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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.

Cruiser's close call caught on camera

A new recruit to the Kansas Highway Patrol experienced his first brush with danger on his first day when a semi truck clipped his cruiser during a traffic stop last week. Public relations officer Tod Hileman said in a Facebook post that the incident occurred when an officer and his brand-new trainee pulled over a black Dodge Charger on I-70 in Trego County, Kansas. Hileman said in the comments that the cruiser was parked two feet away from the white line on the shoulder. Not only did the driver not get over a lane when he saw the stopped cruiser per Kansas law, he seemed to have moved closer to the side of the road. The big rig managed to send the cruiser's side mirror and spotlight flying across the road. The truck could have easily injured one of the officers, perhaps fatally. The truck driver ignored Kansas' Move Over law, which requires "drivers approaching a stationary emergency vehicle displaying flashing lights, including towing and recovery vehicles, traveling in the same direction, to vacate the lane closest if safe and possible to do so, or slow to a speed safe for road, weather, and traffic conditions." With a clear lane to his left the trucker in this case had no excuse. He stopped after the crash and was cited by the officers for failing to change lanes when he saw the stopped vehicles. Being a cop is a risky job. So far this year, 28 officers have lost their lives in the line of duty due to car accidents, according to the Officer Down Memorial Page. News Source: Facebook Government/Legal Dodge Videos traffic traffic stop traffic tickets move over law

Fiat Chrysler taps Amazon, Shell execs to fill roles

MILAN — Fiat Chrysler Automobiles is tapping executives from Amazon and Shell Oil Company with previous automotive industry experience to fill its ranks. CEO Mike Manley said in a letter to employees Thursday that Mark Stewart would join FCA as chief operating officer of North America from Amazon, "a company known for its culture of innovation, and obsession with delivering incredible value to customers." At Amazon, Stewart led teams focused on advanced robotics, artificial intelligence and automation methods. He previously was COO of ZF TRW automotive components supplier. Niel Golightly was named head of global communications. He was most recently Shell's vice president for external relations in North and South America, with a focus on reputation, brand and stakeholder engagement beyond communication strategies. He previously held roles at Ford Motor Company. Related Video: Image Credit: REUTERS/Rebecca Cook Hirings/Firings/Layoffs Alfa Romeo Chrysler Dodge Fiat Jeep RAM FCA Amazon shell Mike Manley