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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

Notes from the 2016 Alfa Romeo Giulia reveal in Milan [w/video]

It's an interesting time for Alfa Romeo. Wednesday marked the brand's 105th birthday, but also a rebirth of sorts. The new Giulia is the first of several new vehicles to come out of the Project Giorgio skunkworks that has been quietly working to reimagine the brand. Fiat Chrysler is banking on these cars to finally turn Alfa around. Before the Giulia was rolled out, Alfa Romeo CEO Harald Wester acknowledged that the brand has had its share of missteps in the past. He then called out today's sporty offerings for having evolved into near-perfect but boring, commoditized cars across the industry. They have no soul, he said, nothing to differentiate one from the next. While I'd argue that each brand in the performance space still has something to differentiate itself from the others, anything that can be done to restore some of the man-machine connection lost to electronics and added weight can only be seen as a good thing. I like what I'm hearing from Alfa so far; below are some notes gleaned from the unveil event that make me think this reawakening might just work. The head of the skunkworks is Philippe Krief, a former Ferrari engineer. This is certainly a good sign for the car's dynamics and powertrain. Krief was quick to note that the Giulia uses "real" torque vectoring, not a brake-based solution like some others use. The rear differential uses a pair of clutches to apportion torque side to side. Alfa claims the car's steering will be the quickest in its segment, which I take to mean the one that currently includes the BMW M3, Mercedes-AMG C63, and Cadillac ATS-V. Immediacy translates to the braking system, as well. Alfa has come up with a new design that combines the stability control and brake servo into one unit; it's said to be simpler than two parts and also improves brake response. I'm pretty sure Krief even called its design beautiful while it flashed briefly onscreen. Quadrifoglio cars get carbon-ceramic brake discs to further improve performance and reduce weight. I didn't get to sit in the car, or even open the door, but I liked what I saw of the interior. The center console is angled to hem the driver in a little, which works well with the canted, sweeping dash. It kind of reminds me of the look in newer Mazdas – clean and simple with a good balance of organic curves and straight edges.

Get lost in Evo's sublime 2013 Car of the Year testing

Every year Evo stages its Car of the Year test, bringing the best performance cars in the world to one location for an epic shootout. This year the magazine pitted eight CotY finalists against each other on Route Napoleon in Southern France - Evo claims it's the "best road in the world" - and then proceeded to nitpick the smallest of faults on each car until the winner could be named. You see, this year's lineup of machines was just so good that only one car obviously wasn't CotY material from the get-go. Can you guess which one judging from the list below?
- Aston Martin V12 Vantage S
- Audi R8 V10 Plus