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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.

NHTSA closes investigation into Jeep Liberty fires

The investigation that the National Highway Traffic Safety Administration opened into the Jeep Liberty in October 2013 has been closed. NHTSA received two (!) complaints about fires starting in the driver's door, thought to be caused by the master power window switch. The initial estimate was that 80,000 Libertys could be roped into a possible recall, but according to a report in the Detroit News the agency examined records for 425,000 Chrysler products that used the same window switch, including the Dodge Nitro and Chrysler Town & Country minivan.
After canvassing 265 warranty claims related to the master switches, NHTSA concluded that the rate of fires compared to the "large population of vehicles" was rather low, and that there was no trend pattern behind the few issues it did find. Perhaps with that, and the closure of the trailer hitch investigation, the Liberty can finally rest in peace.

Jeep Wrangler pickup spy photos reveal production truck bed

The last time we saw the Wrangler pickup undergoing testing, it was sporting a strange pre-production bed that looked as though it had been pulled off a Ram 1500. It seems development has progressed since then, because, despite the heavy camouflage, the Wrangler in these spy photos is definitely carrying a production-ready bed. Unlike the earlier test bed, this bed has sides that are the same width as the cab, and the top of the bed matches up with the body line on the cab. The bed is properly boxy and straight-edged like a Wrangler, too. It looks quite good, and actually very similar to the custom AEV Brute. However, unlike the Brute, the traditional plastic wheel arch flares seen below the camo extend farther forward, and the angle of the flares' forward edges match those of the rear doors. The rest of the truck is rather well covered, so there aren't many more details to glean from the photos. There is a very large rear window, which should be good for visibility. Even though the roof is covered, we expect a removable roof of some sort is hiding underneath, since the previous prototype had removable panels like those on the current Wrangler Unlimited. We also expect a turbocharged four-cylinder and a naturally aspirated V6 to be offered as engines on this and other new Wranglers, as well as the possibility of a diesel of some sort. As for when we'll see the Wrangler pickup, we would expect a reveal in early- to mid-2019, with trucks appearing on lots in very late 2019 or early 2020. This is based on a report from The Detroit News that says production will begin in 2019. Related Video: