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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.

Daily Driver: 2015 Jeep Wrangler Unlimited X Edition

Daily Driver videos are micro-reviews of vehicles in the Autoblog press fleet, reviewed by the staffers that drive them every day. Today's Daily Driver features the 2015 Jeep Wrangler Unlimited X Edition, reviewed by Adam Morath. You can watch the video above or read a transcript below. Watch more Autoblog videos at /videos. VIDEO TRANSCRIPT Hi, I'm Adam Morath for Autoblog. Now, undoubtedly, one of the coolest things about this job is that you're in and out of so many different vehicles, but, I'll be honest, there are times where, if you're in very similar vehicles, they can start to run together a little bit. That's why I love getting into a car like this that just snaps you right out of it because it's so unique and so different from anything else on the market. Of course I'm talking about the Jeep Wrangler. I'm in a 2015 Jeep Wrangler Unlimited. This is the X Edition, which stands for X Games. Jeep is a big title sponsor of the 2015 Aspen X Games and you can see that all over this vehicle. You have white, glossy accent plastic in the interior; mountain graphics throughout the interior and exterior of the vehicle – a nod, obviously, to the winter sports and skiing that you would do out in Aspen. And then in keeping with that mountainous theme, you have an Alpine nine-stereo speaker system. I'll be honest, though, that some of it feels a little overdone to me. For instance, there's a power-bulge in the hood. Credit to Jeep: the vents are actually functional, but this is not the trim I would go for, just personally. It's one of those vehicles that people are always wondering, "I really like the look of it [and] I like the capability, but could I live with a Wrangler?" It's the same sort of question you'll get from people who are looking at a sports car, "could I actually live with this is my daily driver?" And I have to say, Jeep has come a long way – Wrangler, in particular, has come a long way – in terms of driving comfort. Of course, don't expect "Lexus quiet." You can probably hear it's a big noisy in the cabin. It's a bit of a bumpy ride. There are things about this vehicle that I could see being annoying in your day-to-day life. For instance, the door: it's essentially an external hinge on the door, but it doesn't stay open for you. So, if you're on any sort of a tilt, the door will come back in and you have to just prop it open with your leg. Little things like that.

Jeep gunning for 1M sales this year

Jeep CEO Mike Manley would rather soft-pedal the seven-figure prognostication for now, but Fiat CEO Sergio Marchionne won't have it, proclaiming in an interview that Jeep will sell one million units worldwide this year. Manley has called that come-hither number "a stretch," the history of recent gains perhaps reason for his caution: in 2011 the brand sold 568,317 units, followed by the record-breaking tally of 701,626, then another record in 2013 with 731,565 units moved.
That kind of gap means everything will need to go magically for Jeep to record a 37-percent increase this year - amazing Cherokee sales, a brilliant launch for the little Jeep arriving in Europe later this year and a heavy wave to raise sales in US, European and Chinese markets. Manley is confident about the prospects in 2015, though, with the Cherokee in full stride, the Fiat-based Jeep on its way to the US and expanded global production. It's not as though Marchionne's prediction for Jeep's 2014 sales is unexpected, since he first made it last year. But even if the number ends up a little short for 2014, there's no doubt it will be impressive.