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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

Dodge recalls 27k Darts for bracket that can disrupt transmission module

Dodge is recalling 27,520 examples of the 2013-2015 Dart with dual-clutch gearboxes. The mounting bracket for the transmission control module can affect the part's operation and cause the compacts to suddenly shift into neutral. According to the automaker, 23,688 of them are in the US, 3,376 in Canada, 5 in Mexico, and 451 elsewhere. The National Highway Traffic Safety Administration reports these examples carry build dates between February 24, 2012, and June 16, 2015. There are also no reports of accidents or injuries. Because of the way the bracket is mounted, the part can put too much force on the control module's circuit board and cause it to shift out of gear. The engine and airbags remain operable if this happens. To fix things, dealers will install a redesigned mount and replacement module. Related Video: Statement: Mounting Bracket September 14, 2015 , Auburn Hills, Mich. - FCA US LLC is recalling an estimated 23,688 cars in the U.S. to replace certain control modules and mounting brackets that may contribute to a loss of motive power. The Company is unaware of any related injuries or accidents. An FCA US investigation prompted by a small number of warranty claims discovered a control-module mounting bracket may apply too much force and disrupt the function of a circuit board within the module. This condition, unique to certain cars equipped with dual dry-clutch transmissions (DDCT), may cause the transmission to shift into neutral. However, the engine remains on and the vehicle's air-bags, as well as other safety features, are unaffected. The condition may also be preceded by the illumination of a dashboard warning light. Customers who observe this are urged to contact their dealers. The campaign is limited to certain 2013-2015 Dodge Darts equipped with DDCTs. Additional vehicles will be recalled in Canada (3,376), Mexico (five) and outside the NAFTA region (451). Affected customers will be advised when they may schedule service, which will be performed free of charge. Service will entail installation of a redesigned mounting bracket and replacement of the control module. Customers with additional questions may call the FCA US Customer Information Center at 1-800-853-1403.

Everything is absurd in Fate of the Furious, including the car hacking

Truly ridiculous and absurd scenes and situations are a staple of the Fast and Furious series, And earlier trailers made it clear that Fate of the Furious wouldn't be any different as soon as the submarine appeared. However, it turns out the craziness has spread to the topic of car hacking. The hacker is Charlize Theron's character, Cipher, and she can apparently control any car in the world, and many of them at once. She uses this to great effect in creating giant rivers of rampaging automobiles through city streets, and waterfalls of cars flying off of parking structures. And if you look closely at these groups of vehicles, it is evident that she can even control older cars that have no automated steering or throttle capabilities whatsoever. We would ask how that works, but we know that's a silly question in the Fast and Furious universe. After all, this is the series that featured Dominic Toretto flying through the air over a freeway to catch Letty Ortiz and land on another car. And they survived. Your logic has no power here! We also noticed that Cipher seems to have a preference to hack vehicles from Fiat Chrysler. In the trailer, multiple Chrysler 300s, a Jeep Cherokee, a Jeep Grand Cherokee, and a Dodge Challenger all get some prominent screen time when they're being hacked. We're not so sure this is good product placement for the brand, particularly considering this is the same company that recalled over a million vehicles to fix a software issue that could lead to hacking. Maybe this is the trade-off for having the Dodge Challenger Demon as a hero car. There's more to this trailer than Chryslers and hacking though. It turns out that Cipher has been following Toretto for a few movies now. Also, characters fly with jet packs, and Dwayne "The Rock" Johnson's character shoves a torpedo out of the way, on ice, while hanging out of a truck. Check it all out in the video above. Related Video: