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Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM

Alfa Romeo Giulia Quadrifoglio 100th Anniversario gets even more power

Alfa Romeo is celebrating its Quadrifoglio emblem's 100th birthday by rolling out limited-edition variants of the Giulia and the Stelvio. The commemorative cars receive a more powerful twin-turbocharged V6, edition-specific visual accents, and carbon fiber interior trim. The green Quadrifoglio (which means "four-leaf clover" in Italian) first appeared on a straight-six-powered RL race car at the 1923 edition of the Targa Florio, a grueling road race that was held in Sicily. Legend has it that pilot Ugo Sivocci had the emblem painted on his car for good luck. He won, and the Quadrifoglio quickly began appearing on Alfa Romeo's race cars before showing up on street-legal production models. Fast-forward to 2023, and the four-leaf clover denotes Alfa Romeo's most powerful models: the Giulia Quadrifoglio is the Italian company's answer to the BMW M3, and the Stelvio Quadrifoglio competes in the same segment as the X3 M. The limited-edition 100th Anniversario models build on these foundations with a 520-horsepower evolution of the twin-turbocharged, 2.9-liter V6 (that's 15 more than in the regular-production variants). Alfa Romeo also added a mechanical limited-slip differential derived from the sold-out, 540-horsepower Giulia GTA. Based on the recently-updated Giulia and Stelvio, the 100th Anniversario models come with LED headlights,19-inch wheels for the Giulia (the Stelvio rides on 21-inch alloys), and edition-specific gold-colored brake calipers. Quadrifoglio emblems with gold-colored accents and "1923-2023" lettering are fitted to the fenders, and the list of equipment also includes a carbon fiber grille and carbon fiber door mirror caps. The interior gets a similar treatment: There's carbon fiber trim, gold-colored stitching, and a "100" logo on the dashboard. Like their regular-production counterparts, both cars get a 12.3-inch digital instrument cluster whose layout changes depending on the driving mode selected. Alfa Romeo will build 100 units of the Giulia Quadrifoglio 100th Anniversario and 100 additional examples of the Stelvio Quadrifoglio 100th Anniversario. Pricing and availability haven't been announced yet, and deliveries are scheduled to start in the coming weeks for buyers in European markets. Alfa Romeo confirmed to Autoblog that both models will be sold in the United States. Buyers will have three colors called Rosso Etna, Montreal Green, and Vulcano Black to choose from. More details will be announced in the not-too-distant future.

Alfa Romeo finalizes 2024 Tonale EPA fuel economy, EV range

Alfa Romeo announced Wednesday that the 2024 Tonale plug-in-hybrid achieved 29 mpg combined in EPA testing, coming in at 77 MPGe with a total EV range of 33 miles. The plug-in hybrid powertrain is the only one offered in the 2024 Tonale and is shared with the 2024 Dodge Hornet R/T, which is essentially the same car only in weekend casual.  "We are happy to announce the official EPA electric range of 33 miles and 77 MPGe for the Alfa Romeo Tonale, which will allow many of our customers to drive their daily commutes without tapping the fuel tank," said Larry Dominique, SVP, Head of Alfa Romeo North America. "The Alfa Romeo Tonale represents the beginning of our transformation to greater electrification while staying true to the performance characteristics our customers expect from the brand, including a best-in-class 285 horsepower." The electric range of 33 miles puts the 2024 Tonale smack in between the 2023 Lincoln Corsair PHEV (28 miles) and Lexus NX 450h+ (38 miles). The Lincoln is also a close match in MPGe, coming in at 78, but the Lexus handily eclipses both 84 MPGe. So if fuel EV range and fuel efficiency are all you crave, the Lexus is your go-to, even if the Alfa is thousands cheaper. The Tonale Sprint starts at $44,590 (with destination). After the $7,500 federal electric vehicle credit is factored in (which requires you to lease since the Tonale is built Italy) you’re looking at just $37,090. Both the Lexus and Lincoln start north of $50,000 before subsidies, but the Louisville-built Lincoln can benefit from tax credits whether you lease or purchase.  Related Video 2023 Dodge Hornet R/T