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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.

Dodge shows can-do attitude with grand Can'avan sculpture

There are lots of ways to celebrate an important birthday, and all of them are well deserved. You can throw a big party, buy yourself something nice, or - if you're the altruistic type - do something for others in need. The latter is how Chrysler has opted to mark the 30th anniversary of its Dodge Grand Caravan and Chrysler Town & Country.
Together with hunger-advocacy organization Canstruction, the Chrysler Foundation has built a full-scale replica of the Grand Caravan out of 30,000 food cans in the square at the corner of Yonge and Dundas in Toronto, a ways down the highway from where the real vans are built in Windsor. The sculpture was built over the course of 10 hours by 30 volunteers and was displayed earlier this week.
Now the installation is being taken down, and the cans of food are being donated to the Daily Bread Food Bank, which will assemble them into 2,000 food baskets to be distributed to those in need through its network of 200 food banks across the Canadian metropolis. Check out a neat time-lapse video of the build and the press release below.

Fiat Chrysler may build an AWD Pacifica minivan

Fiat Chrysler is reportedly considering building an all-wheel-drive variant of the Chrysler Pacifica as a salve for the minivan's flagging sales, especially in Canada, where it's built, and where the Dodge Grand Caravan is eating its lunch. Automotive News cites a ranking official with Unifor, Canada's autoworker union, and two anonymous sources familiar with the company's internal machinations. In addition, the outlet cites the CEO of AutoForecast Solutions, a consulting firm, who says his industry data show that FCA will begin production of an AWD Pacifica in the second quarter of 2020 at its plant in Windsor, Ontario. "It's going to help them with their leadership of the product," it quoted CEO Joe McCabe as saying. An FCA spokeswoman told Autoblog the company doesn't comment on speculation about future products. Pacifica sales have held relatively steady in the U.S. Full-year 2018 sales were a respectable 118,322, essentially flat with 2017, compared to 151,927 Grand Caravans, an increase of 21 percent. Sales through February of this year were down by 24 and 27 percent, respectively, but FCA says its share of the overall U.S. minivan market has nevertheless risen to 57.7 percent. But cross the Detroit River into Canada, FCA's second-largest market for minivans, and things don't look as rosy for the company's flagship minivan. There, the Grand Caravan in 2018 outsold the Pacifica by a 5-to-1 ratio, 32,253 to 5,999, which represented respective declines of 31 percent and 3 percent. Things haven't gotten any better in 2019, either, with Pacifica sales falling 55 percent through the first two months to 512 and Grand Caravan sales slipping 20 percent to 4,836. FCA's share of the Canadian minivan market was 59 percent at the end of 2018, the company says. Canada is known as the Great White North, after all, so it makes perfect sense that all-wheel drive is a popular sell there as a way to navigate the long, snowy winters. But there are questions about whether adding a rear driveshaft would affect the Pacifica's Stow 'n Go system, which allows users to fold the third-row seats into the floor to add cargo space. Chrysler in fact offered all-wheel drive versions of its minivans through 2004, when it first introduced the Stow 'n Go, AN reports.