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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

Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.

We drive the cars of Furious 7... in Forza Horizon 2 [w/video]

On March 27, Turn 10 Studios, the folks behind the Forza Motorsport series, and Universal Pictures, the studio responsible for the Fast and Furious franchise, gave us a match made in heaven, announcing a "standalone expansion" featuring the two franchises. Called Forza Horizon 2 Presents Fast and Furious, it features the cars from the latest film installment, unique missions and the voice-acting of Chris "Ludacris" Bridges, who plays tech guru Tej Parker on camera. A Fast and Furious video game? Seems like a no brainer. It gets better. Rather than limiting the Fast and Furious Edition cars to the expansion game, Turn 10 made them available through one of their (some may say notorious) downloadable content packages. Eight of the expansion's 11 cars were made available for just $4.99 (the only cars that weren't included were the Fast and Furious Edition Nissan GT-R, while the Bugatti Veyron Super Sport and McLaren P1 are already available in-game). What's cool ais that the cars featured in both games are visually identical to the vehicles driven by the stars of Furious 7. Each in-game car has an on-screen parallel that plays a role in advancing the film's story. Considering that we're unlikely to score seat time in Dominic Toretto's real Dodge Charger, then, we figured we'd take to the game and test the car in the digital realm. We've got nine little cluster reviews, covering the cars both in the game and how they appear in the movies. And don't worry, there are no major spoilers here. Click on for the cars of Forza Horizon 2 Presents Fast and Furious. 1970 Dodge Charger R/T Fast and Furious Edition Supercharged 7.2L V8 / 900 HP / 663 LB-FT The one vehicle that is mandatory in a Fast and Furious video game, Dom's hot-rodded 1970 Dodge Charger, is as much a character in the films as its driver. Furious 7 marks the fourth appearance of this Mopar beast in the series. Not surprisingly it's a handful to drive, wildly quick and with a four-speed transmission packed full of very tall gears. But beyond that, it's arguably the coolest of the FF Edition cars. This black beauty is exactly as it appears in the latest installment of the film, with the video game version featuring intricate little details, like the moving parts on the BDS supercharger. It's an iconic car, and it's treated as such in the game.