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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 Giulia SWB Zagato revealed as a glorious green one-off coupe

Christmas came a few days early for one lucky enthusiast in Germany. Italian design house Zagato unveiled a one-off, carbon fiber-bodied coupe called Alfa Romeo Giulia SWB Zagato that features a twin-turbocharged V6 and that was commissioned by a German collector. Zagato explained that it launched the project to celebrate 100 years of collaborating with Alfa Romeo, the current-generation Giulia and the V6 engine. It started by shortening the Giorgio platform that the Giulia and Stelvio are both built on. It then drew a head-turning coupe that borrows a handful of styling cues from several past and present Alfa models. The front end is dominated by air intakes (including one shaped like the Alfa grille) and it features a pair of Tonale-like LED headlights. The coupe's profile is characterized by a long hood, a short rear end and a carbon fiber double-bubble roof panel left unpainted, while the back end gets a thin, curved light bar and a massive air diffuser. While several cars inspired designers, including the 1989 SZ that Zagato helped design, the Giulia SWB isn't full-on retro or old-school in any way. It features carbon fiber body panels and it's powered by an evolution of the 2.9-liter, twin-turbocharged V6 engine fitted to the Giulia Quadrifoglio that's been updated to GTAm specifications. Technical specifications weren't released, but the GTAm's six is tuned to develop 540 horsepower and 442 pound-feet of torque. Starting with the Quadrifoglio's engine gave Zagato a big advantage: the V6 spins the rear wheels via a six-speed manual transmission. The limited-edition GTAm is exclusively offered with an eight-speed automatic transmission. From the driver's perspective, the cabin is mostly standard Giulia fare; you'll find the same steering wheel, touchscreen, air vents and climate control interface in the same locations as in the Giulia. Green accents and several model-specific carbon fiber trim pieces help the SWB stand out from the sedan it's based on, and a major difference between the two cars is that the coupe is fitted with only two seats.  Zagato delivered the Giulia SWB to its new owner after shooting the photos you see in our gallery on the La Pista race track located near Alfa Romeo's hometown of Milan, Italy. There's no word on who owns it yet; all we know is that the coupe will join what sounds like a massive collection of high-end cars that includes an 8C Competizione, a 1990 SZ, plus a handful of Zagato-bodied Aston Martin models.

Alfa Romeo boss targeting Lexus reliability, cheaper future models

J.D. Power's U.S. Initial Quality Study measures an aggregate number of problems suffered by light-duty vehicles during the first 90 days of ownership. In the 2021 survey, the industry average was 162 per 100 vehicles over that first 90 days. Ram topped the charts with the best result, posting 128 problems per 100 vehicles in 90 days. Lexus ranked third, at 144. Out of the top 33 brands measured verifiably according to the methodology — Tesla came with an asterisk — Alfa Romeo finished 29th. In Consumer Reports' 2020 Brand Report Card, Lexus placed fifth out of 32 brands, Alfa Romeo 28th. The Italian carmaker's CEO, Jean-Philippe Imparato, wants to get his brand closer to that Japanese brand. During the first European test drive of the new Tonale crossover, he told Automotive News, "My quality benchmark is Lexus." There's a long way to go, but Imperato believes he knows the route. Doing the same quick work in Italy that Carlos Tavares did with Opel, Imparato — who led Peugeot to being the second-best-selling marque in Europe — has turned Alfa Romeo to profit before the release of the Tonale. He's only been on the job 16 months.  There are customer-facing approaches to improving confidence in the brand. The Tonale sits on the oldest platform in the Stellantis parts bin, the CUSW architecture that rolled out with the Giulietta in 2010, so it stands a better chance of having all of its bugs flushed out by now. The blockchain-enabled telematics recorder keeps what is intended to be a tamper-proof record of the vehicle's use and maintenance, preventing skullduggery about accidents and mileage and sketchy service. Alfa has enough faith in it to offer what's said to be a five-year, 75,000-mile unconditional warranty on the Tonale in Europe. We won't know how the nitty gritty bits hold up until Tonales hit the road, but the goals are admirable.        The reliability push is just one more step in Imparato's re-establishing the market segments, perception, and touchpoints of the Alfa Romeo brand. He told Wheels at the same event, "before we reach for the stars, we must get the basics in order," beginning with "the quality issues," then improving resale values, and then launching more affordable models. The Giulia sedan and Stelvio crossover have been dominated by the Germans they're meant to challenge, and "they are too pricey for Alfisti who would like to trade up from a Giulietta, let alone the MiTo" European subcompact.