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EV cost burden pushing automakers to their limits, says Stellantis' CEO Tavares

DETROIT — Stellantis CEO Carlos Tavares said external pressure on automakers to quickly shift to electric vehicles potentially threatens jobs and vehicle quality as producers struggle with EVs' higher costs. Governments and investors want car manufacturers to speed up the transition to electric vehicles, but the costs are "beyond the limits" of what the auto industry can sustain, Tavares said in an interview at the Reuters Next conference released Wednesday. "What has been decided is to impose on the automotive industry electrification that brings 50% additional costs against a conventional vehicle," he said. "There is no way we can transfer 50% of additional costs to the final consumer because most parts of the middle class will not be able to pay." Automakers could charge higher prices and sell fewer cars, or accept lower profit margins, Tavares said. Those paths both lead to cutbacks. Union leaders in Europe and North America have warned tens of thousands of jobs could be lost. Automakers need time for testing and ensuring that new technology will work, Tavares said. Pushing to speed that process up "is just going to be counter productive. It will lead to quality problems. It will lead to all sorts of problems," he said. Tavares said Stellantis is aiming to avoid cuts by boosting productivity at a pace far faster than industry norm. "Over the next five years we have to digest 10% productivity a year ... in an industry which is used to delivering 2 to 3% productivity" improvement, he said. "The future will tell us who is going to be able to digest this, and who will fail," Tavares said. "We are putting the industry on the limits." Electric vehicle costs are expected to fall, and analysts project that battery electric vehicles and combustion vehicles could reach cost parity during the second half of this decade. Like other automakers that earn profits from combustion vehicles, Stellantis is under pressure from both establishment automakers such as GM, Ford, VW and Hyundai, as well as start-ups such as Tesla and Rivian. The latter electric vehicle companies are far smaller in terms of vehicle sales and employment. But investors have given Tesla and Rivian higher market valuations than the owner of the highly profitable Jeep and Ram brands. That investor pressure is compounded by government policies aimed at cutting greenhouse gas emissions. The European Union, California and other jurisdictions have set goals to end sales of combustion vehicles by 2035.

Stellantis won't race to split electric vehicles from fossil fuel cars

MILAN - Stellantis is not considering splitting its electric vehicle (EV) business from its legacy combustion engine operation, its finance chief said on Thursday, as the carmaker presented above-expectation revenue data for the first quarter. Chief Financial Officer Richard Palmer told analysts he did not see huge benefits in the kind of separations pursued by rivals such as France's Renault and U.S. Ford. "We need to manage the company and the assets we have through this transition," he said. "There are benefits to having the cash flow being generated by the internal combustion business for the investments we need to make." Palmer said the group, formed by a merger last year of Fiat Chrysler and Peugeot maker PSA, was not averse to considering adjusting its structure "but we aren't anticipating any big changes." Palmer's comments came after the world's fourth largest carmaker said its net revenue rose 12% to 41.5 billion euros ($44.1 billion) in the January-March period, as strong pricing and the type of vehicles sold helped offset the impact of the semiconductor shortage on volumes. That topped analyst expectations of 36.9 billion euros, according to a Reuters poll. Milan-listed shares were up 0.5% by 1415 GMT, in line with Italy's blue-chip index. The impact of the chip crunch was evident in the decline in shipment figures which fell 12% in the quarter to 1.374 million vehicles. It was a similar story for Germany's BMW which posted higher revenues on Thursday and a decline in car sales. Riding the Recovery Stellantis, whose brands also include Citroen, Jeep and Maserati, confirmed its 2022 forecasts for a double-digit adjusted operating income margin, after 11.8% last year, and a positive cash-flow despite supply and inflationary headwinds. Morgan Stanley analysts said after the results that Stellantis had better management than many peers and benefited from its significant exposure to a stronger U.S. economy and a European recovery from the COVID-19 pandemic. They also said it was less affected by a slowing Chinese economy. Palmer said it was important for the group to maintain double-digit margins and keep delivering positive cash flows. "A 12% increase in revenue with a 12% decrease in volumes indicates a very strong performance on price and mix, which augurs well for our margin performance," he said. He said semiconductor supply problems were expected to ease this year with continued improvements in 2023.

Ram shows off Ignition Orange and Black Sport with standard Hemi engine

If a buyer is even considering a pickup, Ram wants to make sure that it has a variant of the venerable 1500 ready. From the outdoorsy Rebel to the plush Laramie Limited, there seems to be something for even the smallest niche, but apparently that isn't the case. The truck maker adds two more versions later this year with the brash Ignition Orange Sport and subdued Black Sport, and they're limited to 1,000 units each. The Ignition Orange gets eye-grabbing paint over most of the truck, including the trim, except for a few black accents like the hood stripes. The same color gets carried inside for the seat inserts, stitching and logos, too. Alternatively, the Black Sport makes everything dark, including the exterior and 20-inch wheels. Even the interior is clad in black leather with some chrome accents providing some relief. Beyond the special trim, both trucks are based on the Ram 1500 Sport Crew Cab and add $1,595 to the price of one. They come with a 395-horsepower V8, eight-speed automatic and 3.92 gearing. Inside, there's an 8.4-inch Uconnect system with navigation and rearview camera. There's also a choice of rear- or all-wheel drive. Feel free to read more, below. Ram 1500 Offers Two New Buzz Models in Sport Trim Ram 1500 Ignition Orange Sport features unique interior colors, body-colored accents and limited edition bright orange paint, appreciated up close and at 10,000 feet Ram 1500 Black Sport takes design cues from popular Black Express package, offering customers a customized appearance including black 20" wheels and a sport hood New Ram 1500 Sport buzz models are limited production of 1,000 trucks each March 12, 2015 , Auburn Hills, Mich. - The Ram Truck brand announced today that it will add two new Ram 1500 buzz models in Sport trim - the Ram 1500 Ignition Orange Sport and the Ram 1500 Black Sport. "With a standard HEMI® V-8, the Sport model offers unique features for the customer who likes aggressive styling and great performance but still needs a truck," said Bob Hegbloom – President and CEO, Ram Truck Brand. "Adding limited edition Ignition Orange and Black Sport models will give our buyers a custom appearance on an already eye-catching truck with all the capability our customers expect." The limited-edition trucks are available in Crew Cab 4x2 and 4x4.