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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

2021 Ram 1500 TRX Launch Edition sells out in three hours

The 2021 Ram 1500 TRX Launch Edition is officially sold out. In fact, it’s been sold out for a little while now. Ram announced today that all 702 trucks were spoken for just three hours after order books opened. Only 702 Launch Editions will ever produced for the U.S. market, the number being a nod to the amount of horsepower its 6.2-liter supercharged V8 produces. All will be painted in a unique Anvil Gray paint that wonÂ’t be offered on regular Ram TRXs. TheyÂ’ll also have a red and brushed aluminum center console badge that identifies it as a Launch Edition truck. ItÂ’s similar to the badge found on the standard TRX interior, but Ram spruced it up a bit for the Launch Edition. Additionally, all Launch Editions will be loaded to the gills with features. It comes with the TR2 (highest) equipment pack, carbon fiber interior trim, color accent package, head-up display, beadlock-capable wheels, 19-speaker Harman Kardon sound system, panoramic sunroof and body side TRX graphics. All this, and it costs $90,265. “We said the Ram 1500 TRX Launch Edition would go fast. And we meant that in more ways than one,” said Mike Koval Jr., Head of Ram Brand. Good one, Ram. There is no limit on regular Ram 1500 TRXs, so if you want one, you can go ahead and order it up. The truck starts at $71,690, so bring your extra-deep wallets. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ram to debut electric truck concept this fall

Another day, another tease. Ram is clearly enjoying the super-slow reveal of its upcoming electric pickup truck, but at least this time they've included a date. Sort of; it's actually a season, not a specific date. We assume the exacting timing will be clarified in the coming months, but in a tweet today, Ram says we should expect the teasing to end and will debut an electric concept in the fall of 2022. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. We also get a new and predictably dark view of the truck, this time a straight-on shot of the EV hauler's face. As before, the highlights are all lit up, which we are currently assuming means they are the actual lighting elements. The R-A-M lettering in the middle of the grille is similarly radiant, which again makes us think it will be that way for the production version. We don't yet know its official name. We've been told the truck will go into production in 2024, that it will use the STLA Frame EV platform with a battery capacity up to 101-118 kWh and a range of up to 500 miles. That means prospective buyers will have quite a wait ahead of them even after it makes its official debut. By that time, the Ford Lightning should be a fairly common sight on America's roadways, the Hummer EV will have been on sale for a couple of years and the Chevy Silverado EV will similarly be ready to make its appearance. Ram is also promising to have a range-extended electric truck to show off, but we don't yet know if that will make its online debut this fall alongside the full EV. Lastly, we're not entirely sure what "thunder" Ram is stealing with its teaser and date announcement today. It could be a little shade thrown in the direction of the electrified Corvette, which was also announced today, or it could just be a play on words since Ford's truck is called the F-150 Lightning. We suppose it doesn't much matter, though. Thunder, shade, rain or snow, we're just happy to see the electrified truck game continue to intensify. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.