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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

Alfa Romeo recalls Giulia and Stelvio — cruise control can go haywire

DETROIT — Fiat Chrysler is recalling more than 60,000 cars and SUVs worldwide because they can keep going on cruise control or accelerate even after a driver taps the brakes. The recall covers certain Alfa Romeo Giulia and Stelvio models from 2017 through 2019. The company says a software error caused the problem, and it's advising people not to use the adaptive cruise control until it's repaired. The feature keeps moving vehicles a set distance from the cars in front of them. Fiat Chrysler says it's not aware of any crashes or injuries from the problem. Adaptive cruise control can still be turned off by stepping on the brakes for a longer time. Owners will be notified next month when they can schedule an update to the brake system software.

Alfa Romeo flagship EV due in 2027 with 18-minute recharge time

Last July, Alfa Romeo boss Jean-Philippe Imparato said his Italian concern would develop a new battery-electric vehicle in the U.S. that would launch here in 2027. It would take the new top spot in the lineup, being larger than the Stelvio, full of tech and full of performance. During the launch of the Tonale in Japan, the boss shared provisional specs of the "high-performance SUV" with Automotive News Europe. The pack of some unknown size would juice motors putting out from 300 to 800 horsepower in the standard range, and around 1,000 horsepower in a Quadrifoglio trim. Here's the big stat: In ANE's words, an 800-volt architecture would enable "recharging times of 18 minutes max, [Imparato] said." We'd sure like to know the qualifications required to get an 18-minute charge. Porsche advertises the Taycan's 93.4-kWh Performance Battery Plus as being able to go from 5% state-of-charge to 80% in 22.5 minutes when the sedan's been optioned with the $460 On-Board DC Charger. Naturally, that's under ideal conditions and when plugged into a charger that can feed the Taycan at its max 270-kW rate. When veteran hypermiler Wayne Gerdes took a Taycan across the U.S. in five days, he said his first charge at a 350-kW Electrify America unit took 22 minutes to get the battery from 6% to 82%. Knowing that the initial few percent and those last 20% take longer than the meaty bit in the middle, we going to guess Imparato's time assessment leaves out the time-consuming portions of charging the battery near empty and close to full. But hey, four years is a long way away in the EV-verse.  The CEO said the Alfa Romeo will compete with the BMW X5, a crossover almost exactly ten inches longer than the Stelvio (pictured), which is currently the largest product in the portfolio and the best-seller in the U.S. The Italian might not share a traditional CUV shape with the German, Imparato having said that aerodynamic needs could lead to a shape between a sedan and a crossover. If things are on track in Milan, executives approved the design before the end of 2022.  We'll begin to see what Alfa Romeo's EV-only future when the brand's first dedicated EV shows in 2025. Related video: