navigation rally held over 10 days and 1,243 miles in the sandy, rocky hinterlands of California and Nevada. The team behind the wheel will be pilot Emme Hall and navigator Rebecca Donaghe, who won last year's Rebelle Rally driving the then-new Rolls-Royce Cullinan. This is the first year in the Rebelle's five-year history that there will be a pure electric vehicle. A Mitsubishi Outlander PHEV will be the only other entrant flying the electrified flag. To welcome the battery-electric pickup and any other electrified runner that wants to join in the future, rally organizers have arranged a battery-powered mobile charging system to be deployed along the course. It's not clear which battery and motors the Rivian will house, but the top spec would provide a 180-kWh pack, up to 750 horsepower, and a range of more than 400 miles in normal conditions. The race will help Rivian hone the pickup's off-road credentials, the brand's creative director saying, "Adventures like the Rebelle Rally are what Rivian vehicles are made for." The Rebelle isn't a timed rally, so the point isn't to beat up the R1T with marathon stints on the throttle. As a navigation rally, competitors aim acquire points by hitting certain checkpoints, making strategy key. The ability to clamber over and through whatever's in the way won't hurt, either, a technique aided by the R1T's height-adjustable suspension that provides 14 inches of ground clearance on its tiptoes. The ability to do tank turns might also come in handy. The Rivian will prove itself by placing, or teach important lessons by falling out. All of this is a necessary step for a manufacturer selling "electric adventure vehicles." There are only two classes in the Rebelle Rally, Crossover and 4x4. Crossovers can be two-wheel drive or all-wheel drive, and can have unibody construction but no low-speed transfer case. The 4x4 class is traditional off-roaders with a low-speed transfer case, ranging from the Jeep Wrangler to the Range Rover.