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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.

Some 2014-19 Ram ProMasters recalled for shifter cables that could detach

The National Highway Traffic Safety Administration (NHTSA) has issued a recall for hundreds of thousands of 2014-2019 Ram ProMaster vans with a 3.6-liter engine. Campaign No. 20V036000 states that the shifter cables on these vans could disconnect from the transmission, which could lead to a variety of unsafe situations. The new recall comes after Fiat Chrysler Automobiles (FCA) has issued transmission-related recalls for several other brand products in recent years. Jeep and FCA were thrust into the spotlight in 2016, when "Star Trek" actor Anton Yelchin's shocking death was linked to what was deemed an unintuitive shifter design. FCA recalled more than 1 million vehicles with a rocker-style eight-speed ZF shifter, including Jeep Grand Cherokees, Chrysler 300s, and Dodge Chargers. The design was unclear to some, and that confusion lead to dangerous rollaways. In 2017, FCA was back in the news when it announced a transmission recall for 1.8 million Ram trucks that had a faulty interlock that could result in the transmission shifting out of park. And in 2019, FCA announced two more transmission recalls, this time for 320,000 Dodge Darts and 51,788 Fiat 500s, both of which had cable bushings that could degrade due to temperature and moisture.  FCA's unsettling pattern has bled into the new decade, as 222,207 ProMasters have been recalled for an entirely separate transmission issue that could once again lead to a rollaway risk. The NHTSA estimates approximately three percent of these vehicles could have built with a transmission gear shift cable that was kinked during production. According to the recall document, "the vehicle population was determined to include all ProMaster vehicles equipped with a 3.6-liter engine from the beginning of 2014 MY production on April 23, 2013, through September 14, 2019, when the vehicle manufacturing process was revised." If the shift cable separates, the shifter is no longer connected to the transmission. The driver, then, would not be able to shift properly, or the transmission could be in a different position than believed. If the driver thinks the vehicle is parked, but it is actually still in drive or neutral, the vehicle could unintentionally move. As a precautionary measure until the vans are checked and fixed, FCA suggests owners use the parking brake when parking these vehicles. FCA will begin notifying owners on March 13, 2020 and plans to replace the damaged parts free of charge.

Dead man went unnoticed in pickup at airport for nearly 8 months

The Kansas City Star reports that on Sept. 12, Lenexa, Kan., police found a dead man in the cab of his Dodge Ram 1500 at the Kansas City International Airport. Though a disturbing thing to find at any time, the scene was made all the worse by the fact that the body had been sitting in that truck for eight months. That's right, for virtually all of 2017 to date. It seems likely that the missing man, Randy Potter, committed suicide, and it likely happened the night he was reported missing, which according to KCTV 5, was Jan. 17. This is because, according to the Chicago Tribune, Potter's parking ticket was printed that day. The fact that it took eight months to find Potter is astonishing. Although the Associated Press reports that Potter's body was covered by a blanket and the windows of the Ram were tinted, those aren't really excusable excuses. Potter's truck was in a large parking lot, one that holds nearly 6,000 cars, according to the Kansas City Star, but that shouldn't have mattered, since the company in charge of the lot, S-P+, was supposed to take an inventory of every car in the lot every single night. Plus, Potter's family took the license plate number of the truck to the parking lot security companies not long after his disappearance. Clearly no one from the parking company was watching closely. As for the police, the Star reports that they never checked the airport since there wasn't any evidence to say he might have gone there. Yet they say they spent "several hundred man hours" on the case, and their operating theory was that he had left his family. One way people leave is by plane. So how was the body finally discovered? Someone who parked nearby complained of a horrible smell. After eight months, no doubt. It's puzzling that no one would have reported a smell sooner. Though the problem would have been bad enough in winter and spring, it would have become pretty intense in the summer months, with high temperatures in the 90s translating into incredible heat inside a truck on shadeless pavement under the relentless Missouri sun. Related video: