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Stellantis lays off salaried workers, cites uncertainty in EV transition

DETROIT — Jeep maker Stellantis is laying off about 400 white-collar workers in the U.S. as it deals with the transition from combustion engines to electric vehicles. The company formed in the 2021 merger between PSA Peugeot and Fiat Chrysler said the workers are mainly in engineering, technology and software at the headquarters and technical center in Auburn Hills, Michigan, north of Detroit. Affected workers were notified starting Friday morning. “As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,” the company said in a prepared statement Friday. The cuts, effective March 31, amount to about 2% of Stellantis' U.S. workforce in engineering, technology and software, the statement said. Workers will get a separation package and transition help, the company said. “While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive,” the statement said. CEO Carlos Tavares repeatedly has said that electric vehicles cost 40% more to make than those that run on gasoline, and that the company will have to cut costs to make EVs affordable for the middle class. He has said the company is continually looking for ways to be more efficient. U.S. electric vehicle sales grew 47% last year to a record 1.19 million as EV market share rose from 5.8% in 2022 to 7.6%. But sales growth slowed toward the end of the year. In December, they rose 34%. Stellantis plans to launch 18 new electric vehicles this year, eight of those in North America, increasing its global EV offerings by 60%. But Tavares told reporters during earnings calls last month that “the job is not done” until prices on electric vehicles come down to the level of combustion engines — something that Chinese manufacturers are already able to achieve through lower labor costs. “The Chinese offensive is possibly the biggest risk that companies like Tesla and ourselves are facing right now,Â’Â’ Tavares told reporters. “We have to work very, very hard to make sure that we bring out consumers better offerings than the Chinese.

Alfa Romeo pops the top on 4C Spider in Geneva [w/video]

Alfa Romeo has made all manner of vehicles over the years: hatchbacks, sedans, wagons, coupes... there's even been talk of a crossover. But it could be argued that the quintessential Alfa Romeo is a roadster. While the future of the program with Mazda remains in doubt, Alfa has arrived in Geneva this year with a Spider version of the nimble little 4C. As anticipated, the 4C Spider chops the roof off the coupe and replaces it with rollover bars, spoilers and windshield frame all made of carbon-fiber and a lightweight canvas top. As a result, the 4C Spider is said to weight just 132 pounds more than the existing fixed-roof version. The low-density Sheet Moulding Compound bodywork has been rebuilt around the rear deck to replace the back, and carbon fiber is visible throughout the open cockpit. The 1.75-liter turbo 4-cylinder and 6-speed dual-clutch transmission carry over unchanged, as do the performance stats: 0-62 in 4.5 seconds and a top speed "in excess of 155 mph." The 40/60 front/rear weight distribution is also quoted as unchanged from the coupe, maintaining the 4C's handling balance. The 4C Spider also gets more conventional (read: attractive) headlights, and a central exhaust system made by Akrapovic (of motorbike fame) from aluminum and titanium. Though billed as a Design Preview, the 4C Spider is set to go into production early next year. All we're waiting for now is for Alfa Romeo to finally bring this – and the rest of its lineup – to North America. ALFA ROMEO 4C SPIDER DESIGN PREVIEW DEBUTS AT 2014 GENEVA MOTOR SHOW - Alfa Romeo 4C Spider "avant-premiere" previews new soft-top scheduled to enter production in 2015 - True to the philosophy of the Alfa Romeo 4C, the Spider Design Preview remains an ultra-lightweight, high-performance driving machine - Extensive use of carbon fibre and SMC*, as well as a lightweight canvas hood, ensures the Spider retains the Alfa Romeo 4C focus and purity - Stunning evolutionary design sees the addition of new headlamps, new wheels and an advanced new central exhaust system by Akropovic® The stunning Alfa Romeo 4C Spider Design Preview makes its world debut at the 2014 Geneva Motor Show, previewing a new model scheduled to go into production in early 2015.

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