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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.

Alfa Romeo celebrates Quadrifoglio's 100th anniversary

This year, Alfa Romeo celebrates the 100th anniversary of the Quadrifoglio becoming part of Alfa Romeo lore. In 1923, team racing driver and eternal second-place finisher Ugo Sivocci painted a four-leaf clover inside a white square on his RL "Corsa" single-seater developed to win the Targa Florio. Sivocci won the race, giving Alfa Romeo its first international victory. A few months later, Sivocci went to Monza to test the P1 for the Grand Prix of Europe. He hadn't painted a four-leaf clover on the #17 P1 he drove, and he died during practice. True, correlation is not causation, but it's hard to find a more superstitious bunch than racing teams drivers. The Italians retired #17 from racing vehicles, and from 1924 every Alfa Romeo featured a Quadrifoglio on the bodywork inside of a triangle instead of a square. The missing point represented the loss of Sivocci. Since then, those green leaves have identified Alfas among the sea of other red Italian single seaters from competitors like Ferrari and Maserati. Of course, sometimes the cars didn't need such help, the lines on models like the TZ and P33 iconic enough to forgo further distinction. The Milanese added Quadrifoglio versions of production cars in the 1960s, but didn't make it part of official production names until the 1980s. Following that, the branding expanded into two clovers, a Quadrifoglio Oro (gold) denoting luxury versions, a Quadrifoglio Verde for sporty variants. Then came even wider use as the single letter "Q" for features like the Q2 locking differential and Q4 all-wheel drive. Centro Stile Alfa Romeo tweaked the logo, the graphic to appear at brand events that will kick off on the official centenary June 25. That's been dubbed "Quadrifoglio Day," host to a "Backstage" conference and parade open to all of Alfa Romeo clubs.    This year is also the 60th anniversary of Alfa Romeo's Autodelta racing division. Equivalent to an AMG or M division for the Italians, predating both German versions, the famous Alfa Romeo racing cars like the 1965 Giulia Sprint GTA and the 1975 33 TT 12 sports car racer emerged from the Autodelta workshops. These celebrations will come first, on March 5, punctuated by a conference at the Alfa Romeo Museum in Arese, Milan. Related video:

Stellantis expects strike to cost it $795 million in third-quarter profits

MILAN — Automaker Stellantis said Tuesday that the autoworkers strike in North America is expected to cost the company around 750 million euros ($795 million) in profits — less than its North American competitors. The Europe-based maker of Jeep, Fiat and Peugeot reported a 7% boost in net revenues to 45.1 billion euros, with production halts caused by the strikes costing the company 3 billion euros in sales through October. The net revenue boost was due to higher volumes in all markets except Asia. Chief Financial Officer Natalie Knight told journalists that StellantisÂ’ strike impact was lower than the other Big Three automakers due to its global profile as well as some high-profile cost-cutting measures, calculating the hit at around 750 million euros ($795 million.) GM, the last carmaker to reach a deal to end the strike, reported an $800 million strike hit. Ford has put its impact at $1.3 billion. “We continue to be in a very strong position globally and in the U.S. This is an important market for us, and weÂ’re highly profitable and we are very committed to our future," Knight said. “But mitigation is core to how we act, and how we proceed.” Stellantis has canceled appearances at the CES technology show in Las Vegas next year as well as the LA Auto Show, due to the strike impact. Stellantis on Saturday reached a tentative agreement with the United Auto Workers Union to end a six-week strike by more than 14,000 workers at its assembly plants in Michigan and Ohio, and at parts warehouses across the nation. Stellantis does not report full earnings for the third quarter, instead providing shipments and revenues. It said that global sales of electric vehicles rose by 37% over a year earlier, powered by the Jeep Avenger and commercial vehicle sales. North America continued to be the revenue leader, contributing 21.5 billion euros, an increase of 2% over last year, and representing nearly half of global revenues. Europe, the next biggest performing region, saw revenues grow 5% to 14 billion euros, as sales rose 11%. Related video: Earnings/Financials UAW/Unions Alfa Romeo Chrysler Dodge Fiat Jeep Maserati RAM