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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.

Thieves relieve Detroit-area Dodge dealer of $70,000 in SRT wheels

Okay Mopar fans, this won't be easy to read. A video, which has since been made private, popped up over on Reddit's Cars subreddit over the weekend and detailed the aftermath of a massive wheel heist at a metro Detroit dealership. Thieves broke into Sterling Heights Dodge and made off with at least $70,000 worth of wheels and tires. The thieves ignored the V6 models and instead targeted Hellcat, SRT392, Scat Pack, and R/T versions of the Charger and Challenger. The poor muscle cars were left sitting on blocks, with the voice behind the video saying the treatment led to underbody damage. We only counted 12 cars, but the person shooting the video said thieves targeted 14 vehicles. That works out to about $5,000 in wheels per vehicle. We've reached out to Sterling Heights Dodge general manager and the Sterling Heights Police Department for comments. We haven't heard back yet, but we'll be sure to update this post with any additional information. Oh, and if you're in metro Detroit and perusing Craigslist for a new set of alloys, we'd advise against buying Dodge wheels for the next few weeks. They might be hot. Related Video:

SRT back to Dodge, Dart SRT, new Challenger, Charger and Caravan's death outlined in 5-yr plan

The onslaught of news from Fiat Chrysler's layout of five-year plans continued with Dodge CEO Tim Kuniskis this morning, including the unexpected announcement that SRT was coming back into the fold.
After just a few years existing as an independent entity within the Fiat Chrysler universe, an unceremonious press release hit in conjunction with today's lineup of announcements, saying "the SRT family of vehicles will be consolidated under the Dodge brand." Group CEO Sergio Marchionne thanked SRT headman Ralph Gilles for his dedication to the high-performance wing, calling out is efforts in expanding the vehicle lineup and including more customized models. He did not reference disappointing SRT Viper sales today, but we sense there's a bit of subtext.
With the SRT reunion at Dodge, it's appropriate that some of the most exciting product announcements for the next five years have to do with upcoming performance products. First out of the gate will be a refresh for that flagging Viper in 2015, which comes as little surprise.