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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

2017 North American Car, Truck, and Utility Vehicle of the Year finalists revealed

The finalists for the 2017 North American Car, Truck, and Utility Vehicle of the Year were announced Tuesday at AutoMobility LA ahead of the 2016 LA Auto Show. Approximately 60 judges, including Autoblog's editor-in-chief Mike Austin, evaluated over 40 vehicles and named three models as the finalists in each category. The award for the Utility Vehicle of the Year is new for 2017 and separates SUVs, crossovers, and minivans from pickup trucks. The finalists are: Car of the Year: Chevrolet Bolt Genesis G90 Volvo S90 Truck of the Year: Ford F-Series Super Duty Honda Ridgeline Nissan Titan Utility Vehicle of the Year Chrysler Pacifica Jaguar F-Pace Mazda CX-9 The winners for the 24th annual NACTOY awards will be named on January 9 at the Detroit Auto Show. Related Video: Chevrolet Chrysler Ford Honda Jaguar Mazda Nissan Truck Crossover Minivan/Van SUV Electric Luxury Sedan north american car of the year NACTOY

Chrysler Portal Concept introduces millennials to their automotive future at CES

"Created by millennials for millennials." That's how Chrysler describes its new Portal Concept, a fully electric minivan that's set to debut later today at CES in Las Vegas. Reading between the lines, apparently that means millennials want a one-box van with lots of glass and LED lighting elements... and that FCA is talking to the same millennials as Mercedes did back in 2015. From the few early images of the vehicle released ahead of its official debut, Chrysler's electric van looks like it could have come straight off a Syd Mead drawing. The Portal Concept rides on a 118.2-inch wheelbase, which makes it a little smaller than the Pacifica. There's just enough reality in its design that we can't completely dismiss its viability as an actual vehicle, but all of its disparate design ideas make the Portal look like an overwrought vision of a future that will probably never happen. That said, we'll reserve final judgment until we see it in person at CES. The Portal Concept gets intriguing once its massive double-sliding doors open up. There's a minimalist dash with a long, slender LCD at the top and another, more conventional touchscreen right in the center. Apparently, the screens can be repositioned as needed. There are 10 docking stations inside to charge and hold smartphones or tablets. FCA worked with Panasonic to develop the Portal's user experience, and the automaker hints that the supplier could become a long-term partner. Chrysler calls the interior of its Portal Concept a "third space," the other two being home and work. All the seats mount to rails that allow them to move fore and aft, fold flat, or be removed completely. The flat floor sits above a lithium ion battery pack rated at 100 kWh. That's enough capacity to allow a driving range of more than 250 miles. A 350-kW fast charger can replenish the pack to allow a 150-mile range in less than 20 minutes. A single electric motor powers the front wheels. As befitting a vehicle unveiled at CES, Chrysler says the Portal is capable of SAE Level Three autonomous driving, which means the occupants can turn driving duties over to the vehicle under certain conditions on the highway. As self-driving technology advances, Chrysler says the Portal could be upgraded. Facial recognition and voice biometric technologies allow the Portal to recognize individual users so it can tailor the driving environment to their needs and wishes.