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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.

Jeep Wrangler EcoDiesel, Porsche Cayenne E-Hybrid and Tesla Cybertruck | Autoblog Podcast #606

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and Associate Editor, Joel Stocksdale. With their powers combined, they create a great episode full of driving impressions from the Jeep Wrangler EcoDiesel, Porsche Cayenne E-Hybrid and BMW X6 40i. They return to the topic of the Ford Mustang Mach-E before diving into the Tesla Cybertruck and a future without Buick sedans. Finally, they help a listener choose a new, sporty sedan in the "Spend My Money" segment. Autoblog Podcast #606 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: 2020 Jeep Wrangler EcoDiesel 2019 Porsche Cayenne E-Hybrid 2020 BMW X6 40i Ford Mustang Mach-E (Watch the ride-along here) Tesla Cybertruck Bye to Buick sedans Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:    

Chrysler recalling nearly half a million Durangos and Grand Cherokees

Rule number one of public relations – save the bad news for Friday. Fiat Chrysler has adhered to that, announcing today that it'd be voluntarily recalling 467,480 SUVs. This latest recall could actually be thought of as a continuation of a September 2014 recall, relating to the fuel-cell relay. In that case, some 188,723 Dodge Durango and Jeep Grand Cherokee CUVs from model year 2011 were recalled. And this time, it's the Durango and GC in trouble again. FCA is adding crossovers from model years 2012 and 2013 to the fuel-pump recall, although only diesel-powered Jeeps with the 3.0-liter V6 that were sold outside of North America are affected this time around. As with the previous recall, deformities in the fuel-pump relay, which could affect its functioning. In most cases, FCA reports that the affected vehicles simply won't start, although they also could be prone to stalling. A new relay circuit will be installed that promises increase durability. Of the 467,480 vehicles being recalled, 338,216 were sold in the US market, 18,991 went to Canada and 10,829 were shipped south of the border, to Mexico. Outside of the NAFTA region, FCA is recalling 99,444 vehicles. No injuries or accidents have been associated with this recall. Statement: Fuel-Pump Relay February 27, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 467,480 SUVs worldwide to install new a relay circuit that improves fuel-pump relay durability. FCA US engineers have determined a condition identified in a previous investigation may extend to additional vehicles. The previous investigation, which led to a recall, traced a pattern of repairs to fuel-pump relays that are susceptible to deformation. This may affect fuel-pump function, preventing a vehicle from starting, or leading to engine stall. Of the two scenarios, the no-start condition is the more common. FCA US is unaware of any related injuries or accidents. The fuel-pump relay is located inside the Totally Integrated Power Module (TIPM), which also helps manage other vehicle functions. None of these other functions, including air-bag deployment, is affected by the fuel-pump relay. The new campaign affects an estimated 338,216 vehicles in the U.S.; 18,991 in Canada; 10,829 in Mexico and 99,444 outside the NAFTA region. Covered are model-year 2012 and 2013 Dodge Durango full-size SUVs and non-NAFTA 2011 Jeep Grand Cherokee mid-size SUVs equipped with 3.0-liter diesel engines.