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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

Fiat/PSA's dominance in small vans hangs up EU's merger approval

BRUSSELS — EU antitrust regulators are concerned about Fiat Chrysler and Peugeot / PSA's combined high market share in small vans and may require concessions to clear their $50 billion merger, people familiar with the matter said. The companies, which are seeking to create the world's fourth biggest carmaker, were told of the European Commission's concerns last week. If Fiat and PSA fail to dispel the European Commission's doubts in the next two days and subsequently decline to offer concessions by Wednesday, the deadline for doing so, the deal would face a four-month-long investigation. The EU competition enforcer, which has set a June 17 deadline for its preliminary review, declined to comment. Fiat was not immediately available for comment while PSA had no immediate comment. Hiving off overlapping businesses, usually a regulatory demand to ensure more competition, could prove tricky for the carmakers because of the technicalities. Fiat and PSA are looking to merge to help offset slowing demand and shoulder the cost of making cleaner vehicles to meet tougher emissions regulations. The deal puts under one roof the Italian carmaker's brands such as Fiat, Jeep, Dodge, Ram, Maserati and the French company's Peugeot, Opel and DS. Related Video: Government/Legal Chrysler Dodge Fiat Jeep Maserati RAM Citroen Opel Peugeot

Citroen My Ami Buggy goes into limited production

Back in December, Citroen turned its tiny, low-speed electric Ami into a chunky little beach cruiser called the My Ami Buggy. It had fat tires and a bunch of off-road accessories that were probably more form than function, but it was a fun and funky little thing. Apparently a lot of people agreed and Citroen has made the decision to actually bring the My Ami Buggy to reality, though in extremely limited numbers. Like the concept, the My Ami Buggy features unique khaki-tinted plastic body panels. It also picks up a variety of exterior panels from higher trim Pop and Vibe variants, such as the bumpers, wheel arches, rear spoiler and such. There are also other concept-inspired touches such as the lime-yellow accents and arrows and contrasting black roof. Some things did change in the shift to production. Instead of no doors, the production model gets tube doors, like you'd find on many modded Jeep Wranglers. The extra fat tires and tiny wheels give way to more practical larger wheels and conventional tires. The wheels look great, though, in their khaki gold color and black center caps. There isn't a roof rack or auxiliary lights anymore, but the trade-off is that the My Ami Buggy gets a canvas roll-back roof for even greater open-air enjoyment. The inside of the My Ami Buggy features black fabric upholstery along with lime-yellow stitching and other accents, plus a few interior storage options. The floor mats continue the color scheme. And like all special editions, this car will get special badges and plates, one of which has possibly the best phrasing ever: "My Ami Buggy ULTRA SPECIAL LIMITED EDITION." Only 50 of the buggies will be built, and all of them will be sold in France. Pricing hasn't been set, but this is one ultra-limited edition car that will probably be affordable. After all, the base Ami starts at less than $10,000. If you happen to live in France and want to get one, they go on sale online on July 21 with deliveries starting on August 8. Related video: You Can Drive This 1 Horsepower Car On The Road Without A License | The List