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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

FCA recalls 15k Grand Cherokees, Durangos over brake issues

The Basics: Fiat Chrysler Automobiles is recalling 14,768 examples of the Jeep Grand Cherokee and Dodge Durango, both from the 2015 and 2016 model years, and built between December 9, 2015, and January 14, 2016. The Problem: The left front brake caliper on some vehicles may have been made from the wrong type of iron, and could be prone to crack. A cracked brake caliper may not function properly. Injuries/Deaths: None reported. The problem was discovered by the automaker during testing. The fix: Dealers will need to check the casting date of the component in question, and if necessary, replace the brake caliper. The schedule for carrying out the recall service has yet to be outlined. If you own one: Expect to hear from the manufacturer to arrange an appointment with your local dealer. Related Video: RECALL Subject : Front Left Brake Caliper May Break Report Receipt Date: MAR 23, 2016 NHTSA Campaign Number: 16V168000 Component(s): SERVICE BRAKES, HYDRAULIC Potential Number of Units Affected: 14,768 Manufacturer: Chrysler (FCA US LLC) SUMMARY: Chrysler (FCA US LLC) is recalling certain model year 2015-2016 Jeep Grand Cherokee and Dodge Durango vehicles manufactured December 9, 2015, to January 14, 2016. In the affected vehicles, the left front brake caliper may crack due to being made from an incorrect material. CONSEQUENCE: A cracked brake caliper may lengthen the distance needed to stop the vehicle and increase the risk of a crash. REMEDY: Chrysler will notify owners, and dealers will inspect the front left brake caliper and depending on its casting date, replace it, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Chrysler customer service at 1-800-853-1403. Chrysler's number for this recall is S16. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

Before Jay Leno, this 1970 Dodge Charger was a SEMA star

When Jay Leno drives an awesome car, enthusiasts take note, and this week the internet blew up over the 1970 Dodge Charger resto-mod that starred in a recent Garage episode. But you might not remember: this strapping Charger, called "Tantrum," was one of the highlights of the SEMA Show in Las Vegas last fall. Here's another look at a true Mopar monster. The power: Yep, Tantrum has 1,650 horsepower. That's more than two Hellcats worth of power under the hood. It's a twin-turbo 9.0-liter Mercury Racing engine with a quad-cam four-valve setup. Basically, it's a V8 boat motor developed for cars. Mercury Marine is the crew that developed the V8 for the 1990s Chevy Corvette ZR-1. That all-aluminum LT-5 under the hood cranked out 405 hp – an astronomical figure for the time – and helped make the ZR-1 an icon. Take a listen to Tantrum's 9.0-liter Mercury mill below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Who's behind all of this? SpeedKore, a Wisconsin-based performance shop that does one-off pro touring builds. It specializes in remaking Detroit muscle with modern features like carbon fiber, bespoke interiors, and powerful engines. SpeedKore is pretty good at it. Before it threw a Tantrum, it did the "Cudinator" used in some of the Fast and the Furious movies. You might not know: Tantrum won the Best Domestic category of the GT Awards at SEMA – chosen by your author. The sinister looks were the hook, and the crazy engine solidified its performance cred. Related Video: Image Credit: SpeedKore Design/Style Dodge Coupe Performance Videos Jay Lenos Garage 1970 dodge charger resto mod