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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.

1970 Hemi Challenger is a family heirloom with serious muscle

Petrolicious turns up the emotion in its latest video about a family's connection to their 1970 Dodge Challenger. The orange muscle car that gets the spotlight here is a remarkably beautiful vehicle, but the story of a father and his sons at the core of this clip might leave you feeling a little misty eyed. Juan Escalante is the current owner of this Challenger, but it belonged to his dad first. Juan's father spotted the iconic muscle car during the 1969 Detroit Auto Show and had to have one. He soon placed an order for the orange '70 Challenger R/T with the rare combination for that year of a 426 Hemi V8 and a four-speed manual gearbox. The family even brought the coupe with them when they moved to Venezuela in 1972, and local fans dubbed it El Hemi. However, parts were scarce for the muscle car in that country, and it returned to the US in 1996 for a restoration. Now, the rumbling Challenger with its Coke-bottle profile and black hood is the world's most awesome family heirloom for the Escalantes. In this poignant video, Petrolicious shows how the coupe connects Juan to his father. Related Video:

2019 Dodge Charger SRT Hellcat gets some Demon goodies

The 2019 Dodge Charger SRT Hellcat has been revealed, along with details on the rest of the range. Though the new Charger doesn't look a whole lot different, there are a number of special upgrades, especially for the Hellcat. The least interesting changes are on the outside. The Hellcat and the R/T Scat Pack get a new grille with twin air intakes next to the headlights. The regular RT and GT get some sportier additions such as a hood scoop, rear spoiler, and some other revised body work. The Hellcat also now gets a matte black hood option, as seen on the gray car above. Under the skin are more interesting upgrades. The Hellcat raids the Demon parts bin for its "After-Run Chiller" that continues providing cooling to the intercooler after the engine has been shut off. This way you'll still get cool air for another run when you come back and fire it back up. The Charger Hellcat also gets the Demon's fancy "Torque Reserve" system to start generating boost right at launch. Both the Hellcat and the R/T Scat Pack also come with line lock for big smoky burnouts and "Launch Assist" for minimizing wheel hop and maximizing grip. Both cars have the same power and torque as last year's iterations, though. Dodge hasn't left out its lower-rung Charger models, either. The R/T now gets standard performance suspension and shift paddles, along with a 2.62 rear axle. The GT model is now available in rear-wheel drive, and it's being marketed as more of a performance-oriented trim for the V6. As such, it also gets the performance suspension as standard, a 3.07 rear end and shift paddles. The SXT rounds out the base of the lineup and now has an all-wheel-drive option. Output remains the same with these vehicles, and the GT continues to make 300 horsepower and 264 pound-feet of torque while the SXT makes 292 horsepower and 260 pound-feet. 2019 Dodge Chargers will start showing up on dealer lots in the third quarter of this year. If you're really eager to get one, dealers will be able to start ordering them by the end of June. Pricing hasn't been announced yet for the big sedan. Related Video: