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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.

Hellcrate 6.2-liter V8 delivers plug-and-play Hellcat hype to SEMA

SEMA just provided another entry for the folder marked "What A Time To Be Alive," with Mopar's announcement of the "Hellcrate" 6.2-liter supercharged Crate HEMI engine. Enthusiasts have been desperate to upgrade their vintage rides with the woozy thrills provided by Dodge's Hellcat motor, so Mopar answered. The Hellcrate engine assembly ships in plug-and-play configuration, in specially designed packaging with "Hellcrate" logos. The assembly sells separately from the Hellcrate engine kit, the kit adding a powertrain control module, power distribution center, engine wiring harness, chassis harness, accelerator pedal, ground jumper, oxygen sensors, charge air temperature sensors, and fuel pump control module. The PCM comes programmed with the production-car engine's 707 horsepower and 650 pound-feet of torque. An optional front-end accessory drive kit contributes peripherals like alternator, power steering pump, belts, and pulleys. Don't bother trying to lash up a sleeper 1997 Chrysler Sebring, though; Mopar tuned the Hellcrate for pre-1976 vehicles and manual transmissions. The engine assembly retails for an MSRP of $19,530, and the kit wants a further $2,195. Mopar didn't announce pricing for the accessory drive kit. The engine and kit come with a three-year, unlimited-mileage warranty when bought together. The Mopar Hemi Crate website will be happy to take your orders as of now. For help envisioning the possibilities, stop by Fiat Chrysler's 15,345-square-foot SEMA booth to check out the Limelight Green, Hellcrate-powered 1970 Plymouth Superbird clone worked up by Mark Worman of Velocity's " Graveyard Carz." While you're there you might as well peep Worman's encore, a 1968 Plymouth GTX stuffed with Mopar's 392 Crate HEMI in place of the original 440 big block, and the 1937 Dodge pickup that swallowed a Mopar 345 Crate HEMI. Mopar's come a long way from its original product: antifreeze products. Tomorrow it'll be Jeep's turn to ring the SEMA bells, once the noise dies down from the Mopar-jacked Wrangler Switchback, CJ66 and Jeep Shortcut. You can watch the brand's presentation online at 7:26 p.m. ET/4:26 p.m. PT. Until then, we're going to work the angles on a Hellcrate-powered Plymouth Volare. The sedan, naturally. Because we're practical. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

7 major automakers to build open EV charging network

A new joint venture established by BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis will build a new North American electric vehicle charging network on a scale designed to compete with Tesla's industry-benchmark Supercharger network. The 30,000-plus planned new chargers will accommodate both Tesla's almost-standard North American Charging System (NACS) and existing automakers' Combined Charging System (CCS) options, effectively guaranteeing compatibility with the vast majority of current and upcoming electric models — whether they're from one of the involved automakers or not.  "With the generational investments in public charging being implemented on the Federal and State level, the joint venture will leverage public and private funds to accelerate the installation of high-powered charging for customers. The new charging stations will be accessible to all battery-powered electric vehicles from any automaker using Combined Charging System (CCS) or North American Charging Standard (NACS) and are expected to meet or exceed the spirit and requirements of the U.S. National Electric Vehicle Infrastructure (NEVI) program." Critically, the automakers involved will have a say in how the charging tech is implemented, guaranteeing that the hardware will play nicely with each automaker's in-house charging systems. Hyundai and Kia, for example, were hesitant to jump on board the Tesla NACS bandwagon earlier this year over concerns that the Supercharger network is insufficient for powering the two automakers' 800-volt charging systems; similar tech is used by Volkswagen and Porsche.  In addition to providing much-needed capacity and high-output charging for America's growing fleet of electric cars and trucks, the new network will integrate seamlessly with each automaker's in-app and in-vehicle features, rather than forcing customers to use third-party tools and payment systems, as is the case with some existing public charging infrastructure.  "The functions and services of the network will allow for seamless integration with participating automakersÂ’ in-vehicle and in-app experiences, including reservations, intelligent route planning and navigation, payment applications, transparent energy management and more. In addition, the network will leverage Plug & Charge technology to further enhance the customer experience," the announcement said.