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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Stellantis reveals Citroen e-C3, first of EVs on affordable platform to compete with influx from China

MEUDON, France — Citroen on Tuesday unveiled its new electric e-C3 SUV, a low-cost model starting at 23,300 euros ($24,540) aimed at taking on Chinese carmakers in the affordable electric vehicle market. The EV from Citroen, part of the Stellantis auto group, will be assembled in Slovakia and launch in the second quarter of 2024. It is the same size as the current C3 city car, but less rounded and slightly taller. Its price tag does not include state subsidies of up to 5,000 euros. "This is the most important launch for the Citroen brand in at least 10 years," Citroen General Manager Thierry Koskas told reporters. "This is a new way of breaking market conventions. A European electric car at 23,000 euros? There isn't one.” The average European electric city car costs around 30,000 euros. To go lower, Stellantis is reusing its simplified "Smart Car" platform used in India, which differs from the four EV platforms the group has under development. Stellantis said it plans to base seven models across its brands on this platform, likely including the next Fiat Panda. The EV also has a limited range of 320 km (199 miles) using cheaper LFP battery technology imported from China.  With 90% of its suppliers from low-cost countries, a reduced diversity and a cheaper battery technology from China, the Smart Car platform will allow Stellantis to cut the e-C3 price further to as low as 20.000 euros, for its shorter-range version, Citroen's head Thierry Koskas said on Tuesday.  The basic trim, which could qualify for the French government's 100-euro-per-month "social leasing" affordable EV program, lacks an infotainmeant screen but still allows a mobile phone to be connected. Citroen's Koskas said the carmaker had no desire to make the new C3 a "technological Christmas tree" but had not skimped on what mattered. "It has comfort attributes and electrical attributes that are at the best level,” he said. The EV, for instance, includes the soft suspension that Citroen has usually reserved for larger models. Europe is bracing for an influx of lower-cost Chinese EVs, so Citroen has plans to go further. The brand plans a cheaper electric C3 at the beginning of 2025 – starting at 20,000 euros – with a reduced range of 200 km, Koskas said. Citroen's C3 last year accounted for 11% of the city car market in Europe. Since the first generation of the model in 2002, more than 5.6 million have sold.

Citroen Oli concept is electric and made from cardboard (sort of)

The wee-little pug-nosed beastie you see here is the brand-new Citroen Oli concept, and it's not like other cars. You see, most vehicles are made from stampings of steel and aluminum. A few, like the Chevy Corvette, have bodies formed out of fiberglass, the DeLorean was famously stamped from stainless steel and the former East German Trabant was fashioned out of something called Duroplast, which is sort of like Formica. The Citroen Oli is "made from recycled corrugated cardboard formed into a honeycomb sandwich structure between fiberglass reinforcing panels." We know what you're thinking, because it's the first thing we thought too. How can cardboard stand up to the weather, impacts and stresses that cars will undoubtedly have to contend with? The quirky French automaker has answers. Citroen partnered with BASF to design the material, and it's coated in a kind of resin, then covered in a protective layer of a "tough, textured" product called Elastocoat that's often used in parking garage construction, and finally painted. Bumpers are formed from polypropylene plastic containing 50% recycled materials, and the wheel arches are recyclable plastic, too. Why go to such trouble to use this material instead of just relying on time-tested metals? Citroen says the panels are strong enough for an adult to stand on them, 50% lighter than steel and fully recyclable (to be fair, steel and aluminum are also commonly recycled). The emphasis on weight savings continues throughout the Oli's design. The body panels are all either perfectly horizontal or vertical, simplifying construction and reducing weight. Even the windshield is perfectly vertical, which again reduces weight and cost. That all maximizes interior space, too — there's a reason boxes are square, after all. Speaking of the interior, you'll notice there aren't any screens. With all this talk of unique construction methods and design, we've not yet talked about propulsion. As you'd expect, the Oli is electric, but we don't know much past that. With its comparatively small 40kWh battery pack, it can travel up to 248 miles, though we're not sure on what testing regimen. Its top speed is capped at 68 miles per hour, which is a clear indicator that this machine is designed primarily for urban and small-town rural use, not long stretches of highway. Citroen claims a charge from 20% to 80% takes just 23 minutes, though the actual charging specifications aren't known.