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Stellantis is official: FCA and PSA merger finally sealed

MILAN — Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world's fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen. It took over a year for the Italian-American and French automakers to finalize the $52 billion deal, during which the global economy was upended by the COVID-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles. "The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement. Shares in Stellantis, which will be headed by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday. Now analysts and investors are turning their focus to how Tavares plans to address the huge challenges facing the group – from excess production capacity to a woeful performance in China. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE's bell with Chairman John Elkann. FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details on how it will do this. Marco Santino, a partner at consultants Oliver Wyman, said he expected Tavares to disclose the outlines of his action plan soon, but without divulging too many details at first. "He has proven to be the kind of person who prefers action to words, so I don't think he will make loud statements or try to over-sell targets," he said. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. But other pressing tasks loom, including reviving the group's lagging fortunes in China, rationalizing its huge global empire and addressing massive overcapacity. "It will be a step by step process, also to allow the market to better appreciate every single move. I don't think we will have all the details before one year," Santino said.

2016 Jeep Wrangler recalled over impact sensor wiring

Fiat Chrysler just announced a pair of recalls totaling nearly 311,000 units. The bigger recall affects certain 2016 and 2017 model year Jeep Wranglers. Although, since FCA claims all of the affected 2017s are in the company's hands, really, only 2016 owners should pay attention here. The affected Wranglers suffer from an issue where wiring disconnects from impact sensors in certain types of crashes, potentially preventing the airbags and pretensioners from activating. FCA uncovered the problem in what its press release calls "a routine, in-house crash test" and claims "service availability is imminent." The affected Jeeps require a simple rewiring. The other recall, announced Tuesday, is more of a fleet issue, affecting 2007 to 2013 model-year Ram 2500 and 3500 pickups and 3500, 4500, and 5500 chassis cabs and 2011 to 2014 Dodge Charger Pursuit police vehicles. There's a problem with "premature diode wear" in alternators that are subject to "frequent load cycling, at or near maximum amperage, [or] in hot ambient temperatures." Affected alternators could short out, causing a vehicle to stall or potentially catch fire. FCA lists 182,743 affected Wranglers in the US, 18,011 in Canada, 3,087 in Mexico, and 20,948 in global markets. The Ram/ Charger Pursuit recall lists 74,833 vehicles in the US, 10,077 in Canada, 1,088 in Mexico, and 134 outside the NAFTA region. Of all those vehicles, the Jeep recall hasn't caused any injuries or fatalities, while FCA says it's aware of one "potentially related injury" and no accidents due to its fleet vehicle recall. FCA says it will notify owners/operators of affected vehicles when service appointments are available. As per usual, all the work is free of charge. Related Video:

This 93-car Iowa auction is like a Big 3 classic muscle museum

Bill "Coyote" Johnson has been buying cars since high school and has amassed a collection totaling 113 vehicles, according to NBC 6 News. But time has changed his motivations and priorities, and he's decided to auction 93 of those cars, many of which are classic muscle from Ford, Chevrolet, Dodge, Plymouth and Pontiac. The megasale will take place Sept. 14, 2019, in Red Oak, Iowa, at the Montgomery County Fairgrounds. A 1969 Plymouth Road Runner infected Coyote with a love for Detroit muscle when he was just a teenager, and his desire quickly turned into an obsession. He's spent the past 40 years finding, buying and working on a variety of makes and models. Unlike some collectors, Coyote didn't discriminate against certain brands and has rides from each of the Big 3 automakers. Included in the auction are Camaros, Satellites, Super Bees, Chargers, Challengers, Barracudas, Coronets, GTOs, Mustangs, Cutlasses and others. Possibly the most intriguing aspect of the auction is that all of these cars will be sold as-is with no reserve. Many of them will need work, depending on quality standards, but this seems like a golden opportunity to find a classic car without leaving a bank account in shambles.  The auctions are open for bidding online now, and the full auction will take place on September 14. Check out the full listings and bid at VanDerBrink Auctions.