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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

2018 Dodge Demon comes with a factory tune for race gas

We knew the Dodge Demon was going to make a lot of power, but the ongoing question has been how much. We've seen estimates of between 757 and 1,121, but those have simply been guesses based on the numbers found in promo photos. However, if we had to put our bets on a horsepower rating, we'll probably go with the higher estimates because the Demon can run on race gas. Yes, the latest teaser for the Demon reveals that it will come with a factory tune optimized for race gas, which is rated at 100 octane or higher. Running such high octane, in combination with its heavy-duty intake cooling, means the Demon can handle absurd amounts of boost and advanced timing without running the risk of dangerous pre-ignition or detonation. Of course this also means the Demon should be capable of astonishing power with the high-octane calibration. The tune will be included in the Demon crate on a separate engine computer that the owner can swap out when he or she is ready to race. In addition to the computer, the center stack also has a button to activate the high-octane mode. A pair of fuel pumps and larger injectors also ensure the engine gets plenty of that sweet racing fuel. When not running the high-octane tune, the Demon runs on your average premium gasoline. Also, in case you accidentally run premium gas with the high-octane mode activated, the car will automatically switch to the default tune if engine knock is detected. You can get a peek at the system in the video above, and be on the lookout for a bonus video tomorrow. The full reveal will be next week on April 11 at the New York auto show. Related Video:

2020 Dodge Charger Hellcat Widebody to race at Pikes Peak

The 2020 Dodge Charger Hellcat Widebody may be world's most badass Charger right now, but it won't be for long. This weekend, Dodge will unveil an even more serious Charger, a one-off racer that will run at Pikes Peak. Tim Kuniskis teased the race car during the Widebody reveal. It will have more power, more tire and more brakes than the road car. He didn't provide exact numbers for any of that, but we at least know it will have more than 707 horsepower, tires wider than 305 millimeters, and better brakes than the regular Hellcat. He said it will have an upgraded version of the Hellcat's 6.2-liter engine. We wouldn't rule out 797 horsepower like in the Hellcat Redeye and in the company's One Lap of America Dodge Durango. We suspect we'll have more concrete details and photos of the car very soon, since the Pikes Peak International Hill Climb takes place this Sunday. One other tidbit: Kuniskis said that we shouldn't expect any of the parts from the race car to show up as Mopar accessories. But we bet there will be plenty of aftermarket companies more than happy to help paying customers recreate it.