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Fiat brand chief reassigned then resigns amid flagging sales

Jason Stoicevich was replaced as head of the Fiat brand in North America just the other day. He was immediately reassigned to another job within Fiat Chrysler Automobiles. But according to Automotive News, Stoicevich quit the new job – and the company altogether – the very next day. The development comes amidst flagging sales for the Fiat brand in America. The introduction of the awkward-looking 500L multi-purpose vehicle has been largely regarded as a sales disaster in the US. Despite having just introduced the new 500X into the growing crossover market, and an overall upward trend across FCA group sales, the Fiat brand's figures have been dropping all year. While the Italian brand's volume has fluctuated from month to month compared to last year's sales, the number of cars its dealers sells on an average day has been firmly in decline. Fiat's downward trend reflects a general tendency in the market towards larger vehicles at the expense of smaller ones. However, the powers that be in Auburn Hills evidently felt that a change of leadership was in order, so it placed Dodge chief Tim Kuniskis in charge of all the company's mass-market passenger-car brands – namely Dodge, Chrysler, and Fiat – and moved Stoicevich to running the group's fleet and small-business operations. Stoicevich remained in charge of the company's California Business Center, but it seems as though he was as dissatisfied with the switch as his superiors were with the performance of the brand over which he presided, and so he apparently elected to step down and leave the company.

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.

Race Recap: Rolex 24 at Daytona was fast and feisty

Let the record show that victory at the 2015 Rolex 24 at Daytona went to the No. 02 Chip Ganassi Racing with Felix Sabates Target/Ford EcoBoost Riley DP driven by Verizon IndyCar drivers Scott Dixon and Tony Kanaan and NASCAR drivers Jamie McMurray and Kyle Larson. The winner did 740 laps to cover 2,634.3 miles in 24 hours and 57.667 seconds. That's a statement to this year's pace in spite of 18 cautions, two more than last year: the Michael Shank Racing Ligier got pole with a time of 1:39.194, slower than last year's pole time of 1:38.270; however, the winning car last year only did 695 laps. The fight for top honors was shaved to a four-car battle over the first third of the event. The No. 02 Ganassi car took the lead on the first lap, swapping it well into the night with the No. 01 Ganassi car, the No. 10 Wayne Taylor Racing Corvette DP, and the defending champion No. 5 Action Express Corvette DP, all of them staying within about 20 seconds of one another. The Action Express car had a fuel connector come loose and lost three laps getting towed back to the pits to have it reattached, but was back in the lead 18 hours in. The No. 01 Ganassi car dropped out with recurring clutch problems 22 hours in, retiring not long after. A race-within-the-race is where the concluding action happened, a seven minute, 30-second dash from the end of the last caution to the checkered flag. During the penultimate pit stops with an hour to go, Dixon was in second place followed Jordan Taylor in the Wayne Taylor Racing DP into the pits but beat him out, taking the lead. The Action Express car was in third. In the last pit stops of the race, Dixon gained even more time, getting a four-second advantage over Taylor. Then a full-course caution came out twenty minutes before the finish when a Prototype Challenge car hit the wall and caught fire, bunching up the field. That closed the pits, but the Wayne Taylor Racing car had to pit during that yellow because of a miscalculation of driver time. No driver can be behind the wheel for more than four hours in a six-hour period but Jordan Taylor was going to go over, so he came in to swap out for brother Ricky. That cost the team any chance of second place, since they took an additional drive-through penalty for entering closed pits. When the track went green again, Sebastien Bourdais in the Action Express car stayed all over Dixon for the final five laps but couldn't get around him.