Stellantis has no interest in calving off its electric vehicles into a separate business unit from its internal combustion engine products, chief financial officer Richard Palmer informed analysts this week. The question arose during a call to discuss Stellantis first-quarter revenue and shipments. It was prompted by recent moves by its crosstown rivals at Ford and General Motors.

Stellantis Versus Competitors

In March, Ford announced it was reorganizing its business operations to separate its electric vehicle business from conventional internal combustion engine vehicles. The EV business is now known as Ford Model e; traditional operations fall under Ford Blue. They will operate as separate businesses but share technology and other resources where it benefits both. They will report separate financial results by 2023. Both remain part of Ford—neither is considered a spinoff.

General Motors in 2019 carved up its engineering resources, allocating some to EVs and some to ICE operations, but the automaker stopped short of creating distinct business units despite pressure from investors to do so. GM CEO Mary Barra has repeatedly said while EVs are the future of the company, and now receive the larger allotment of capital spending, there is still a reliance on revenue from traditional vehicles to fund GM’s electric future.

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The industry move to siphon off EV business is an attempt to tap into investor love for EV startups that started with Tesla and spilled onto newcomers Rivian and Lucid. Companies are hoping their EV programs can generate greater investment and value if they are somewhat divorced from the arguably undervalued traditional automaker business, and pitched to investors as exciting new ventures with a ton of potential.

 

Sussing the Merger

Stellantis is keeping everything whole, given that the automaker is still working to smooth out operations and set its direction as a new company; Stellantis was created in January 2021 by merging Fiat Chrysler Automobiles and the PSA Group. It collectively has 14 brands to manage, all of which are forming future product strategies under an overarching plan known as Dare Forward 2030, which includes ambitious EV targets. Stellantis has pledged to sell 5 million all-electric vehicles by 2030 when only EVs will be sold in Europe, and EVs will account for 50 percent of sales in North America by then, as well.

On the call with investors, CFO Richard Palmer said he does not see huge benefits to separating EV and ICE operations. “I think we need to manage the company and the assets we have through this transition. There are benefits to having the cash flow being generated from internal combustion engine vehicles to drive the technology  investment that we need to make,” Palmer said. In other words, during the transition to an all-electric future, Stellantis needs the revenue from its traditional product base and sees a single business entity as the best way to do this efficiently.

That is not to say Stellantis will not evolve. “We’re definitely looking at a number of new business areas and how to be faster and more agile in how to manage those businesses,” the CFO says. Stellantis is open to new ways that “drive speed and change behavior where necessary but we aren’t anticipating any big changes in structure.” In these early days, Stellantis continues to work to realize the benefits of the synergies created by merging two companies, and execs see the best way to do so is to manage all company assets as a whole.

Jeeps Driving Revenue

While other carmakers have said they will have to pass on some of the increased material costs facing the industry with price hikes, Palmer said Stellantis is confident its savings and productivity will offset the raw material inflation.

For now, Stellantis is faring well, especially in North America where the new 2022 Jeep Grand Wagoneer, the more affordable 2022 Jeep Wagoneer, and new 2022 Jeep Grand Cherokee helped drive an increase in market share to 11.7 percent in a market otherwise down 15 percent this quarter. The profitable Jeeps contributed to revenue of $44 billion in the first quarter of 2022, which is up 12 percent despite an overall 12 percent drop in vehicle deliveries otherwise, due to continued parts shortages with the ongoing semiconductor chip crisis. Stellantis reports quarterly revenue and shipments; full earnings are only reported for the half and full year.

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Keyword: Stellantis Has No Plans To Split Electric Vehicle Operations Like Rival Ford

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