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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.

Major automakers post mixed US June sales figures

General Motors, Ford and Fiat Chrysler Automobiles NV posted declines in US new vehicle sales for June on Monday, while major Japanese automakers reported stronger figures. Once again, demand for pickup trucks and crossovers offset a decline in sedan sales. Automakers' shares rose as overall industry sales still came in above Wall Street expectations. The US auto industry is bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016. Analysts had predicted that overall, US vehicle sales would fall in June for the fourth consecutive month. As the market has shown signs of cooling, automakers have hiked discounts and loosened lending terms. Car shopping website Edmunds said on Monday the average length of a car loan reached an all-time high of 69.3 months in June. "It's financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans," said Jessica Caldwell, Edmunds' executive director of industry analysis. GM said its sales fell about 5 percent versus June 2016, but that the industry would see stronger sales in the second half of 2017 versus the first half. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." GM shares were up 2.4 percent in morning trading, while Ford rose 3.3 percent and FCA shares jumped 6 percent. "US total sales are moderating due to an industry-wide pullback in daily rental sales, but key US economic fundamentals clearly remain positive," said GM chief economist Mustafa Mohatarem. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." Ford said its sales for June were hit by lower fleet sales to rental agencies, businesses, and government entities, which fell 13.9 percent, while sales to consumers were flat. But it sold a record 406,464 SUVs in the first half of the year, with Explorer sales increasing 23 percent in June. And sales of the F-150 had their strongest June since 2001. On a media call, Ford executives said an initial read of automakers' sales figures indicated a seasonally adjusted annualized rate of around 17 million new vehicles for the month, which would be better than 16.6 million units analysts had predicted. FCA said June sales decreased 7 percent versus the same month a year earlier.

Man escapes attempted carjacking and catches the incident on his dashcam

(Warning: video contains strong language. Viewer discretion is advised.) A quick-thinking driver avoided a potentially dangerous situation this week in New Mexico when he evaded and attempted car jacking. On the evening of December 6, an unnamed man accompanied a friend to a market near the intersection of Central and San Mateo in Albuquerque. After he saw his friend safely away in her car, he got back into his and pulled out of the parking lot. Almost immediately, as shown in dashcam footage uploaded to Youtube, a red Chrysler 300 began following him. When the driver pulled up to a stop sign around the block from the market, the Chrysler zipped around and pulled in front of him, blocking his forward progress. Figuring he was about to be carjacked, the driver threw the car into reverse and backed quickly away from the Chrysler. The Chrysler followed, and a chase ensured. With the Chrysler close on his tail, the unnamed driver fled through the nearly empty streets. At one point he cut through a gas station when the Chrysler tried to block him at another intersection. As they drove through the city the Chrysler continually tried to stop the fleeing driver, but he successfully evaded every time. The driver called 911 and reported his predicament. Eventually, both vehciles pulled up at a stop light right next to an Albuquerque Police cruiser. The driver laid on the horn to get the cop's attention, then jumped out to tell the cop what was going on. The Chrysler then made a run for it with the cop in hot pursuit. Unfortunately, the red Chrysler evaded the APD and the car's license plate was obscured so the APD was unable to identify the vehicle or its occupants. Thankfully no one was hurt during the chase, and the driver was able to get home safe and sound. Carjacking is a serious crime. The driver in this video did everything right, except maybe delay calling the police a little too long. The crime is so prevalent that the US Department of Justice has tips for avoiding carjacking. They suggest drivers avoiding stopping when signaled by other drivers or assisting during an accident. Calling the authorities should be your first step if you're every followed or harassed while driving. Head to the nearest police station if you can't get a hold of a cop in time. Related Video: News Source: YouTube Auto News Weird Car News Chrysler Police/Emergency police chase carjacking albuquerque