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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.

1932 Alfa Romeo 8C 2300 Spider wins top prize at Villa d'Este

Every year, a selection of the most beautiful automobiles ever made travel to the shores of Lake Como in Italy, for the Concorso d'Eleganza Villa d'Este. Only one of them can be named the belle of the ball, however, and this year, top honors went to a classic 1930s-era Alfa Romeo. The 1932 Alfa Romeo 8C 2300 Spider owned by American collector David Sydorick won the Best in Show award. The deep red roadster is entered the circle of finalists after winning the B class for "Pre-war sports cars which defied the Great Depression." The classic Alfa features coachwork by Zagato. The coachbuilder notes that another one of its creations – a 1956 Maserati A6G/54 also owned by an American collector – won the post-war class. The modern Maserati-powered Mostro, which Zagato revealed at the concours and delivered to its first customer, did not win the Concepts and Prototypes class. (But we've included an updated image gallery below just the same). That award went to the Bentley EXP 10 Speed 6. The people's choice Coppa d'Oro was awarded to the 1950 Ferrari 166 MM Barchetta by Touring, while a 1973 Munch-4 TTS-E won the motorcycle category. Related Video: Concorso d'Eleganza Villa d'Este 2015: Winners dazzle at the time-honoured Classic Weekend on Lake Como Munich/Cernobbio. An impressive parade of all the cars and motorcycles entered in competition and the announcement of this year's prize winners provided a dazzling Classic Weekend on the banks of Lake Como with a fitting climax late on Sunday afternoon in front of thousands of spectators. The Concorso d'Eleganza Villa d'Este had once again underlined its stand-out status on the exclusive event calendar for historic cars and motorcycles. All eyes were trained on the line-up of precious classic machines and striking concept cars over the two days of the Concorso. Under a pleasantly warm sun, the event's "Seventies Style – the Jet Set is back" banner spanned a host of special exhibitions and highlight features, creating a fitting stage for a weekend that will live long in the memory. As ever, the best was left until last. The jury of experts provided the event with its crowning moment as the Trofeo BMW Group for "Best of Show" was awarded to an Alfa Romeo 8C 2300 Spider from 1932. The Coppa d'Oro Villa d'Este prize decided by public referendum was won by a Ferrari 166M Barchetta from 1950.

Maserati Grecale and Alfa Romeo Tonale delayed

MILAN — Maserati on Monday delayed the launch of its new Grecale SUV until the spring of 2022 from November this year due to a global chip shortage. The announcement by the luxury brand, part of Stellantis, comes as a shortage of semiconductors forces automakers around the world to slow or suspend production. Maserati said its decision stemmed from ongoing disruptions in the supply of parts. "In particular, due to a scarcity of semiconductors, production volumes would not adequately meet expected global demand," Maserati said in a statement. A global premiere for the Grecale, which will be produced in Cassino in central Italy, was initially scheduled for Nov. 16. Stellantis this month also confirmed it would present the Tonale, the new Alfa Romeo SUV, next March after it had been expected at the end of this year. Stellantis, formed this year though the merger of Fiat Chrysler and France's PSA, has halted production at several plants, including in Europe and Canada, due to the chip shortage. It has forecast it will produce 1.4 million fewer vehicles this year. The FIM-CISL union has said the impact of a semiconductor shortage on Stellantis' Italian production this year will be worse and longer-lasting than the damage to output caused by the COVID-19 pandemic in 2020. Related video: