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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

Takata air bag recall list

The National Highway Traffic Safety Administration confirmed yesterday that 33.8 million vehicles with Takata airbags are going to be recalled. It's the largest recall in automotive history. The already record-breaking rate of automotive recalls this year shows no signs of slowing down, especially since millions of cars with defective airbags made by global supplier Takata are under ongoing scrutiny. The federal government is warning owners that inflator mechanisms in the air bags can rupture, causing metal fragments to fly out when the bags are deployed. The faulty air bags have already been blamed for multiple deaths. How do you know if your vehicle is safe? The National Highway Traffic Safety Administration released an updated list of vehicles under recall. Sometimes however, the government's website will crash and the list may not be complete. Check your VIN at the NHTSA website to make sure. The list of cars affected by the recall has not been released, but seem to span multiple models over the years for many of the automakers.

Could self-driving cars stop terrorist attacks?

Terrorists have taken to using a weapon that's easy to obtain and can do a lot of damage: ordinary vehicles, driven into crowds. A Department of Homeland Security-FBI bulletin from 2012 warned that "vehicle-ramming offers terrorists with limited access to explosives or weapons an opportunity to conduct a homeland attack with minimal prior training or experience." CNN recently listed nine vehicle-based terrorist attacks that have occurred within the past year, and in just in the past three months incidents in New York, Edmonton and Barcelona have claimed more than 20 lives and injured dozens after ISIS-affiliated drivers plowed into pedestrians. The deadliest so far was a Bastille Day attack in Nice, France that killed 86 people after a terrorist drove a truck into a crowd following a fireworks display. CNN also reported that "Al Qaeda's Yemeni branch encouraged its recruits in the West to use trucks as weapons," and noted that a 2010 article in the terrorist group's webzine called for deploying a truck as a "mowing machine, not to mow grass but mow down the enemies of Allah." Such attacks have been more common in Europe and other places where guns are harder to get, making vehicles violent and readily available weapons. But it's not only ISIS and Al Qaeda terrorists that have turned cars into weapons. A man with white nationalist ties drove a Dodge Challenger into a crowd of counter-protesters at the Unite the Right rally in Charlottesville, Va., in August, killing a 32-year-old woman and injuring dozens more. Some believe that autonomous vehicle technology could help stop these tragedies. "Terrorist attacks like the one in New York are a good example of why we need AVs more quickly," Caleb Watney, technology policy associate at the R Street Institute, a D.C.-based think tank, recently told the website Inverse. Dr. Junfeng Jiao, director of the Urban Information Lab at the University of Texas, told Inverse that "these tragedies may be taken into account by the makers such as Tesla and Google" when developing autonomous technology. "This is a huge opportunity for the next generation to de-weaponize cars," he added. Many vehicles already have forward collision warning with emergency autonomous braking, and a few combine it with pedestrian detection, although the latter technology typically works at speeds below 20 mph.