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Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.

Dodge, Hyundai crowdsourced-funding sites deemed successes

What's not to love about crowdsourcing? This idea, after all, has given us Kickstarter as well Local Motors, but automakers are starting to use the social platform to sell more cars (or just drum up a little PR). Both Dodge and Hyundai have used "crowd-funding" recently, and while Automotive News is reporting that neither has racked up big sales with this gimmick, both automakers are pleased with the attention.
For Hyundai, it teamed up with website Motozuma.com to help customers crowdsource money for a down payment, and the automaker matched this amount up to $500. Last year, this helped Hyundai sell an extra 1,600 units, a fraction of its total 2012 sales. That figure is far larger than Dodge fared with the Dodge Dart Registry - it netted only two sales and a small number of individual options. This registry did help University of Southern California fraternity crowdsource $18,000 to buy a Dart for a local Meals on Wheels, however. Despite the low sales figures, Dodge and Hyundai are considering their crowdsourcing programs a success since it helped them connect with younger buyers.

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.