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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.

Jeep Cherokee appears in Chrysler's second Super Bowl spot

The second of three spots produced by Fiat Chrysler Automobiles for this year's Super Bowl featured the all-new 2014 Jeep Cherokee. Aired during the game's half time show, the minute-long ad didn't strike as anything new or innovative from an automaker with a reputation for above average Super Bowl spots, but it did show the controversially styled Cherokee in the best light possible.
Called Restless, the commercial shows young, adventurous types doing the sorts of things that young, adventurous types do: surfing, skateboarding, cliff jumping, staring off into the sky with a pensive expression, etc. Scroll down to watch Restless for yourself and let us know in Comments if Jeep managed to hold your attention during half time.

New England Patriots player helps driver of rollover crash

Winning the AFC Championship game to guarantee a spot in the Super Bowl would be a pretty major accomplishment for most people in a day. However, just hours after the victory, New England Patriots defensive tackle Vince Wilfork showed what he could do off the field, when he helped save a woman from an overturned car. Though, the player remained modest about what happened. Wilfork and his wife were driving home late at night when they spotted a flipped Jeep near Gillette Stadium in Foxborough, MA. Surveillance video showed Wilfork pulling over and running to the vehicle's aid to be among the first on the scene. Finding a woman trapped inside, Wilfork told her, "Don't panic," and according to Massachusetts State Police, the 325-pound player simply reached his arm into the vehicle and lifted the woman out to save her. She was later charged with driving under the influence. Hear Wilfork's description of what happened in the video above.