Jean-Philippe Imparato (Stellantis) : Le marché des véhicules utilitaires rebondit-il enfin ?

Yes, yes, yes, yes, and we saw it in the results with an operating margin that was very, very widely above the double digits. I would say we are probably one of the most profitable in the world in the sector right now, and we intend to stay that way.

I think we have an alliance between 14 brands, now plus one with the Motors, which works quite well, allowing us absolutely fantastic economies of scale, global coverage now, and so I think that's what makes the difference. We manage to balance the different regional mixes, I would say, and even negative exchange rate effects through a fairly strong global coverage.

On the utility side, frankly we were very surprised by the numbers. I didn't think it was that strategic and that important. Utilities represent a third of the group's revenue: 60 billion euros in turnover. It's a cash cow, it's significant. That's why we wanted to talk about it. We created, under the aegis of what we call Stellantis Pro One, which brings together five brands: Peugeot, Citroën, Opel, Vauxhall, Fiat, and RAM for pickup trucks. This set is for the professional world, and we want to have a single voice towards professionals. It represents a third of the group's turnover: 60 billion now, up from 47 billion in 2021. We want to double that. That's about 1.6 to 1.8 million vehicles. It's fundamental for the future, not only now, and it's the discovery of many observers, but also given the evolution of the business towards home delivery, towards more proximity to professionals who must go zero-emission in city centers. You see, people arriving in Paris this morning will have to go zero-emission. So it becomes absolutely strategic and it becomes global.

Well, you know two things. First, we are renewing 12 vehicles, each in three different brands: Peugeot, Opel, Citroën, and Fiat. We decided to do it all at once. Each brand puts its marker in the overall proposition: Citroën plays comfort, Fiat plays connectivity, Opel plays lighting efficiency. The interior is different but the exterior is a common base. Second, a fundamental topic is loyalty: when you are a craftsman, your dealer is crucial in your purchase decision. 70% of renewals within a brand are linked to loyalty. It's because one day you had a problem and someone helped you in the week to make your turnover. You don't forget that because they delivered with extended hours, worked with you on Saturdays and Sundays. So the purchase decision for a utility vehicle is not essentially price, it's loyalty to the merchant you had. There are also three powertrain categories: we still have diesel as long as professionals demand it; we are switching to electric with all the launches we announced last week being fully electric; and we are also switching to hydrogen. Additionally, to help an artisan go electric, who bought a thermal vehicle three years ago and now doesn't want to pay more, we offer a retrofit solution that is three times cheaper than buying a new electric vehicle. With the new range we are increasing range to 420 km, crossing the 400 km threshold. I felt it with major clients like the Italian postal service. They told me: 'you have passed the 400 km mark, we are there.' With fully integrated solutions, you can do your day and recharge in the evening. That changes everything. The 400 km threshold is symbolic, which is why we go to 420.

No, I admit I don't have that information. You might not be concerned. Today, that info is not available to me, and I can't answer at this stage, but I will, of course.

No, besides, we work alongside Luca Napolitano, my colleague, and we absolutely ensure that we have a balanced product plan. So what's the difference? Italian elegance for Lancia, and Italian sportiness for Alfa. Not the same thing. Lancia is rally, I am Formula 1. If you want to define me as Alfa Romeo: three words: sport, Italian, red. He is blue, feminine elegance. We work together, it works well, and we are going to launch two cars together next year on the French market, including an electric SUV, among others. But he will come to talk to you about it.

Um, to be honest, we don't know anything. Yes, we are trying to finish 2023 cleanly. For us, we see 2023 holding up correctly in terms of global markets. It's quite surprising, actually, since rates are at 5, 6, 7, 8%, the order market... but we see markets that remain supported. So for now, we take what we can get in 2023, we prepare 2024 in the Stellantis way, as you know: we are extremely scrupulous on our costs, and we make sure to accelerate launches versus our competitors to be as competitive as possible from January. That's why we announced the utility vehicle releases, that's why I open orders in 10 days. It's a race of speed. You have to be ready, and 2024 is partly played out on large accounts and fleets we deal with. So I wanted to be as fast as possible, as close as possible. So market up or down? I think it will be rather flat. But I am unable to tell you today the amplitude of the variation for the year 2024.

Electrify, of course, and we will launch four RAM electric models in the next two years. It's a real change for the United States, in a world that wasn't necessarily prepared for that. Are consumers following? Ah, consumers are waiting for the fundamentals for RAM. First, range, it's not 400 km, it's more, it's miles, a lot of miles. And then it's charging capacity and towing capacity. A RAM tows heavy. So we need a fairly heavy answer to the question. And it's not just hydrogen, it's also hydrogen but not only. Hydrogen allows, compared to battery electric, the fundamental difference is that you fill your tank in 5 minutes, except you need a station and that station costs 2 million euros, so they are not everywhere. But in terms of normal battery electric, a RAM must have a lot of range, must tow, and must have a lot of cargo volume. That's what we are working on, with solutions arriving in the next two years.