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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

Ford, Stellantis workers join those at GM in ratifying contract that ended UAW strikes

DETROIT — The United Auto Workers union overwhelmingly ratified new contracts with Ford and Stellantis, that along with a similar deal with General Motors will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business as it shifts away from gasoline-fueled vehicles. Workers at Stellantis, the maker of Jeep, Dodge and Ram vehicles, voted 68.8% in favor of the deal. Their approval brought to a close a contentious labor dispute that included name-calling and a series of punishing strikes that imposed high costs on the companies and led to significant gains in pay and benefits for UAW workers. The deal at Stellantis passed by a roughly 10,000 vote margin, with ballot counts ending Saturday afternoon. Workers at Ford voted 69.3% in favor of the pact, which passed with nearly a 15,000-vote margin in balloting that ended early Saturday. Earlier this week, GM workers narrowly approved a similar contract. The agreements, which run through April 2028, will end contentious talks that began last summer and led to six-week-long strikes at all three automakers. Shawn Fain, the pugnacious new UAW leader, had branded the companies enemies of the UAW who were led by overpaid CEOs, declaring the days of union cooperation with the automakers were over. After summerlong negotiations failed to produce a deal, Fain kicked off strikes on Sept. 15 at one assembly plant at each company. The union later extended the strike to parts warehouses and other factories to try to intensify pressure on the automakers until tentative agreements were reached late in October. The new contract agreements were widely seen as a victory for the UAW. The companies agreed to dramatically raise pay for top-scale assembly plant workers, with increases and cost-of-living adjustments that would translate into 33% wage gains. Top assembly plant workers are to receive immediate 11% raises and will earn roughly $42 an hour when the contracts expire in April of 2028. Under the agreements, the automakers also ended many of the multiple tiers of wages they had used to pay different workers. They also agreed in principle to bring new electric-vehicle battery plants into the national union contract. This provision will give the UAW an opportunity to unionize the EV battery plants plants, which will represent a rising share of industry jobs in the years ahead.

Dodge, Ram, Jeep — Stellantis — dumped a ton of news: Here's a roundup

Stellantis hit us with an absolute deluge of information regarding its future electric vehicle plans Thursday, including a roadmap for each of its brands to reach a goal of making electrified vehicles 80% of the company's total global volume by 2030. We'll hit all of the highlights here, with an emphasis on those that matter most to the U.S. marketplace.  Stellantis previews 4 electric platforms: Here's how they'll be used This is the method behind the rest of Thursday's madness. Eventually, Stellantis will migrate its electrified vehicles onto one of these core platforms based around a new common EV powertrain architecture.    Dodge will launch the 'world's first electric muscle car' in 2024 It looks like Dodge will invoke its 60s heritage (peep the illuminated "Fratzog" on the nose) for a new, all-electric muscle car. Based on the STLA Large platform, it's projected to have a 0-to-60 time as low as 2 seconds and a range of up to 500 miles. The automaker also hinted at a maximum power output of as high as 886 horsepower courtesy of a pair of 330-kilowatt electric motors.   Jeep will have 4xe plug-in hybrid models across the lineup by 2025 The iconic 4x4 brand will have a plug-in hybrid variant of every model by 2025. The U.S.-market Compass 4xe is expected to debut this summer, and the Wagoneer 4xe has already been announced. The Grand Cherokee 4xe will be shown at the New York International Auto Show in August.    Fully electric Ram 1500 will begin production in 2024 You didn't think the Ford F-150 Lightning would get the space all to itself, did you? Ram says it will have an electrified Ram 1500 on the market soon. Will it be fast enough to beat GM?   Stellantis teases mystery electric Chrysler concept This one's a genuine puzzler. We've reached out to Chrysler for details, but for now, all we know is that this all-electric concept appears production-friendly and will ostensibly ride on the same STLA Large platform as the Dodge muscle car.    Opel Manta E will be the electric revival of the classic German coupe We'll forgive you if you'd forgotten that Opel was now part of Stellantis, and with new ownership comes new opportunity. The company revived the Manta nameplate as a high-riding coupe/hatchback concept.   Fiat says all Abarth models to be electric from 2024 This likely won't matter much in the U.S. market, where the 500X will soon be the only vehicle it sells, but Fiat's performance division is going all-electric.