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Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.

Ferrari IPO could come any day now

According to Bloomberg, Fiat Chrysler Automotive Sergio Marchionne told reporters at the Toronto Global Forum that the Ferrari IPO could come any day now. "We are days away from filing the prospectus," said Marchionne, who declined to confirm whether rumors of involvement from UBS Group AG, JPMorgan Chase & Co and Goldman Sachs Group were accurate. In addition to an expected filing in New York, Marchionne hinted that a secondary filing could take place in Milan, Italy. Although the FCA Chief Executive didn't offer any expected sum for Ferrari, he had previously suggested that an IPO for the iconic Italian brand could be worth $1 billion, ringing the registers to the tune of 10 percent of the company's $11 billion valuation. According to Bloomberg, that potential sum is significantly higher than its own internal figures indicate after taking a poll of analysts who we assume must know a heck of a lot more about such things than we do. Considering how close we apparently are to the actual filing, though, we probably won't have to wait long to find out. Another hot topic any time Sergio is the subject of reporter questioning is a potential merger with General Motors or another large, full-line automaker. It seems there aren't any new revelations to reveal on the consolidation front, though Marchionne told reporters there were no plans to mount a hostile takeover of GM or any "other, less optimal" partners. Related Video: News Source: BloombergImage Credit: STR/AFP/Getty Earnings/Financials Chrysler Ferrari Fiat Sergio Marchionne FCA

Chrysler Airflow concept previews the brand's all-electric future

For a couple of years now, Chrysler has been teasing an electric concept with the name of Airflow, and now the company has finally revealed a seemingly close-to-production version. Simply called the Chrysler Airflow Concept, it seems to be a preview of what might be the brand's first all-electric car, due by 2025. Compared to a number of recent electric cars, the Airflow looks rather conservative, but not unattractive. The nose very modest grilles, with the upper one bearing an illuminated Chrysler wing badge. There's hardly a sharp crease on the rounded, organic body. The wheel arches are emphasized with taller, wider metal over the fenders. The roof has a trendy contrasting paint, and the rear has a wide and thin taillight bar. Inside, the Airflow has a similarly soft and rounded aesthetic. Light leather is found on the doors, dash and seats. Most of the dash consists of screens, too. There's a center screen for driver infotainment, with instrument screen and screens for climate control on either side. The rear seats get screens, too. But they all look feasible, especially considering the raft of displays in the Jeep Grand Wagoneer. Among some of the high-tech features are the ability for each passenger to customize their screens, and information can be sent to other passengers' screens at will. Each passenger position has a camera for video calling, too. Chrysler was light on mechanical details. All the company said was that it features two 201-horsepower electric motors, one at the front, the other at the rear for all-wheel drive. Exact battery capacity wasn't given, but Chrysler says range should be between 350 and 400 miles. Additionally, the car supposedly features SAE Level 3 semi-autonomous driver assist under the name STLA AutoDrive. Chrysler hasn't explicitly said the Airflow is coming to production, but this concept looks like it's almost ready for market. The brand also said that its first EV is coming before 2025, a step towards going fully electric by 2028. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.