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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.

Dodge Challenger Hellcat valet mode angers parking attendant

I spent over three years as a valet. It was good money and an excellent second job when I was getting my start as a writer – ten hours per week at the small restaurant I worked for was good for anywhere from $150 to $250. Over those years, I can say with absolute confidence I never goofed off in someone's car. Unfortunately, not all valets are so trustworthy. Like these idiots. Apparently, a Dodge Challenger Hellcat owner captured the valets at Universal Studios in Florida on his dashcam messing about behind the wheel of his 707-horsepower muscle car. One valet is behind the wheel and there's another riding shotgun as they aimlessly wander about the parking lot, lamenting the fact that the owner (wisely) engaged valet mode before handing over the keys. "We can't do anything," they whine. The owner, for his part, seemed pretty cool about the whole thing, writing in the YouTube description that he purposely kicked up the exposure at the end of the video to hide the identities of the valets. He also added that they didn't do anything wrong – this former valet agrees to disagree, based on the over four minutes it takes to actually park the car – and that he was thankful for valet mode. You can check out the video above – be warned, though, there is some language in it. And remember, if you valet your car, use valet mode, check the odometer when you drop off and pick up, and if everything checks out, give the poor guys a tip. Want more recent Hellcat news? Check out the Wrangler Trailcat concept headed to the Easter Jeep Safari in Moab, photos of a possible Hellcat HD Ram pickup, and spy shots of the Hellcat-engined Jeep Grand Cherokee Trackhawk. It's been a good week for 707-hp Mopars. Related Video:

Tech of the Year special, plus we drive the hydrogen Mirai and more | Autoblog Podcast #809

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick and Road Test Editor Zac Palmer. They kick the discussion off by talking about what they've been driving as of late, including the Toyota Mirai, Dodge Hornet, Alfa Romeo Tonale and a trio of subcompact SUVs. After that, they dive into a discussion about the 2023 Autoblog Technology of the Year award winner, which is Mercedes-Benz's Dolby Atmos Spatial Audio. Once they wrap up that segment, we get to hear the crew's latest Cybertruck takes from before the big reveal. Finally, the show wraps up with a fun Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #809 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving 2023 Toyota Mirai 2023 Dodge Hornet 2024 Alfa Romeo Tonale 2024 Chevy Trax 2024 Kia Seltos 2024 Mazda CX-30 Turbo Technology of the Year winner and breakdown News Cybertruck preview Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts Alfa Romeo Chevrolet Dodge Kia Mazda Mercedes-Benz Toyota Technology Infotainment Technology of the Year Crossover SUV Electric Luxury Performance Sedan Podcasts