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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.

Ram recalling 65k trucks for rear-axle heat treating

A problem with the rear axle has promoted Fiat Chrysler Automobiles to recall a selection of Ram trucks. The campaign affects 2015-16 Ram 1500 series trucks – specifically those manufactured between June 17 and September 28, 2015. All told, that amounts to over 65,760 units across the United States. The issue stems, according to the statements below, from the rear axle shaft. Some of those trucks may have not had those axle shafts properly heat-treated, which could cause them to fracture and separate from the wheel. And that, it should go without saying, could lead to a crash. FCA states that most of the vehicles in question are in dealer hands, but while the manufacturer says it is aware of one accident to have resulted from the issue, no injuries have been reported. The owners of the affected vehicles will be notified to bring their trucks in to their local dealership to have them inspected. If necessary, the dealership with replace the rear axle assembly. This recall follows three prior (but unrelated) ones, also issued for Ram pickups, that between them affected well over a million units. Related Video: RECALL Subject : Incorrectly Heat Treated Rear Axle Shaft Report Receipt Date: OCT 15, 2015 NHTSA Campaign Number: 15V661000 Component(s): POWER TRAIN Potential Number of Units Affected: 65,760 Manufacturer: Chrysler (FCA US LLC) SUMMARY: Chrysler (FCA US LLC) is recalling certain model year 2015-2016 Ram 1500 trucks manufactured June 17, 2015, to September 28, 2015. The affected vehicles may have been built with rear axles that were incorrectly heat treated. CONSEQUENCE: If the rear axle shaft was not properly heated treated, it may fracture and a wheel separation could occur, increasing the risk of a crash. REMEDY: Chrysler will notify owners, and dealers will inspect the vehicles and replace the axle assemblies, as necessary, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Chrysler customer service at 1-800-853-1403. Chrysler's number for this recall is R59. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. ### Statement: Heat-treating October 27, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 65,760 U.S.-market trucks – most of which are in dealer hands – to inspect and replace, as required, their rear axle shafts or rear axles.

Germany threatens to ban FCA vehicles over diesel emissions dispute

Germany is threatening to ban sales of FCA products over diesel emissions. According to the newspaper Bild Am Sonntag, Germany's Federal Motor Transport Authority found evidence of a so-called defeat device that shuts down certain emissions controls after running for 22 minutes. A standard diesel emissions test in the European Union reportedly takes 20 minutes to complete. FCA denies the allegations. "We believe all our vehicles respect EU emissions standards and we believe Italian regulators are the competent authority to evaluate this," the company said in a statement. The latter part of that statement drew ire from German authorities, especially after FCA declined to meet with German transport minister Alexander Dobrindt to discuss the issue. Graziano Delrio, the Italian Minister of Infrastructure and Transport, vowed to work with German authorities on behalf of FCA. According to EU law, FCA is required to homologate its vehicles in Italy because that's where its regional operations are based. When will the diesel-scented soap opera end? We wish we knew, but our Magic 8 Ball is covered in soot. Related Video: News Source: Financial TimesImage Credit: Giuseppe Aresu/Bloomberg via Getty Government/Legal Green Chrysler Dodge Fiat Jeep RAM Emissions Diesel Vehicles FCA