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2019 Ram 1500 pickup production problems costing FCA $300M to fix

Fiat Chrysler is spending more than $300 million to fix production issues with the new 2019 Ram 1500 pickup as the plant where it's built is running below capacity and suppliers reportedly struggle to keep up with building it and the 2018 version simultaneously. The truck's ramp-up is well behind schedule, Automotive News reports. FCA's Sterling Heights Assembly plant in Michigan began building the pickup in mid-January but is running at only 60 percent capacity, CEO Sergio Marchionne said on an earnings call last week. Sources told the publication the plant is still undergoing construction and was building about 1,000 trucks per day toward a run rate of 1,400 per day. It's operating two 10-hour shifts per day, seven days a week, with plans to keep the factory running every weekend and holiday through Labor Day to meet production targets. More than 2,500 of the new pickups were reportedly awaiting unspecified electrical repairs before they could be shipped. FCA could use the boost from the heralded new 2019 Ram 1500, which figures prominently in its aggressive annual financial goals. The company is relying on the previous-generation 2018 Ram 1500, demand for which has been sagging. First-quarter sales of the pickup are down almost 13 percent year over year to 103,964, according to carsalesbase.com figures. Meanwhile, sales of Ford's F-Series pickups over the same period rose 4 percent to 214,191, while Chevrolet Silverado sales have climbed 5 percent to 135,545. Dealers have started receiving deliveries of the 2019 Ram 1500, but only the version fitted with the 5.7-liter V8. The EPA has yet to issue fuel economy ratings for the standard 3.6-liter Pentastar V6 paired with the eTorque 48-volt mild hybrid system, nor the same system mated with the V8. As we noted in our recent First Drive review, upgrading to the (non-hybrid) V8 costs $1,195, which is actually $255 cheaper than before. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: FCA Plants/Manufacturing RAM Truck sales

Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

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