1959 Alfa Romeo Spider on 2040-cars

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Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.

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

2018 Alfa Romeo Stelvio Drivers' Notes | Italy's last savior

Alfa Romeo may be beloved by enthusiasts, but the brand has always had a rough go in the United States. Sure, we may look back fondly now at cars like the Spider, Milano and Giulia, but those models never had the impact of their German or British rivals. Slow sales and a reputation for poor reliability killed Alfa in the U.S. more than two decades ago. The automaker is back with cars like the 4C, Giulia and, most important, the 2018 Stelvio crossover. The Stelvio needs to sell well if Alfa has any hope of staying alive in America. Sure, it may not be as sharp or as handsome as the Giulia, but the market demands crossovers, so that's what it'll get. The Stelvio is jumping into a tough and highly contested segment. Rivals like the Porsche Macan, Jaguar F-Pace, BMW X3 and Mercedes-Benz GLC-Class are all strong competitors with handsome styling and sporty driving dynamics. The Stelvio is going to have to really shine to make a dent. Associate Editor Joel Stocksdale: The Alfa Romeo Stelvio feels very much like a bigger, taller Giulia. While this does mean that it feels a bit less nimble and frisky, it also means that it's one of the best drivers in its class. Under the hood is the same turbocharged 2.0-liter four-cylinder making 280 horsepower. It feels just right for this crossover. It's happy to sit at low rpm on the highway, but also delivers brisk acceleration when tromping on the gas. It even sounds good, providing a growly snorty sound when accelerating. It's sort of like a grown-up version of the engine in the Fiat 500 Abarth. Ride and handling are well-balanced, too. Steering is very quick, and the whole vehicle feels remarkably light. It leans significantly more than the Giulia in turns. But as crossovers go, the Stelvio is a great handler. The ride is on the stiff side, but far from punishing. I do wish the steering was a little heavier, and that the weight built up more progressively. It feels a little less communicative than I'd prefer. The Giulia connection continues inside, but this time we wish they weren't so similar. Though the dashboard is an attractive shape, there are quite a few low-rent plastics strewn about. A number of the knobs feel chintzy, too. There's not a lot of knee room up front, either, and the seat could use a few more adjustment options. One thing the Stelvio's interior nails, though, are those wonderful shift paddles.