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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.

The current state of Chrysler: 10 questions with CEO Chris Fuell

In case you missed it, Chrysler is still a happening item. The V8-powered 300C was a hit when it was revealed last year, selling out in mere hours. The Pacifica minivan is a rocking family bus, and there are some concepts floating around, too. That said, it’s been a minute since we sat down with Chrysler to see whatÂ’s new.  CEO Christine Fuell — known as Chris — has been on the job since 2021. To get a sense of where she thinks the company is now and where itÂ’s headed, we sat down with Fuell at last week's Chicago Auto Show for a one-on-one chat. From jokes about a Pacifica Hellcat to where Chrysler stands on controversial post-purchase subscription services, we take a look at what Fuell and Chrysler are up to. Read on below for the Q&A. Autoblog: WhatÂ’s the future for the Pacifica name plate? Fuell: Pacifica's the hero of the brand, and as we look toward the future, we want to make sure that Chrysler is known not just as a minivan brand, but a brand that makes minivans. We created the segment nearly 40 years ago. Autoblog: Is more electrification a path that you see for a minivan in the future? Fuell: It certainly is a natural progression Â… migrating to full electrification in the minivan is just kind of the natural next step. We made a commitment to fully electrify the portfolio by 2028, and so, every new product that we launch between now and then will be exclusively a battery electric propulsion system. Autoblog: Everybody likes to joke about the Pacifica Hellcat, but with electrification Â… ? Fuell: You can put some interesting tuning experiences in a minivan. Not saying that we would, but itÂ’s possible. Autoblog: Concerning the Chrysler 300C that sold out instantly, does it give you any pause in that journey to electric in seeing how rabid people are about this really cool V8 sedan? Fuell: In terms of the popularity of a V8, when you're going down this path of clean mobility, it can create a bit of a dichotomy in terms of what the brand really stands for. But at the end of the day, the 300 was a very important product to the brand when it launched in 2005. It set a tremendous trend for not only design but attracted a lot of new customers to the brand that we hadn't seen before and, so we wanted to send it off in a real respectful celebration.

Woodward Dream Cruise Photo Gallery | Classics and American muscle

The 2022 running of the Woodward Dream Cruise just went down, and we were there from morning to evening drinking in the sweet sights and pre-emissions exhaust fumes. Yes, it’s a little smelly on Woodward Ave. this time of year. Just like always, the Dream Cruise invites all comers to cruise their machines on Woodward from Ferndale, MI to Pontiac, MI. Everybody is invited, but the original intent of the Dream Cruise was to highlight classic American muscle cars. YouÂ’ll see plenty of those in our mega gallery above, but weÂ’ve sprinkled it with a bunch of other vehicle types, such as modern muscle and other intriguing American vehicles. Similar to years past, though, sometimes the classics arenÂ’t the most entertaining thing to look at on Woodward. ThatÂ’s why weÂ’ll have other mega galleries coming soon, highlighting the weird cars and (great) dogs of the Cruise, all the imports and exotics you can imagine and a special one for all the trucks of Woodward — perhaps even more so than in years past, the truck population on Dream Cruise day was quite high. Click through above to see all the classics you wouldÂ’ve seen had you been roadside on the day of the cruise. And if you missed this yearÂ’s event, make sure you check out what happens next year. You wonÂ’t be alone, as itÂ’s estimated that over 1 million people attend the Dream Cruise to either watch from the side of the road or to sit in the most glorious traffic jam in the world. Related video Featured Gallery 2022 Woodward Dream Cruise classics and American muscle View 160 Photos Design/Style Buick Cadillac Chevrolet Chrysler Dodge Ford GM GMC Hummer Jeep Pontiac RAM Classics Woodward Dream Cruise