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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.

Alfa Romeo flagship EV due in 2027 with 18-minute recharge time

Last July, Alfa Romeo boss Jean-Philippe Imparato said his Italian concern would develop a new battery-electric vehicle in the U.S. that would launch here in 2027. It would take the new top spot in the lineup, being larger than the Stelvio, full of tech and full of performance. During the launch of the Tonale in Japan, the boss shared provisional specs of the "high-performance SUV" with Automotive News Europe. The pack of some unknown size would juice motors putting out from 300 to 800 horsepower in the standard range, and around 1,000 horsepower in a Quadrifoglio trim. Here's the big stat: In ANE's words, an 800-volt architecture would enable "recharging times of 18 minutes max, [Imparato] said." We'd sure like to know the qualifications required to get an 18-minute charge. Porsche advertises the Taycan's 93.4-kWh Performance Battery Plus as being able to go from 5% state-of-charge to 80% in 22.5 minutes when the sedan's been optioned with the $460 On-Board DC Charger. Naturally, that's under ideal conditions and when plugged into a charger that can feed the Taycan at its max 270-kW rate. When veteran hypermiler Wayne Gerdes took a Taycan across the U.S. in five days, he said his first charge at a 350-kW Electrify America unit took 22 minutes to get the battery from 6% to 82%. Knowing that the initial few percent and those last 20% take longer than the meaty bit in the middle, we going to guess Imparato's time assessment leaves out the time-consuming portions of charging the battery near empty and close to full. But hey, four years is a long way away in the EV-verse.  The CEO said the Alfa Romeo will compete with the BMW X5, a crossover almost exactly ten inches longer than the Stelvio (pictured), which is currently the largest product in the portfolio and the best-seller in the U.S. The Italian might not share a traditional CUV shape with the German, Imparato having said that aerodynamic needs could lead to a shape between a sedan and a crossover. If things are on track in Milan, executives approved the design before the end of 2022.  We'll begin to see what Alfa Romeo's EV-only future when the brand's first dedicated EV shows in 2025. Related video:

Dodge Hornet supposedly snapped inside Alfa Romeo Tonale factory

It appears that someone in Stellantis' Pomigliano d’Arco Assembly Plant in Italy couldn't keep their cellphone to themselves. Video uploaded to the Alfa Romeo Club Italia Facebook page, then quickly removed, purports to show Dodge's brand-engineered version of the Alfa Romeo Tonale in the same factory where the Alfa will be built. The Dodge is expected to be called the Hornet, and there are a few differences between it and and Alfa Romeo, which is understandable. But if the screenshots on Twitter are accurate, then the Dodge looks a lot closer to the Alfa Romeo than perhaps anyone expected. The front fascia and hood fall in line with Dodge's design language. The Alfa grille is replaced by a narrow, stepped upper grille, and the hood is one of the vented units similar to those available for Dodge's R/T performance trims. And as Mopar Insiders noticed, the silhouette of this car's front end matches a vehicle silhouette Dodge showed during Stellantis' 2021 EV Day.   Inside, the Italian brand's crest in the steering wheel center cap is replaced by Dodge's twin slashes, and the steering wheel has been stripped of the large, curved paddle shifters the Tonale showed on its debut. There's still a start/stop button on the steering wheel, but where the Tonale has a driving mode dial on its dash, this supposed Hornet has another start/stop button. Dodge's push-to-start buttons are usually on the instrument panel, so our guess is that the wheel is a holdover for testing. On the center tunnel, the parking alert buttons and Italian Tricolore flag on the Alfa Romeo are replaced by three different buttons.   We've known Dodge has two electrified vehicles on the way, and the Hornet name has been low-key buzzing for two years. Fiat Chrysler applied to trademark the name in the U.S. in March 2020; at the time, it was thought a vehicle with that name could replace the Journey. In 2021, a July rumor out of Italy was the first whisper of the Hornet name being attached to the Alfa Romeo Tonale. In August, when Stellantis CEO Carlos Tavares said Dodge would get a PHEV in 2024, watchers pegged that model as the Hornet. That hybrid powertrain would show a year after the vehicle's launch, the Hornet anticipated as a 2023 model with the Tonale's turbocharged 2.0-liter four-cylinder. That engine could get the same 256 horsepower and 295 pound-feet of torque as the Tonale, or be boosted to satisfy Dodge's performance credentials.