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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.

Autoblog Podcast #360

Episode #360 of the Autoblog podcast is here, and this week, Dan Roth and Jeff Ross discuss the 2015 Ford Mustang, reports of the latest plan to bring Alfa Romeo back to the US, Chevrolet leaving Europe and Holden closing down in Australia, and the price barrier that's holding down potential EV buyers. Dan also interviewed Jacques Brent, Ford's marketing manager for the 2015 Mustang and Sebastian Ruta and Joe Oh from Blipshift. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. You can follow along after the jump with our Q&A. Thanks for listening!
Autoblog Podcast #360:
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Future Classic: Alfa Romeo Milano

While the glory that was Alfa Romeo may be in the past on this side of the Atlantic, there still remains evidence of Italianate greatness on used car lots and in new car showrooms: stunning sports cars of graceful lines (if unreliable electronics), colorful sport utility vehicles of modest power and functionality, and a smattering of older sedans — or, “family saloons” — that, in 2023, might be called classic. Take, for example, the Alfa Milano. Why is the Alfa Romeo Milano a future classic? Launched on May 17, 1985, the car was born as the Alfa 75 in Italy, named to celebrate the 75th anniversary of the companyÂ’s founding in Milan. Unlike many Alfas of jaw-dropping beauty, the angular, pseudo-boxy Milano wedge, as it was called in America, was primarily about the engine. Sold between June 1986 and August 1989, the Milano was initially offered in three trim levels: Silver, Gold, and Platinum. Each level was equipped with more and more goodies, with the Platinum stocked with leather, a sunroof, ABS brakes, and a limited-slip differential. All of these models had a 2.5-liter, SOHC version of the Busso V6, producing 154 horsepower. It was nicknamed after its creator, Giuseppe Busso.  ItÂ’s worth noting that smaller engines were offered in Europe, and during the carÂ’s lifecycle there, they were replaced by a novel "Twin Spark" four-cylinder unit, which featured two spark plugs per cylinder, allowing for more efficiency and power. Initially, Milano was designed to compete with a new-ish class of European sports sedans like the Mercedes-Benz 190 and the BMW 3 Series. Under the Milano's skin was a modest rear-wheel-drive chassis with bits borrowed from AlfaÂ’s motorsports heritage: torsion bars and shock absorbers up front and a De Dion tube with shocks and coil springs in the rear (the De Dion "Dead Axle" setup was chosen as it reduced the unsprung weight in comparison to a live rear axle). In its day, the Milano was boarderline-quirky in an Italian way, battling an often deserved reputation for questionable reliability but undeniably handsome (in rosso Alfa, of course) and a joy to drive on challenging roads with its gutsy six and rear-wheel-drive platform. What is the best example of the Alfa Romeo Milano?